Private label credit card platforms continue to play an integral role in retailer loyalty programs.
According to a new report published by Research and Markets, private label credit card purchases are expected to grow at an average annual rate of 5% from 2017 through 2019, with loans outstanding forecasted to grow at 6%. Much of the growth is fueled by the increasing popularity of loyalty programs leveraged by retailers across all channels to drive store traffic and sales.
The report focuses on the U.S. market, with an emphasis on retail credit card program features and benefits analysis, retail card strategies, growth trends and opportunity spotting.
The report covers a lot of ground. Notably, it provides assessment on the industry shift to mobile and digital, including retailer mobile app usage and interest by feature, as well as how mobile increasing fits into the loyalty and card strategies of major retailers.
Retailers may also be particularly interested in the report’s analysis on the degree to which a variety of credit card features and benefits would incentivize customers to sign up for a new private label credit card, as well as incentivize existing private label cardholders to use them more frequently. Another valuable insight is the report’s assessment on the effect store cards have on the types of payment used at the point of sale, as well as customer receptivity to promotional marketing.
Click here for more information about the complete report.