In this episode of Retail Corner, listen to Michael Hershfield, Founder & CEO of Accrue Savings, looking at a new era of financial volatility, where it means that it’s time for retailers and consumers to reconsider the role of credit-spending and savings. You will listen to him talking about:
- The consumer danger caused by Buy Now Pay Later – it’s worse than you think (44% of consumers using it admit to missing at least one payment).
- Consumers are struggling with credit and it’s only getting worse. Just look at Synchrony’s latest earnings, which show the 30+ day delinquency rate increased by almost 36% compared to the prior year.
- Retailers should consider their responsibility in offering payment diversity – offering more than just credit options – to consumers.
- The importance of zero-party data in building brand affinity with consumers – and how Facebook and Google’s methods are not cutting in helping brands build trust while also efficiently using upper-funnel spending, and how the recent volatility at Twitter will further push the need for developing consumer trust directly.
- What’s ahead for 2023 in terms of consumer spending trends after a topsy-turvy 2022 across travel, CPG, holiday, and more.
About our guest Michael Hershfield:
Michael Hershfield is the Founder and CEO of Accrue Savings, the merchant-embedded shopping experience that rewards consumers for saving. Prior to founding Accrue Savings, Michael served as SVP of Sales at WeWork for more than three years. Michael also served as COO and was part of the founding team at Nucleus. Michael earned his Bachelor of Arts in Political Science from McGill University and has a J.D in Law from the University of British Columbia.
Linkedin: https://www.linkedin.com/in/mhershfield/ Accrue Savings: https://www.accruesavings.com/
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Producer: Sachin Kumar Bhate
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