Only 38% of Retailers have Implemented a Single Token Solution Across the Enterprise, According to New BRP Report

Tokenization removes sensitive information from the network, improves security and enables a shared cart across channels

Boston, MA – April 3, 2019– According to BRP’s SPECIAL REPORT: Security, retailers must continuously reexamine their policies surrounding customer payment and personal data. Every day, new dangers emerge and enhanced security measures are necessary to adequately defend against these malicious attacks. A single security breach is enough to deal a crippling blow to many companies.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior vice president and practice lead, BRP Consulting. “Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels. What began as a solution to remove payment card data from a retailer’s environment has found additional value in substituting Personally Identifiable Information (PII) to help drive omni-channel use cases. We continue to see improved security practices across the retail industry in efforts to thwart malicious attacks and remain compliant with regulations, but this is a never-ending challenge.”

Tokenization enables retailers to remove sensitive information from the network by substituting payment card data with a token which is used as an identifier but has no exploitable value or meaning. In addition to the increased security offered by tokenization, it is also key to enabling a shared cart across channels.

Retailers’ capabilities for a shared cart across channels are behind consumers’ expectations. According to the BRP Consumer Study, 56% of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or even in the store, yet only 38% of retailers have implemented a single token solution to enable this feature. While some retailers are on the path to offering this service by implementing a single token across the enterprise, only 7% of retailers offer this shared cart concept.

BRP’s SPECIAL REPORT: Security is based on findings from the BRP Consumer Study and the 2019 POS/Customer Engagement Survey and offers insights into how retailers are progressing with their security efforts to protect consumers’ payment and personal data.

The SPECIAL REPORT: Security highlights:

PAYMENT SECURITY:

  • Customer expectations: 33% are likely to allow retailers to save credit card details if it eases the checkout process
  • Retailer capabilities: 61% have implemented end-to-end encryption to offer customers greater security of their personal and payment data

PERSONAL DATA:

  • Customer expectations: 50% are likely to allow retailers to save personal details if it eases the checkout process and allows for more personalized offers
  • Retailer capabilities: 38% have implemented a single token solution across the enterprise to offer customers greater security of their personal and payment data

MOBILE WALLET/PAYMENTS:

  • Customer expectations: 38% are likely to choose a store if it offers mobile wallet/payments
  • Retailer capabilities: 59% offer mobile payment acceptance

To download BRP’s SPECIAL REPORT: Security, visit:

https://brpconsulting.com/download/2019-special-report-security

The special report platinum sponsor is TSYS, the gold sponsors are Aptos, Diebold Nixdorf, ECRS and Fujitsu, and the silver sponsor is STORIS.

About BRP

BRP is an innovative retail management consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:

Strategy | Business Intelligence | Business Process Optimization | Point of Sale (POS)
Mobile POS | Payment Security | E-Commerce | Store Systems and Operations | CRM
Unified Commerce | Customer Experience | Order Management | Networks
Merchandise Management | Supply Chain | Private Equity

For more information on BRP, visit http://www.brpconsulting.com.

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