Business View Magazine September 2018

8 9 OPENING LINES SYNCHRONY STUDY: CONSUMER ADOPTION OF RETAILER MOBILE APPS DOUBLES A s mobile shopping continues to grow, consumers are downloading retailer’s mobile apps at double the rate of years past and conducting more in-app purchases, according to new findings from Syn- chrony. As the mobile channel becomes critical for retailers, more consumers are leveraging the apps to buy, browse, read product reviews, access coupons and find a local store. According to new data from the Synchrony 2018 Digital Study, 67 percent of consumers have download- ed a retailer’s app. More than half of those did so specifically for a coupon or discount offer. Nearly half of consumers that have download- ed a retailer’s app use it for purchases. “In today’s competitive landscape, a mobile application is not just another piece of technology for retailers; it is a vital tool to engage shoppers with their brand. Done well, retail apps engage both in and out of stores with personalized experiences and easy credit solutions,” said Maya Mikhai- lov, SVP, Chief Marketing Officer, GPShopper, a developer of mobile apps acquired by Synchrony in 2017. “Consum- ers that use retail mobile applications are a retailer’s top shoppers. As such, they want their apps to be tailored to their unique shopping experiences and preferences.” As retailers develop mobile apps, Synchrony recom- mends the following to help enhance the customer experience: Provide a consistent customer experience across all channels – mobile is the driver to bring together all the user experience opportunities. Engage with customers in a personalized manner by leveraging data and analytics -- provide unique offers and discounts via mobile to further extend brand loyalty. Offer simple and easy payment solu- tions that are seamless and secure; create an in-app fric- tionless mobile commerce experience. The study comes as SyPI, Synchrony’s native app plug-in, hit $1 billion in credit card bill payments since the prod- uct’s launch in 2016. SyPI is embedded within a retail- er’s app and functions as a complete credit experience - consumers can apply for credit, perform all servicing functions, view available rewards certificates, and more, without leaving the retailer’s mobile app. The Synchrony Digital Study revealed that 77 percent of consumers rated credit card features on an app as very or extremely valu- able, making SyPI a valuable feature for consumers.