Forrester Research interviewed a Vyze customer to develop a report showing the Total Economic Impact (TEI) of using the Vyze platform.
And the results are in…
But first, a little on the retailer:
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.
They were looking to solve a few challenges
- 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
- Banks in the secondary lending space were unpredictable in rate changes and market presence therefore the retailer required multiple lenders to ensure business continuity
- 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
After an extensive assessment phase and evaluation of multiple vendors, the interviewed organization chose Vyze and began deployment:
- The retailer launched the program in approximately 250 stores before being rolled out in all stores in all 50 states
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.
Integration & roll-out time: 3 months
Payback period: less than 6 months
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