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State of payments in luxury – Luxury Memo special report

Luxury Daily – Payments in the luxury business have drastically changed since the retail revolution, leading even the oldest houses to incorporate new ways of transactions. A cashless society is becoming more conceivable, as digital solutions allow consumers’ smartphones to act as their wallets and financial services providers work on greater security for credit cards. One of the best-known disruptors in payments is Amazon, with its cashless bricks-and-mortar experiment, but many others have innovated and adapted to completely new ways of paying in the quest to make a frictionless experience for shoppers.

“Current payment trends in the retail industry continue to be born out of a combination of removing friction from the customer experience while also providing enhanced overall payment security,” said Ryan Grogman, senior vice president and practice lead at BRP, retail consulting firm. “Specific efforts in support of these trends include ongoing replacement of legacy fixed payment terminals by retailers, continued mobile wallet adoption, further separation of payment card information and processing from the POS solution itself, and growth in the area of omni-tokens, a single payment token to be used across all sales channels for a given retailer.

“Additionally, for ecommerce payments, many retailers are trending towards the use of hosted checkout pages such as PayPal, Visa Checkout, Mastercard’s Masterpass, Vantiv, etc., which reduce the exposure to sensitive payment data while still providing an integrated, seamless checkout experience,” he said.

Top 5 trends in payments in luxury

  • Mobile pay
    Solutions that make it easier for shoppers to check out are growing in sophistication through smartphones.
  • One-click checkout
    Digital payment platforms are focusing on reducing the need to continually input payment information for faster checkout.
  • Conversational commerce
    Payment through messaging applications is becoming more popular as consumers find it more natural to communicate while paying.
  • Bitcoin and cryptocurrency
    Last year’s buzzword was bitcoin, as the currency increased in value and luxury retailers accepted it as a form of payment.
  • China’s impact
    Chinese affluents’ use of technology is making its way to the Western luxury business.

Read Full Article: State of payments in luxury – Luxury Memo special report

67% Pick Stores Based on Mobile Coupons

MediaPost – Despite all the new technology that continually hits the market, consumers are still looking for a deal when they shop. The technology has made the deals much more portable.

Thanks to mobile, the shopping experience has been transformed from a serial process, as in when a consumer leaves home to go to the store to shop, to an iterative process, as in a smartphone-equipped consumer is shopping all the time.

About a third (34%) of shoppers use their phone to compare prices while in a store and nearly as many (28%) use their phones to look for offers, according to a recent BRP shopping study.

The pattern is not likely to change, with 41% of consumers planning to increase their shopping frequency on their phone or tablet within the next two years.

Read Full Article: 67% Pick Stores Based on Mobile Coupons

Focus on the phone

Produce Retailer – How does the average shopper experience your brand on her phone? That question should be a guide for your marketing efforts in the coming years. According to a new report by retail consulting firm BRP, 41% of consumers plan to increase how often they shop on their phone or tablet within two years. The report is based on a survey about shopping habits overall — not grocery shopping habits alone — but the findings are still relevant.

After all, the plethora of fast food options has certainly influenced what kind of products shoppers demand in grocery stores, leading to tremendous growth in fresh-cut and prepared foods sections, and the popularity of e-commerce in non-food retail sectors like clothing, books and electronics has prompted the rapid rise of grocery pickup and delivery services. We know shoppers are looking for convenience, and the BRP report indicates that for many people convenience is not just important but a make-or-break factor.

The firm found that 67% will choose a store based on the availability of mobile coupons and 64% will choose a store based on product information availability via a mobile device. BRP found that many retailers are already working to realize the opportunities those preferences present.

Read Full Article: Focus on the phone

Mobile coupons drive customer loyalty

Retail Dive – As retailers compete for customers both online and in-stores, BRP’s report highlights the importance of building a mobile presence in tandem with a physical one, rather as separate endeavors. “A retailer’s mobile capabilities can be a major driver for where a consumer chooses to shop,” Marty Whitmore, senior vice president and practice lead at BRP, said in a statement. “With 67% of consumers choosing a store based on the availability of mobile coupons and 64% choosing a store based on product information availability via a mobile device, these are essential mobile capabilities for retailers.”

The success of a mobile-meets-store experience relies on providing customers the information they want without taking too much of their information in exchange for the convenience. The plans retailers shared with BRP to offer identification by WiFi, beacons and other technology to identify customers don’t yet match customer willingness to be identified by such measures. “Even with the best technologies to identify consumers, retailers need to convince consumers to opt-in to customer identification,” BRP noted. “They need to make it ‘valuable’ enough for customers to want to be recognized.”

Read Full Article: Mobile coupons drive customer loyalty

BRP Report Identifies Tokenization as Top Retailer Priority

Store Brands – A new study indicates that retailers are having varying success providing the shopping and payment options customers want.

According to “Special Report: Security” from Boston Retail Partners (BRP), retailers are lagging in implementing a single-token payment security solution across the enterprise. 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.
BRP analysis shows that only 38 percent of retailers have implemented a single token solution, and a mere seven percent offer a shared omnichannel cart. Yet 56 percent of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP 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.”

Read Full Article: BRP Report Identifies Tokenization as Top Retailer Priority

How retailers can meet consumer expectations

StoreBrands – A new study indicates that retailers are having varying success providing the shopping and payment options customers want.

According to “Special Report: Security” from BRP, retail consulting firm, retailers are lagging in implementing a single-token payment security solution across the enterprise. 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.
BRP analysis shows that only 38 percent of retailers have implemented a single token solution, and a mere seven percent offer a shared omnichannel cart. Yet 56 percent of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP 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.”

Read Full Article: How retailers can meet consumer expectations

Study: Do retailers meet customer shopping and payment expectations?

Chain Store Age – A new study indicates retailers are having varying success providing the shopping and payment options customers want.

According to “Special Report: Security” from BRP, retail consulting firm, retailers are lagging in implementing a single-token payment security solution across the enterprise. 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.

BRP analysis shows that only 38% of retailers have implemented a single token solution, and a mere 7% offer a shared omnichannel cart. Yet 56% of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.

“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP 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.”

Read Full Article: Study: Do retailers meet customer shopping and payment expectations?

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.

Mobile Payments Becoming Frictionless

Convenience Store News – More c-stores are looking into frictionless payment options as Amazon raises the bar.
BRP’s 20th annual “POS/Customer Engagement Benchmark Survey” found 63% of consumers use mobile phones while shopping in stores to compare prices, view offers and check inventory. Meanwhile, 49% of retailers list customer mobile experience as a top customer engagement priority.

“C-stores completing their EMV upgrades at the pump can take a large leap forward with mobile payments at the pump to improve the customer experience,” said Perry Kramer, senior vice president and practice lead, BRP, a retail-management consulting firm. “Moving towards mobile payments is a low-cost way of offering consumers an experience of being able to pay with their phone and removing the task of finding their credit card and swiping or inserting at the payment terminal.”

“Frictionless payments, mobile applications and loyalty must all be viewed as a single, holistic solution. Not doing so can significantly jeopardize retailers’ top and bottom lines by impacting total transaction count and units per transaction in the stores,” Kramer said. Wawa could have added mobile payment to its food ordering kiosks, but that may have deterred impulse purchases as customers walk around the store, he said.

Read Full Article: Mobile Payments Becoming Frictionless

53% of Millennials use Digital to Augment Dining Experience: Study

Hospitality Technology – According to a report from BRP (restaurant consulting firm) and Windstream Enterprise, restaurant guests, especially millennials, use mobile devices to enhance their dining experiences.

Digital is becoming deeply embedded into the entire dining journey. Pre-meal research is a habit across all generations and demographics, especially for discovering new restaurant choices and selecting fine dining options. Digital ordering (whether from home, by app or at restaurant) is a growing expectation while sharing results of dining experiences with friends via social media has become a form of entertainment in itself.

Millennials use digital devices to enhance their dining experience over half the time (53%). Their digital activities range from researching where and what to eat (60%) to checking ratings/reviews while in a restaurant (51%) to sharing pictures and content (23%) during and after the visit.

Read Full Article: 53% of Millennials use Digital to Augment Dining Experience: Study