How would you measure the success of Progressive Leasing's virtual lease-to-own application process?

Introduction

Measuring the success of Progressive Leasing's virtual lease-to-own application process requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Progressive Leasing's virtual lease-to-own application process is a digital solution that allows customers to apply for lease-to-own agreements online, streamlining the traditionally in-store process. This product serves multiple stakeholders:

1. Customers: Seeking flexible payment options for big-ticket items
2. Retailers: Looking to increase sales and offer more payment choices
3. Progressive Leasing: Aiming to grow its customer base and revenue
4. Investors: Expecting sustainable growth and profitability

The user flow typically involves:

1. Customer browses items on a retailer's website
2. Selects lease-to-own option at checkout
3. Completes online application with personal and financial information
4. Receives instant decision
5. If approved, finalizes lease agreement and arranges delivery

This product aligns with Progressive Leasing's strategy to modernize the lease-to-own industry and expand its reach through digital channels. Compared to competitors like Rent-A-Center, Progressive's virtual process offers a more seamless, integrated experience with retail partners.

The product is in the growth stage of its lifecycle, having moved beyond initial launch and now focusing on scaling and optimizing the user experience.

Software-specific context:

• Platform: Likely a web-based application with mobile responsiveness
• Integration points: Retailer e-commerce platforms, credit bureaus, payment processors
• Deployment model: Cloud-based for scalability and rapid updates