Live from Home Shopping Network studios—news of a new credit card partnership. As the following Business Wire article reports, Synchrony has won the consumer financing and private credit card business with HSN.
Synchrony (NYSE:SYF), a premier consumer financial services company, today announced a new, long-term agreement to deepen its strategic consumer financing and credit relationship with Qurate Retail Group, a leader in social, video and digital commerce.
Qurate Retail Group’s HSN, a $2.3 billion interactive multi-channel retailer, has selected Synchrony as its strategic provider of private label credit card services beginning in August 2019. HSN will replace its current financing provider with Synchrony solutions that provide exceptional customer experiences and data insights. Synchrony also announced a multi-year extension of its current agreements with two other Qurate Retail Group brands – QVC, a leading global multiplatform retailer, and e-commerce leader zulily. Synchrony and QVC have worked together since 2005, and zulily has utilized Synchrony’s services since 2017.
“For HSN’s new credit program, we selected a trusted provider with the right combination of deep experience with a tech-forward view on customer service, marketing and innovation,” said Alex Miller, SVP of Digital Commerce & Marketing, Qurate Retail Group. “As we continue to create differentiated shopping experiences across our networks, websites, apps and social pages, our private label credit card program with Synchrony will help us deliver compelling value and choice to consumers.”
“Qurate Retail Group has defined a new generation of shopping that combines commerce, content, and multi-platform engagement for millions of customers,” said Tom Quindlen, executive vice president and CEO, Retail Card at Synchrony. “We continue to invest in data analytics and mobile technologies to help our partners meet customers’ shopping needs wherever they are – online, in-store, through their TV, and more.”
Home shopping via TV isn’t what it used to be, but HSN and parent company Qurate Retail have evolved into the digital commerce age, so there is still a lot of consumer business to be gained. Qurate has a wide portfolio of popular retail brands and attracts a large audience. It’s a nice win for Synchrony and builds on its retail base, as well as providing an opportunity to showcase its multi-channel technology solutions.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group
