The retail jewelry industry is one of the most competitive in all markets, and providing a positive experience and a unique selection of dazzling pieces helps to set the tone for new potential customers as they window-shop, whether through actual windows or online. But, how do we retain sales when our customers aren’t quite ready to make a purchase today? Retailers of all kinds are shifting toward various financing models that help break down this barrier in the checkout process and turn a “maybe” into a “how could I not?” Working with a lending platform with retail lending expertise under their belt can make this transition run smoothly.
For high-end jewelry retail lenders, this model should shine bright like a diamond in speed-to-market, configurability, automated decisioning, and built-in features that are already trusted by some of the nation’s largest jewelry retailers. Just as you may have a security guard standing at the front door, your lending platform and process should be focused on protecting your assets in fraud prevention and risk mitigation.
Rolling Out the Red Carpet
Speed-to-Market in Jewelry Retail Lending
Working with a partner like FNI who brings years of retail and jewelry lending expertise, and experience with leading retailers, means that some of the questions you have in mind have already been answered. This allows for an end-product that feels unique to you, without the sometimes lengthy launch schedule and massive technical overload that you might be concerned with when seeking out a new lending platform to onboard. When you’re ready to adopt or transition to a new high-end retail lending platform, it’s likely that you’re looking to launch as soon as possible in order to optimize your customer experience and with that, raise top-line revenue while adding efficiencies to your organization across the board.
Since high-end retail institutions come in all shapes and sizes, this speed-to-market in launching a new platform should be just as efficient for one brick-and-mortar or one hundred. And with an out-of-the-box SaaS application like FNI Blueprint™, this speed can come with the flexibility to support your unique requirements.
A Shiny Custom Piece
Full Configurable Loan Origination Software for Retailers
Being able to configure a lending platform doesn’t just mean back-office efficiency, it can be the difference between a repeat purchase or no purchase at all. A recent MicKinsey study finds that
“Consumers don’t just want personalization, they demand it. With store and product loyalty more elusive, getting it right matters. Roughly 75 percent of consumers tried a new shopping behavior in the last 18 months, and more than 80 percent of those intend to continue with new behaviors.”
Configurability is critical for lenders and high-end retailers, particularly those with a strong focus on customer experience and scalability. Configurable loan origination platforms enable these retailers to offer bespoke financing solutions, whether it’s loyalty programs, or unique interest rates, which can significantly enhance the overall shopping experience. Moreover, scalability ensures that as your business expands, your loan origination platform can adapt seamlessly to accommodate the increasing demand while still providing that personalized touch that the most discerning customers seek.
Security at Your Digital Front Door
Fraud Prevention and Risk Mitigation in High-End Jewelry Retail Lending Expertise
In the world of jewelry and high-end retail, security is non-negotiable. Your lending platform should be your impenetrable security team, safeguarding your customers’ data and your reputation. It’s like having the most robust security system to protect your precious shiny inventory. To put this importance into perspective, IBM released a study this year stating that:
the global average cost of a data breach in 2023 was 4.45 million, a 15% increase over 3 years.
And sure, maybe your retail organization doesn’t stand to suffer from an event quite that large, but when organizations are proactive in utilizing tools that feature fraud prevention and information security at their core are taking an important step in avoiding risk to begin with.
While we keep an eye on what’s coming next, and continue to stay educated and prepared to push the high-end and retail industry forward with jewelry retail lending expertise, the loan origination software experts at FNI will keep providing insights and, of course, providing hands-on and high-level service to our loan origination platform partners. If you’re ready for direct access to decision strategy management and more, talk to a loan origination expert.
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