Synchrony Financial ( SYF Quick Quote SYF - Free Report) expanded its consumer financing program deal with US Home furnishings company Ashley HomeStore Ltd, which originated in 2010. Customers of Ashley HomeStore gain traction from Synchrony Financial’s competitive financing, subject to credit approval. The plan is available for online purchases and the ones made at nearly 500 Ashley HomeStores in the United States. Both companies share a relationship of many years and the latest move is to further strengthen the ties. The alliance allows the company to offer customized financing solutions to independent Ashley HomeStore licensees. The provision of solutions consists of support in sales, marketing, point of sale technology, training, etc. All these are aimed at empowering Ashley HomeStore licensees and helping them enhance their presence. Ashley HomeStores are able to increase customer loyalty with a suite of seamless and transparent financing solutions. Thus, Sychrony Financial’s unique solutions enrich Ashley HomeStore’s omni-channel customer experience. Both companies are working on boosting the program and offering more solutions like contactless commerce. Needless to say, demand for virtual transactions is high now as people are worried about the spread of coronavirus. Customers are mostly opting for touchless point-of-sale options. Synchrony Financial’s digital payment technology solutions allow Ashley HomeStore customers to apply for credit without having to touch cash, cards or keypads. The strategic action is undoubtedly made at the right time when people are facing issues due to the COVID-led pandemic. People will be able to build businesses and get more traffic. The company’s series of acquisitions and renewal of alliances helped it enhance its digital capabilities and diversify its business. It has been successful in revising several collaborations over the last few quarters as well. Recently, it renewed its collaboration with America’s leading specialty mattress retailer Mattress Firm. Notably, the partnership, which was formed in 2015, offers a private label credit card program in aid of customers of Mattress Firm and its family brands. Through the extended collaboration, customers of Mattress Firm can avail of the benefits of Synchrony Financial's financing programs and solutions while making online and in-store purchases at 2,400 Mattress Firm stores across the United States. With a strong digital arm, the company intends to ease financing at the point of sale. This, in turn, increases customers’ purchasing power as they can easily opt for credit at any time. Through its differentiated solutions and an intensified focus on customers, the company also offers safe and secured shopping to its consumers across every stage of their purchasing process. It is worth mentioning that the enhanced payment and financing solutions of Synchrony Financial made it a preferred choice of partner for those who wish to augment their business prospects and provide a hassle-free customer experience. Another company in the same space, American Express Company ( AXP Quick Quote AXP - Free Report) , is also leaving no stone unturned to enhance its digital platform for addressing the current needs of consumers amid the pandemic with a deepened focus on online shopping and small business needs. Given its latest initiatives, Synchrony Financial is poised well to gain from the e-commerce growth trend. Notably, the global e-commerce market is projected to witness a CAGR of 11.3% over the 2020-2024 period, per Research and Markets. Zacks Rank and Price Performance
Shares of this presently Zacks Rank #3 (Hold) company have rallied 53.3% in the past six months against the
industry’s decline of 3.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Companies in the same space, such as Oaktree Specialty Lending Corp. ( OCSL Quick Quote OCSL - Free Report) , and Discover Financial Services ( DFS Quick Quote DFS - Free Report) have also gained 25.8%, and 69.4%, respectively, in the same time frame. The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>