Boston, MA 10/10/2014 (wallstreetpr) – Synchrony Financial (NYSE:SYF) has entered into a multi-year contract with Reed’s, Inc. (NYSEMKT:REED), creating the option of a private label credit card for its customers.
According to Business Wire article, the former GE Capital Retail Finance is to work with Reed’s, Inc. (NYSEMKT:REED)s to provide its customers several credit options. The program will allow customers to avail the options when they make purchases from Reeds retail stores or via its online store. The new Reeds Jewelers Card will be launched in March next year and will be valid on purchases at its 59 retail outlets or Reeds.com.
The joint venture will provide customers several finance options, including a special line of credit. Customers who buy customized family jewelry, Swiss timepieces, bridal jewelry, and diamonds or make other purchases will be applicable to avail the offer. Apart from this, qualifying cardholders for Reeds Jewelers can also benefit from other exclusive offers. The special provisions include financing options and invitations to the company’s events.
Survey Of Trends
The move follows a recent study, Major Purchase Consumer Study, which was funded by Synchrony Financial (NYSE:SYF). The third annual study highlighted the importance of financing for jewelry buyers. The study established that over 80% of fine jewelry buyers first start with an online research and then proceed to a review of the product styles and promotions. In addition, they also review payment options and spend typically around 45 days on this procedure before making an actual purchase. The survey also demonstrated that as many as 50% of the people constrain from making a purchase when retail financing is unavailable.
In this context, Reeds Jewelers’ President and Chief Executive Officer, Alan M. Zimmer, said that the joint venture with Synchrony Financial (NYSE:SYF) will help Reed’s, Inc. (NYSEMKT:REED) to serve its customers better. The jewelry buyers can buy quality products with flexible payment options.