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ISOMetrics
Checkout experience a top merchant priority
Checkout experience
98 percent of merchants plan to invest in the checkout
experience in 2018
Top investment areas: mobile app technology, checkout
experience, financing options
Least popular investment areas: artificial intelligence,
augmented/virtual reality
Merchants report nearly 30 percent of goods/services
are paid for using retail financing
Merchants plan to invest in the credit app process,
finance options, mobile checkout
Loyalty
8 out of 10 merchants currently offer a loyalty program
recent online survey conducted by Vyze Inc.
revealed what actions merchants are planning Merchants with loyalty programs rate the health of
to improve the customer checkout experience, their business higher overall
A how different aspects of the checkout experi- 64 percent of merchants rely on loyalty program
ence are impacting customer loyalty, and merchants' per- membership as a measure of loyalty
ceptions about the state of the industry. 62 percent of merchants rely on re-purchase ratios to
measure customer loyalty
The survey found that while gaps exist between what
retailers offer and what shoppers expect, investment on 43 percent of merchants rely on such methods at Net
the part of merchants to close those gaps is expected to be Promoter Score to measure loyalty
active in 2018. 6 out of 10 merchants believe financing declines at
checkout negatively impact loyalty
Jai Holtz, Vice President of Lending and Customer Success 36 percent of merchants consider credit/financing
at Vyze, said that based on the survey most retailers are incentives as top drivers of loyalty
optimistic about the industry and their businesses, and
actively investing in checkout and financing. 36 percent of merchants view shortening the checkout
experience as a loyalty builder
Other investment trends were identified in the survey as 35 percent of merchants consider a high rate of credit
well. "As online and mobile shopping continue to boom, approval critical to loyalty
we expect to see a rapid rise in the number of merchants
creating or expanding their credit loyalty programs Expanding credit options
to drive conversion, increase ticket sizes, and improve
customer satisfaction scores," Holtz said.
Roughly half of merchants offer secondary lenders,
Following are key findings from the merchant survey: while few offer tertiary lenders
State of retail 4 out of 10 merchants consider secondary/tertiary credit
customers to be more loyal
6 out of 10 merchants view retail as very healthy (7 Websites, POS terminals are the dominant methods for
points or higher on 10-point scale) submitting finance applications
3 out of 4 merchants view the state of their own Merchants that offer secondary/tertiary lenders rely on
business as very healthy paper or text-based applications
81 percent of merchants with loyalty programs rate
higher than average business health
4 out of 10 merchants identify credit/financing options
as influential in sector health
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