As the retail industry dissects 2013's holiday shopping results, GE
Capital's Retail Finance business and Kobie Marketing are introducing a
new Integrated Multi-Tender Loyalty (IMTL) solution this week that
leverages GE Capital Retail Finance's 80 years of expertise and a
leading customer engagement and loyalty technology platform from Kobie
Marketing. The IMTL solution brings together credit and non-credit
programs, so they no longer compete with each other or exist in parallel.
At a time when retailers look to differentiate themselves and deepen
their relationships with their customers, GE Capital Retail Finance and
Kobie's solution aims to bring to market a fresh approach to retail
loyalty for all types of merchants.
"Many retailers struggle with a lack of unified loyalty branding and
seamless integration between multi-tender and credit programs, resulting
in lower engagement levels," said Toni White, Chief Marketing Officer,
GE Capital's Retail Finance business. "Our integrated multi-tender
loyalty solution can help retailers improve their customers' experience
and achieve what consumers are looking for by analyzing the right data
and using those insights to personalize offers that create the right
emotional connections. Loyalty data-including store-level, SKU, and
demographics-can capture the preferences of up to 80% of a retailer's
total shopping base.
GE Capital's Retail Finance business has developed loyalty programs
around credit, which, despite the economic downturn, have helped produce
attractive results for retailers. However, many retailers weren't
experiencing the same results with their traditional, standalone loyalty
programs. A study of two retailer loyalty programs found inverse
results: the retailer with an integrated approach and a strong credit
focus had year-over-year growth in member accounts and credit
penetration for four years; while the retailer with a standalone loyalty
program in isolation from credit had annual decreases in both
categories. "Many of our retail clients were asking us to manage "both
sides of their loyalty programs," prompting us to bring an
integrated approach and deliver one seamless experience that engages all
customers, regardless if it's through credit," said White.
Mobile has also changed the way consumers shop and interact with brands,
with 40% of Millennials researching products on mobile devices compared
to 17% of Boomers. Millennials want to be engaged via their mobile
device and are more receptive to messages delivered on this channel (60%
visit social sites daily), while customers engaged across multiple
channels spend substantially more than in-store only shoppers*.
Powered by Kobie's Alchemy® technology platform, the IMTL solution
delivers a unified credit and loyalty experience to engage the digitally
adoptive and mobile-enabled Millennials, as well as traditional credit
loyalty card shoppers. By optimizing economics and leveraging smarter
customer insights, GE Capital's Retail Finance business believes the new
solution can help brands inspire customer trust and loyalty by
delivering personalized offers and great experiences.
"Traditionally, retailers collect data from dozens of sources, but many
don't combine these sets of data to guide their marketing campaigns. If
they're not creating accurate customer profiles or compiling all
behavioral insights and data in a central place, retailers are missing
opportunities to drive incremental behavior and deliver on customer
expectations," said Michael Hemsey, president of Kobie Marketing. "The
Alchemy® platform is scalable and flexible within different POS
environments and enables retailers to create better experiences for
their customers. We've integrated the technology to be available to all
of GE Capital Retail Finance's clients and provide a 'single view' of
their portfolio," continued Hemsey.
"As a customer-centric organization, our innovations are designed to put
the customers' needs first," said White.
GE Capital Retail Finance and Kobie see their integrated solution - a
significant advancement in multi-tender loyalty program unity - as
delivering a better way for retailers to maximize customer reach,
engagement and profitability, while broadening their customer base and
overall member satisfaction. Retailers have the opportunity to
democratize their loyalty programs while still providing a powerful,
visible and integrated credit-holder experience.
"Together, we're reimagining the future of loyalty, which is about
choice, flexibility and personalization," added Hemsey. "The platform
provides the nation's retailers with a powerful tool that can enhance
the value of their loyalty proposition to consumers and change the way
they engage and retain customers."
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is one of the country's leading
retail lenders, with 80 years of experience in consumer financing. The
business, with its lending entity GE Capital Retail Bank, provides
customized credit programs to retailers and consumers in the United
States that help drive sales. This includes private label and bankcard
credit programs to major national, regional and independent retailers in
the U.S., as well as private label credit card programs, promotional and
installment lending, bankcards and financial services for consumers
through dealers; contractors; manufacturers; healthcare practices; and
service providers across nearly 20 industries. More information can be
found at www.gogecapital.com
GE Capital is one of the world's largest providers of credit. For over
one million businesses, large and small, GE Capital provides financing
to purchase, lease and distribute equipment, as well as capital for real
estate and corporate acquisitions, refinancings and restructurings. For
its 100+ million consumer customers, GE Capital offers credit cards,
sales finance programs, home, car and personal loans and credit
insurance. For more information, visit www.gecapital.com
or follow company news via Twitter @GECapital.
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
About Kobie Marketing
Kobie Marketing is a global leader in loyalty marketing and an industry
pioneer, delivering end-to-end strategy, technology and program
management solutions. For nearly 25 years, Kobie has provided innovative
loyalty experiences to the world's most successful brands, helping
clients receive incremental revenue, product and household penetration
and brand advocacy. Kobie drives results and ROI through Kobie Alchemy®,
a leading loyalty marketing technology platform. To learn more, visit www.kobie.com.
Capital Retail Bank Annual Mobile Shopper Study - Rise of the
Omni-channel Shopper, November 2013
©2014 General Electric Company, All rights reserved.
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