Of all the industries retail has been consistently ahead of the game when it comes to online self-service and utilizing analytics to capitalize on consumer behavior. Now that online engagement has become an essential part of any service offering, strategies can be borrowed from retail to boost the potential of the online service portal and improve the consumer experience while maximizing returns. In this post, we are going to touch on three ways we are applying retail tactics to our portal activity.
1) Promo Codes
The thrill of the deal has been motivating purchases for decades. Online retailers cleverly capitalized on the psychology behind coupons and created an e-commerce version: the promo code. Promo codes are a strategy that is the most unique to the online retail experience. We have found two ways to utilize promo codes in conjunction with our online portal. First, we can provide consumers a promo code that makes a specific settlement offer available via the portal. Next, we can offer consumers a promo code to “unlock” a special discounted offer. Promo codes can be supplied in any communication with a consumer, from validation letters to agent interactions, and play off of the urgency created by a
“limited time offer” as well as the reward centers that are triggered by a “smart shopper” experience.
2) Agent-assisted Shopping
Many retailers’ websites now offer agent-assisted shopping. An agent is available by chat or phone to assist you in selecting the item you are looking for and, when applicable, supply you with a direct link to the product or special offer discussed. This personalizes the online experience for consumers while offering retailers an opportunity to benefit from sales tactics like upselling that would normally only be possible during in-person encounters. There is great value in adopting a similar strategy for collections. When consumers contact an agent and negotiate terms, we want to be able to direct them to the portal keeping the agreed-upon terms intact. We can come to an agreement on payment terms through Live Chat, then walk the consumer through the process of setting up their arrangement while they are still online.
3) The Subscription Service
A revenue-boosting retail strategy has been to convert one-time sales to a regular subscription service. Online retailers like Amazon have had a lot of success with this, especially now that more consumers are ordering essentials online. Converting a sale to a subscription benefits the retailer through consistent purchases, brand loyalty, and most importantly keeping the consumer engaged. For collections, engagement and consistent payments are key, so we are translating the strategy behind a subscription service to our payment portal by utilizing the one-time payment option to enroll consumers in a payment agreement, then, upon checkout offering the option to set up autopay— watch for this feature coming soon on PCS DirectPay!
At Professional Credit we like to think outside of the box. Whether it’s our New Deal approach to consumer relations or adopting proven strategies from other industries, we are dedicated to proving cutting-edge services for our clients and the consumers they serve. To learn more about how technology and behavioral science shapes our approach visit this page.