TransUnion launches latest ecommerce solution

TransUnion, information and insights firm, has unveiled its new ‘Eligibility for Retail Ecommerce’ solution, that offers retailers a view on customer eligibility prior to starting the credit checking process.

The solution intends to equip retail businesses to make “smarter and more robust” decisions as consumers change their spending habits due to current cost-of-living pressures.

The move comes after TransUnion’s recent study, highlighting the impact the current cost of living crisis is having on consumers, with 48% of UK households saying they plan to reduce spend on fashion and other retail purchases in the next three months.

The solution uses individual-level financial data and industry recognised scores built by TransUnion, along with geodemographic data, to enable assessing new customers’ potential eligibility in real-time.


For more ecommerce news, subscribe to the free daily Charged newsletter


An enhanced model income and financial stress insights also offer a broader view of a consumer’s financial standing, which can help retailers make appropriate credit referrals and risk decisions when engaging with consumers.

The company said that shifts in consumer spending behaviour as a result of a changing economic environment, coupled with an increase in regulatory scrutiny, means that conducting affordability checks to responsibly acquire new customers has become even more important.

“We’ve combined our expertise in retail with our deep knowledge and understanding of the consumer credit market to build a dedicated solution for retailers, that goes beyond standard fraud and ID checks,” TransUnion director of retail Adam Hancox said.

“Our new Eligibility for Retail Ecommerce solution helps retailers to provide an eligibility pre-assessment check, without compromising customer experience.

“It can also assist in recognising financially vulnerable consumers, as well as managing those with little or no credit history, which is essential in the current economic climate.”

EcommerceNewsPayment

RELATED POSTS

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.