AUSTIN, Texas–(BUSINESS WIRE)–Vyze, a leader in cloud-based financing technology solutions for retailers, today released the results of a March 2018 commissioned study conducted by Forrester Consulting entitled The Total Economic Impact™ Of Vyze’s Retail Credit Loyalty Platform. In the study, Forrester concludes that Vyze’s platform delivers $458 million in value over three years for an omnichannel retailer by seamlessly connecting more shoppers to additional credit options at retail checkout.
“A new approach to consumer credit is critical for retailers who want to optimize sales and drive loyalty by improving the customer experience,” said Keith Nealon, CEO of Vyze. “Forrester has analyzed real client data to provide a very clear picture of Vyze’s advantages for retailers and shoppers as Vyze’s credit platform approach enters the mainstream.”
Leveraging client interviews and a comprehensive model (benefits, costs, flexibility and risks), Forrester provides a complete picture of the total economic impact of the Vyze platform on a major retail organization. Through the Vyze platform, the retailer connects with multiple lenders through a single integration at the point of sale, resulting in:
- Improved capture of new shoppers: The Vyze financing platform allowed the retail organization to extend credit to 30% of consumers who were previously declined. Overall, this represented $375 million in incremental revenue for the retailer.
- Reduced costs associated with multiple integrations and ongoing technology updates and buildouts: By providing a single platform to bring together multiple lenders, and maintaining the technology platform, Vyze saved the retailer $2.3 million in integration and training costs.
- Gains from lender testing, management and optimization: By adding 3 additional lenders to the retailer’s private label credit program and optimizing performance through the use of A/B testing and ongoing volume allocation shifts, the Vyze platform delivered an additional $81 million in revenue uplift. In the first year alone, revenue was 24% higher than with just a single lender solution.
- Improved customer experience: Forrester estimates a 1 point uptick on their Customer Experience Index, resulting in additional revenues of $2.44 per customer per year.
- Increased customer loyalty: Vyze drives higher lifetime value, as customers whose credit applications are accepted show positive correlations with higher spend and repeat purchasing. The retailer mentioned saw that customers with credit came back 8 times in the first year alone, higher than those customers that were not members of the credit program.
- Minimal implementation, integration, and process reorganization costs: Vyze paid for itself in 6 months, with low total costs (sales associate training, infrastructure, back-end systems integration, additional training costs due to employee growth).
The Total Economic Impact™ Of Vyze’s Retail Credit Loyalty Platform is immediately available through www.vyze.com/TEI.
Vyze is a leading cloud-based financing technology company for retailers. By combining technology, a comprehensive lending supply, and support under one roof, Vyze delivers businesses more satisfying financing experiences for their customers, wherever and whenever they shop.
Renee Newby, 757-651-6554