Trends in debt collection in the retail sector: Optimize your processes!

[bitheerani319]

The retail sector is one of the most important in the country and has shown remarkable growth year after year. When comparing 2023 with what has been so far in 2024, there is evidence of an increase in retail sales of 6.1% compared to the previous year, according to the magazine Perú Retail .

There are many factors that may have contributed to this. One of them is possibly the granting of credit by retail companies to customers. However, while this opens up the possibility of increased sales, it also carries risks such as high default rates and, therefore, a lack of liquidity.

For those companies that grant credits, the implementation of a collection buy uae database is usually a strategic solution to reduce the aforementioned risks, in addition to improving the collection management of the portfolio .

4-Automate your debt collection management-banner

In addition to this implementation, there are different trends in the collection process of the retail sector that are favoring collection; for example, the following:

What will you find in this text?

1. Offer different payment methods to customers

2. Automate collections to optimize management

3. Segment with Artificial Intelligence to support the collection and communications strategy

1. Offer different payment methods to customers
Although online shopping has increased in the retail sector, many customers still prefer to use traditional payment methods outside of digital channels.

There is a significant group of consumers who choose to pay for their credit purchases in person at stores, preferring to pay in cash. Therefore, it is essential to consider the payment preferences of the entire customer base and offer alternatives that fit their needs.

At the same time, digital means of payment collection should not be neglected . Incorporating payment gateways can facilitate transactions, allowing them to be completed more quickly and efficiently.

By using a store billing system , it is possible to provide a collection website to customers where, in addition to being able to make online payments, they can view the status of their accounts in real time. This allows the customer to have better control of their debt with the store.

2. Automate collections to optimize management
It is not enough to implement an old debt collection system for portfolio management. It is necessary that it allows for the automation of management in order to be truly efficient. This trend is booming in the collection of the retail sector because, in this way, several benefits are achieved:

Automating collections reduces the time that collection managers spend on repetitive tasks. This allows them to concentrate their activities on those that are more productive, for example: developing new collection strategies for bad debts. Or perhaps, obtaining payment for the oldest or largest delinquent accounts.