Swedish furniture chain Mio saved time by switching to Nets

Problem: Manual processing of refunds takes a lot of time and Swish is missing

Celebrating its 60th anniversary, the furniture chain Mio is investing heavily in becoming Sweden’s leading chain for furniture and home furnishings. With total sales of 7 billion sek in 74 physical stores and through e-commerce, they are well on their way.

In 2013, Mio launched its e-commerce business and has since invested heavily in its omnichannel strategy. Almost the entire range of products can be purchased online, including the customizable sofa models where the customer can choose the upholstery, legs, and armrests themselves. For Mio, it does not matter which channel the customer chooses for their purchase. Customers’ preferences for payment differ, and Mio wants to offer all relevant payment methods.

Solution: Nets helps with more payment methods and enables automation of refunds

Customers who choose to buy their products online were previously given the option to pay by card, invoice, or partial payment. In connection with Mio upgrading its solution to Nets Easy, Swish was also added to the payment mix. According to statistics from the Swedish E-commerce report, 50% of Swedes pay with Swish online. Of the Swedes who have canceled a purchase, one in ten states the following reason: an inability to pay in the preferred method.

For a long time, Mio has automated the reconciliation of the e-commerce transactions. With the introduction of Nets Easy, the refunds have also been automated. They now take place through Mio’s business system automatically communicating with Nets. This means that manual handling has been minimized and time is freed up.

Result: Manual work disappears for staff— plus customers complete purchases because they find that their favorite payment method is offered.

Mio offers consumers all common payment methods and avoids abandoned purchases where the customer cannot pay with the preferred method.

– Swish is an important payment method in our online store and something our customers prefer, especially for purchases with smaller amounts. For slightly larger purchases, it is more common to use a card, invoice or partial payment. For us, it is important to offer all the payment methods that our customers want to use so that we do not lose any online purchases, says Thomas Borén, Chief Financial Officer at Mio.

By automating even the repayments, Mio can free up time to focus on more important tasks than manual procedures.

– I could see the joy of my colleagues when we removed the manual job of the refunds and instead let our business system handle it directly against Nets Easy. It freed up many hours that we can now spend on more important things, concludes Thomas.

contributor

Samara H. Johansson
Content Manager, Nets E-Commerce

With 15+ years of experience in strategic marketing and communications roles, for Nets I focus on presenting e-commerce market insights in a way that is easy to understand and practical. Read more