TransUnion, a global information and insights company, has unveiled its new Eligibility for Retail Ecommerce solution that offers retailers a view on customer eligibility prior to starting the credit checking process. This 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.
TransUnion’s most recent Consumer Pulse study highlighted the impact the current cost of living crisis is having on consumers, with almost half of households (48%) saying they plan to reduce spend on fashion and other retail purchases in the next three months.
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 support responsibly acquiring new customers has taken on even greater importance.
“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,” said Adam Hancox, director of retail at TransUnion in the UK. “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.”