London: 14th August 2023: The Very Group, a leading online retailer and FCA regulated financial services provider, today announced significant strides in enhancing customer conversions thanks to Rightlander's sophisticated affiliate marketing compliance monitoring suite. The implementation has resulted in an impressive 43% reduction in non-compliant content across partner websites and has halved the time spent reviewing content.
The Very Group engaged Rightlander through their affiliate marketing platform, Awin, to identify, scrutinise, and rectify affiliate content, thereby diminishing the risk of non-compliance.
By employing Rightlander’s cutting-edge online marketing compliance solution, The Very Group are able to quickly identify and correct partner websites that do not comply with the FCA and ASA’s financial promotion rules for Buy Now Pay Later (BNPL) products. For example, ads must include fair and prominent warnings of any risks to customers, such as:
- The risk of taking on debt that customers cannot afford to repay
- The consequences of missed payments
- Any other adverse consequences such as the impact on the customer's credit file
- Information about when charges become payable
Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said: “As we face a cost-of-living crisis, consumers are having to make difficult decisions about their finances and how they pay for goods and services. Firms need to ensure consumers, particularly those in vulnerable circumstances, are equipped with the right information at the right time, so they can make effective, timely and properly informed decisions. It is vital that adverts are clear, fair and not misleading.”
Using Rightlander’s Discover engine, The Very Group are promptly alerted to potential risks across websites previously unknown to them. A combination of daily, weekly, and monthly reporting enables live infractions to be promptly resolved so that consumers can be protected from unclear and misleading advertising.
Key results include:
- The Very Group's compliance team has seen a 50% reduction in the time spent reviewing or flagging non-compliant content.
- The partnership has resulted in a year-on-year reduction of non-compliant data by 43%.
- Regular monitoring of The Very Group credit "approved" publishers through Rightlander has led to a 50% year-on-year reduction in non-compliance, positively impacting the conversion rate of the affiliate program.
- Rightlander's contributions have also strengthened Awin's relationship with The Very Group's compliance team, leading to additional credit-approved activity through the affiliate channel.
Nicole Mitton, Head of Customer Success at Rightlander, remarked, "A 50% reduction in time spent reviewing content, and a 43% year-on-year reduction in non-compliant content, profoundly impacts a company's risk profile and profitability. Plus, it frees up the team to focus on establishing strategic partnerships for growth. We are eager to continue collaborating with Awin's team to ensure effective and efficient marketing communication compliance for The Very Group."