Transforming an existing prepaid programme
Signet is the world’s largest specialty retail jeweller with stores in the US, UK, Republic of Ireland and Channel Islands. Trading as H. Samuel, Ernest Jones and Leslie Davis, Signet’s 530 stores in the UK and Ireland are situated on nearly every high street and in a number of high profile shopping centres.
The existing programme
In 2005, as part of a growing industry trend, Signet launched gift card and insurance card programmes, a significant enhancement to the company’s existing paper voucher programmes. These two prepaid programmes were important contributors to the company’s ongoing success, generating significant revenue every year. Gift cards, sold in its stores and online, gave Signet’s customers an easy and thoughtful way to give the gift of choice. At the same time, its insurance card programme provided insurance companies with an easy and cost effective way to settle jewellery related insurance claims from their customers. In 2010, when Signet received notice from its incumbent supplier of its intention to exit the prepaid market they took the opportunity to review the existing product offer, the supporting processes required, the issues and challenges, and decided to design a new solution for the long term with a new partner.
Said the Head of Corporate Business, “It became clear during the design phase that a ‘like-for-like’ migration didn’t make sense and that, by utilising Savvy’s expertise and platform, we could put in place new systems, processes and procedures that would drive significant improvements across this important part of our business.”
Following a review of potential suppliers it became apparent that the obvious choice was Savvy and Barclaycard. Barclaycard already provided Signet’s credit and debit card acquiring and had a proven track record in the prepaid space (through its partnership with Savvy).
A consultative approach to change
That proven track record came to the fore when, on review of Signet’s requirements, Savvy was able to help shape and drive change that would streamline existing processes whilst, at the same time, provide an improved customer experience and the opportunity for Signet to significantly grow its existing gift and insurance card business. The Signet and Savvy teams agreed a new approach to its insurance card business that meant approved claims would be automatically processed and fulfilled by Savvy with little or no operational impact on Signet resources. The flexibility of the platform combined with a detailed understanding of the prepaid space allowed the Savvy team to meet and exceed Signet’s requirements on both fronts. In addition, the fact that we could reuse existing EPOS and store communications infrastructure, significantly reduced the requirement for staff training and EPOS upgrades and, ultimately, reduced the overall project cost. Furthermore, by integrating with STORE24, Signet got immediate access to additional sales channels and partners including giftcard malls, B2B aggregators and eVoucher and eCoupon distributors – all of which they had wanted to do but weren’t able to deploy with their incumbent supplier.
Savvy’s merchant portal Card Manager also addressed a major problem for Signet – the ability to self- manage their prepaid programmes and report on transaction data on a live, as-needed basis. Previously, when any system operations (like cancelling or reissuing a card) or specific reports were required, they had to be requested by telephone from the incumbent supplier. This caused delays, and was highly inefficient, resulting in customer and staff frustration.
Said the Head of Corporate Business, “For us, having the ability to self manage our own programme on a daily basis was a critical requirement – it was something we had never had before. Out of the box, Card Manager met the vast majority of our requirements and, where it didn’t, the team was quick to revert with ideas on how we could manage outstanding issues.“
One platform, multiple products
During the design phase it became apparent that, whilst both programmes would be supported on a single instance of STORE24, Savvy’s technology platform, from an operational perspective they had very different requirements: Gift Card Cards issued instore, (or from their website) and then redeemed instore though cards for each of the three brands were not redeemable across brands. Signet also wanted to sell via malls and B2B partners. Insurance Card Card holder data capture (registering details of a recipient against each card issued), detailed fulfilment processes, back office CRM integration, redeeming a single card across brands, min/ max balances and expiry dates.
A prepaid platform for today AND tomorrow
By selecting Savvy to manage its prepaid programmes, Signet chose a supplier and a platform that met both its immediate needs and its changing needs in the future.
As part of the immediate project scope, existing processes and procedures were upgraded and streamlined, delivering improved internal processes and an improved customer experience.
Savvy’s prepaid solution to Signet delivered:
- An enhanced insurance card offer – Combining procedural and operational changes with self-managed reporting and an outsourced fulfilment process provided immediate benefits and will allow Signet to attract more insurance clients with little further investment
- Access to broader distribution channels – Savvy provides Signet with access to a greater range of distribution channels and partners including gift card malls, B2B aggregators, eCoupon and eVoucher providers and more. And the ability to manage all of those partners from one single platform means streamlined processes, reduced costs and very little operational impact on Signet.
Simply put, Signet wanted a single supplier, one contract and one outsource partner to manage the migration of its programmes and ongoing service delivery. In addition, the company wanted a platform on which they could manage and significantly grow their gift and insurance card business in the future.tion, redeeming a single card across brands, min/ max balances and expiry dates.