Retailers’ limited financing offerings hamper sales growth, customer retention
“The Financing Gap shows that retailers are missing a significant opportunity to drive growth and build customer loyalty,” explained Vyze CEO Keith Nealon. “Because no one lender can offer financing that works for every customer’s lifestyle, new technologies and an expanded network of lender that enable businesses to deliver financing to more customers at every touchpoint are crucial.”
When retailers do offer a variety of financing options, their customers are likely to demonstrate increased loyalty. Nearly two-thirds of past users of store financing come back and finance at least one additional purchase of $500 or more, and 33% do so three to five times within five years.
“Well-positioned financing programs have been proven to grow revenue and support customer retention,” added Vyze CMO Doug Filak. “As most retailers know, it can be at least five times more costly to acquire a new customer than to retain an existing one, and raising customer retention rates can increase profits by 25% to 95%.”
To review the full Financing Gap white paper, complete with insights for building successful retail financing programs, visit http://vyze.com/bridging-the-financing-gap.
Vyze is a leading cloud-based financial technology company for businesses. By combining technology, a comprehensive lending supply, and support under one roof, Vyze is able to deliver businesses simpler, more satisfying financing experiences for their customers, wherever and whenever they shop.
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