Recent events have led to unexpected business interruptions for many retailers. Consumers are staying at home, driving traffic away from physical brick-and-mortar locations to eCommerce sites, where growth rates are already rising by nearly 52% this year, according to Quantum Metric. This has led retailers to explore options to provide consumers with consistent shopping experiences both in-store and online, as well as ways to ensure the business continuity of their financing programs.
Many industries and verticals are meeting this difficult situation head-on, developing and deploying novel solutions and business processes to ensure business continuity in the face of uncertainty. Versatile is currently engaging with major retail brands to promote at-home shopping and financing experiences, and we are working with our lending partners to ensure parity in-store and online.
Studies show that consumers turn to online channels when in-store shopping becomes difficult or impossible. Options like Versatile’s Omnichannel Platform empower retailers to provide customers with the same comprehensive financing options wherever and whenever a buying decision is made, whether using highly visible in-store kiosks, merchant-owned computers, tablets, e-commerce sites or customer smartphones – the process is the same. Versatile’s cascade guides the customer through a simplified, frictionless and seamless financing experience, enabling the retailer to address customers throughout the FICO spectrum while driving higher application and approval volumes. Customers are provided with a near instant credit decision which provides them the opportunity to leave the store or website with the products and services they want. To accomplish this, Versatile partners with an unparalleled selection of 24 prime, subprime, and lease to own providers.
Versatile’s Omnichannel Platform integrates directly into the retailer’s existing sales processes and eCommerce platform, with which customers and associates are already familiar. Retailers can customize the look, feel and experience to ensure a consistent brand is represented on a variety of devices and engagement points. Retailers can be confident that shoppers visiting through their eCommerce sites are receiving the same benefits and financing opportunities provided in-store — during a time when many consumers, some with no other choice, are moving their shopping from brick-and-mortar locations to the comfort and safety of their homes.
Many events can lead to business interruptions, but retailers who develop business continuity plans will be better positioned to survive – and even thrive – during trying times. Any continuity plan for big-ticket retailers should include offering the same convenient financing opportunities for their customers regardless of where or how they shop. Now is the time to ensure you have a credit application segment in your business continuity plan. Contact us and we’ll work with you to design the omnichannel and e-commerce solutions you’ll need to thrive in any business environment.