vyze + forrester

Learn how one retailer saw an $458M incremental uplift in revenue over 3 years

TEI methodology

Forrester Research interviewed a Vyze customer to develop a report showing the Total Economic Impact (TEI) of using the Vyze platform. The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. 

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About the retailer

  • North american retailer with a strong brick & mortar footprint
  • Revenues over $1B+
  • Highly values customer loyalty and experience

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A little background

Prior to using the Vyze credit loyalty platform, the big-box retailer interviewed worked with a single lender that could only approve consumers with prime credit scores for their private label credit card. This retailer could not address a large segment of consumers with its existing solution, leaving a significant amount of sales unrealized.

Credit denials from the primary credit program led to negative buyer perceptions and were also a source of sales basket abandonment and decreased purchase volume. While the retailer was interested in improving the credit experience, it struggled to find a single lender that could address all the different credit profiles.

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Challenges

  1. Roughly 35% of credit seeking consumers were declined for credit at POS, leaving a negative perception in the consumer’s mind and resulting in lost revenue
  2. Banks in the secondary lending space were unpredictable in rate changes and market presence therefore the retailer required multiple lenders to ensure business continuity
  3. Integration with their current checkout was a difficult endeavor given their scale. Each lender implementation would require significant resources and effort – something the retailer wished to avoid.

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The Solution

After an extensive assessment phase and evaluation of multiple vendors, the interviewed organization chose Vyze and began deployment. The retailer leveraged Vyze to receive declines from the retailer-branded credit card in order to increase the number of customers getting a credit offer.

The retailer selected 3 revolving lenders from the Vyze network to be a part of the solution. Now, when a customer applies for the retailer’s credit card and is not approved, the customer is automatically prescreened for other credit offers and if one is available, instantly presented with an alternative credit offer.

Implementation

3months

Integration & roll-out time

<6months

Payback period

Revenue

$375M

Incremental uplift over 3 years

$81M

Incremental revenue uplift from vyze lender optimization

Customer Experience

1point uptick

in customer satisfaction index

3x

Ticket sizes

Cost Savings

$2.3M

in business continuity risk reduction costs avoided.

2full time

equivalent analysts effort reduction

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“Consumer financing is a commodity, but the overall experience provided isn’t. Vyze has a very unique way of thinking about how to solve your problems and how to define and achieve the right user experience”

General Manager – Big-box Retailer

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