Stamford, Conn. – CE shoppers are dependent on consumer credit, and their purchasing decisions are significantly influenced by its availability.
According to a survey by Synchrony Financial, the former GE Capital consumer finance business, 80 percent of private-label credit card holders within the CE channel said they always seek promotional financing when making a large purchase, and 88 percent said they feel financing makes large purchases more affordable.
What’s more, 62 percent of CE retail cardholders surveyed said they would shop at another retailer, or would not make a purchase at all, if financing were not available.
Synchrony’s third annual Major Purchase Consumer Study was conducted last year by a third-party research firm, and was cited today in concert with a new, multi-year agreement forged with Newegg.com.
Under the partnership, Synchrony will provide private-label credit card and small-business financing programs for the e-tailer’s Newegg and NeweggBusiness sites, effective this quarter, which includes special financing options including interest-free terms of up to 36 months.
“Synchrony Financial’s insights into the retail experience and deep understanding of customer service fits perfectly with our commitment to put customers first,” said Soren Mills, chief marketing officer, Newegg North America. “Offering the right financing options for our customers is a critical component of that commitment, especially for customers considering Newegg’s many gaming laptops, 4K televisions and other high-end products that might otherwise be financially out of reach.”