Diverse Merchandise, Financial Accessibility Led Rent-A-Center's COVID Strategy
Total Retail Talks · with Sarah Philips and Tim Pitt · November 15, 2021 · 16 min
Summary
This episode features Rent-A-Center's VP of Marketing, Sarah Philips, and former SVP of Marketing and Merchandising, Tim Pitt, discussing their COVID-19 strategy. They emphasize how diversifying merchandise, adapting to consumer behavior shifts, and focusing marketing on financial accessibility helped them navigate the pandemic and grow. This is a great listen for ecommerce operators who want to learn how a traditional retailer adapted to unprecedented market changes.
Key takeaways
Rent-A-Center diversified its merchandise to meet changing consumer demands during COVID, leading to increased customer loyalty and cross-category shopping. Ecommerce operators should regularly review their product offerings for diversification opportunities.
The company focused its marketing messaging on 'financial accessibility' to address customer needs during economic uncertainty. Consider how your marketing can emphasize value and accessibility for your target audience.
Rent-A-Center successfully navigated supply chain headwinds by adapting to longer product rental times and less returns, indicating a need for flexible inventory management and supply chain strategies.
The company leveraged various marketing channels to capture increased market share. Regularly evaluate and optimize your marketing channel mix for growth opportunities.
Rent-A-Center adjusted the role of its physical retail stores in response to changing consumer behavior, highlighting the importance of an agile omnichannel strategy.
Emphasizing financial accessibility in marketing messaging can resonate strongly with consumers during uncertain economic times, helping to build trust and drive conversions.
Longer product rental times and fewer returns during the pandemic suggest a shift in consumer behavior towards extended use and value from products, which can inform product development and service offerings.
In episode 324 of Total Retail Talks, Editor-in-Chief Joe Keenan interviews Sarah Philips, vice president of marketing, and Tim Pitt, former senior vice president of marketing and merchandising, at Rent-A-Center, a rent-to-own industry leader. Philips and Pitt discuss how consumer behavior has shifted among Rent-A-Center customers in the last year-plus, how the business has reacted to those…
What does this episode say about retail & omnichannel?
Rent-A-Center diversified its merchandise to meet changing consumer demands during COVID, leading to increased customer loyalty and cross-category shopping. Ecommerce operators should regularly review their product offerings for diversification opportunities.
What does this episode say about brand & content?
The company focused its marketing messaging on 'financial accessibility' to address customer needs during economic uncertainty. Consider how your marketing can emphasize value and accessibility for your target audience.
What does this episode say about supply chain & operations?
Rent-A-Center successfully navigated supply chain headwinds by adapting to longer product rental times and less returns, indicating a need for flexible inventory management and supply chain strategies.
What does this episode say about retail & omnichannel?
The company leveraged various marketing channels to capture increased market share. Regularly evaluate and optimize your marketing channel mix for growth opportunities.
What does this episode say about retail & omnichannel?
Rent-A-Center adjusted the role of its physical retail stores in response to changing consumer behavior, highlighting the importance of an agile omnichannel strategy.
