TMCnet News
Private Label Credit Cards: Consumers Favor Retailer-Specific Mobile Apps, reports Packaged FactsROCKVILLE, Md., July 25, 2019 /PRNewswire/ -- Retailers and their private label credit card partners continue to refine their retailer-specific mobile apps, which provide a very important customer loyalty and engagement nexus that increasingly includes payment and loan options. Market research firm Packaged Facts covers the industry in Private Label Credit Cards in the U.S., 11th Edition, a June 2019 research study published in Packaged Facts' recently rebranded "Payment Cards and Services Market Reports" vertical. Packaged Facts finds that retailer-specific mobile apps have been downloaded by 44% of credit card users, 82% of whom have used them in the past 30 days. And among credit card holders who use retailer-specific mobile apps, breadth of use is robust. Among 15 possible usage methods (from getting retailer offers/discounts to store browsing to earning points and rewards) the average credit card holders had used almost nine. Of note, 58% said they had used a retailer-specific app to pay for a purchase at the retailer, while 32% said they had used one to get instant special financing from the retailer. Among those financing options are short-term installment loans, which are finding their way into more and more retailer-specific apps. In partnership with Synchrony Financial, online retailer Zulily offers a card that provides a seamless and convenient option for the online retailer's fans to shop its more than 100 daily sales events. But what's most unique about the card is its Smart-pay option, an installment option that lets users spread payments across three separate charges. Each amount is added to the card-holder's balance every 30 days. Compared with some other retailers, Forever 21 pushes the convenience of its credit card almost as much as its financial rewards. Like Zulily, Forever 21 also seeks to curry favor among the budget-conscious by offeringAfterpay, an installment payment option. However, unlike Zulily, Forever 21 offers this option to consumers no matter how they pay—and not in connection with the private label card (Forever 21 partners with Alliance Data Systems for its card program and with Afterpay Touch Group for these loans). These installment loan products not only provide financing options that customers may find more manageable than carrying an open-ended balance on a credit card, but also can be used conveniently and instantaneously in the app as part of the checkout process, a potent mix that surely helps drive loan growth and retailer sales. About the Report Private Label Credit Cards in the U.S., 11th Edition, provides a wealth of insight on this growing market, with an emphasis on program features and benefits analysis, loyalty program integration, program- and issuer-specific market sizing, and digital applications. The analysis in the report:
View additional information about Private Label Credit Cards in the U.S., 11th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/Private-Label-Credit-Cards-Edition-12443463/. About Packaged Facts Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com. For more essential insights from Packaged Facts be sure to follow us on Twitter (@packaged_facts), LinkedIn, and YouTube. Media Contact: [email protected]
View original content to download multimedia:http://www.prnewswire.com/news-releases/private-label-credit-cards-consumers-favor-retailer-specific-mobile-apps-reports-packaged-facts-300890858.html SOURCE Packaged Facts |