According to BRP’s 16th Annual POS/Customer Engagement Benchmarking Survey, the top priorities for retailers in 2015 are focused on:
- Improving payment security
- Developing a unified commerce platform
- Enabling real-time retail.
This survey of top North American retailers explores the current state of the industry and how technology is shaping retail capabilities, highlighting the priorities, processes, tools and strategies of today’s retailers.
More than 63% of the retail respondents in the 2015 POS/Customer Engagement Benchmarking Survey indicated that payment security is one of their top three priorities for 2015. While real-time retail and unified commerce were priorities last year, payment security has now jumped to the forefront in 2015 as the number one priority for retailers. This is really not surprising after last year’s data breaches at a number of major retailers plus the looming October 2015 deadline for credit card liability shift associated with EMV (Europay, MasterCard and Visa) compliance.
Retailers are realizing that they can no longer fragment the customer experience by channel, but must deliver a holistic customer experience that transcends channels. Today’s always wired customers, with real-time communication being the norm, have come to expect the same interactive experience with the brands they shop. Retailers can’t afford to operate from within channel silos, and must transform their organization, business processes and technology if they want to align with their customers. Unified commerce is the new retail paradigm, driven by a customer that is forever redefining retail.
And an integral enabler of unified commerce is a single, centralized commerce platform for all channels. While only 8% of retailers have implemented a single commerce platform, more than half of the retailers indicated they will have a single commerce platform implemented within the next 4 years – that’s a 663% increase! It is encouraging to see the commitment from retailers to provide the seamless shopping experience consumers want.
Key Survey Results
Retailers’ top priority is payment security:
- 650% more retailers will support EMV by October 2015
- 151% increase in the use end-to-end encryption by the end of 2016
- 130% increase in the use tokenization by the end of 2016
Unified commerce continues to be a high priority for retailers:
- 663% more retailers will have a single commerce platform in four years
- 250% increase in the implementation of order management solutions in three years
Real-time retail is becoming a reality:
- 510% more retailers will know what’s in their customer’s closet in three years
- 1060% increase in retailers personalizing the shopping experience by understanding the customer’s online browsing history in three years
I encourage you to read the complete survey report for additional insights on retailers’ top priorities and how they are focused on improving the customer experience.
Download Now: 2015 POS/Customer engagement Benchmarking Survey
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