The Importance of Retail Credit Integration in the Digital Shopping Journey

Providing the right content, in the right format, at the right time, is no easy task, but that is what merchants need to consider in order to provide the best possible digital credit experience to its customers. Digital credit integration is a sales facilitator that adds value to the retailer’s shopping flow and provides consumers with an additional incentive and reason to purchase.

A private label credit card (PLCC) program provides two key benefits to retailers:

1. Increased Sales – helps convert customer acquisition & drives recurring sales
2. Operational Savings – provides tender shift savings by running transactions via a closed-loop system, thus avoiding the more expensive interchange fees tied to general purpose credit cards

Retailers need to consistently optimize their digital integration efforts pertaining to their PLCC programs. Disconnected experiences can lead to a drop in user engagement, conversions, acquisitions, and brand loyalty. Consumers want relevant content and consistent, user-friendly experiences, based on previous actions taken – regardless of screen size, channel, or location. Relevant content reinforces intent and encourages user action.

A key step towards obtaining an enhanced retail credit integration experience that can drive higher conversion rates and basket averages is to test different concepts and UX – such as isolating and experimenting with new messaging, creative, unique placements, calls-to-action, user flows, acquisition forms, user engagement tools, etc.  However, a vital component is the ongoing execution, and making sure the results you’re obtaining through your tests are driving additional testing and refinement to continuously improve performance. Your overall approach should remain focused on building product awareness, leveraging the value of credit in the digital shopping flow, and creating a best-in-class customer experience.

Needless to say, we live in a multi-channel digital era, where consistency and relevancy are key components in providing the right user experience for your customers. Whether it involves tapping, clicking, scanning, or texting – the experience should always remain consistent and user-friendly. This applies to all optimization initiatives across screens and channels.

Mastermind has the privilege and honor of working with Fortune 50 Financial Services companies. We have extensive experience with digital credit integration and how it impacts purchase behavior. Our rigorous optimization process includes understanding the PLCC value proposition and target audiences, establishing test hypotheses based on best practices and proofs of concept, setting up split tests, and developing controlled testing environments. We continuously strive to improve the customer experience, resolve issues obstructing new account acquisitions and sales conversions, and thoroughly analyze insights from data to make informed changes & recommendations.

In addition, Mastermind has extensive experience developing strategies and initiatives that have been executed for major financial services companies and their retail partners involving influencer marketing, custom research, competitive assessments, content marketing, creative development & video production, and associate training material.