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Assignment Task:

 

Task:

EXECUTIVE SUMMARY
Executive Summary (brief summary of overall plan). Mission Statement &
Marketing Objectives (why have you chosen this market, why will this plan be successful)

What is Openpay? Mission and Goals.

‘Spread the Cost. It’s that simple’ (Openpay 2020). Open pay is a buy now pay later service, that allows customers to purchase products and pay for it over weekly or fortnightly instalments without any interest. As for merchants, it provides for increases in customers and sales with only small fees (Openpay 2020). Openpay’s ambition is to ‘...become a global provider of responsible payment services for businesses and consumers’ (Openpay, 2020). Openpay is available not only in Australia but Newzealand and the UK across a range of different industries such as retail, healthcare, automotive and home improvements. Openpay is more than just a platform offering flexible interest free payment terms, but is one that strives to push the BNPL sector, and its technology but providing a solution that keeps its customers at the forefront of the modern payment systems (Openpay, 2020).
 

Current Position and initiatives.

The global COVID-19 pandemic has caused customers to be more sensitive towards their funds and spending with people being more cautious of their spendings. However, with many holding on to their funds, Openpay has seen an increase of 24% in new customers since the global pandemic as the platform has shown to help consumers manage their cash flow in these financial hardship times (Openpay, 2020, p. 7). Additionally, very recently, Openpay won the Transaction of the Year in the 2020 Australian Growth Company Awards.

 

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