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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.”

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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.”

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BRP Report Identifies Tokenization as Top Retailer Priority

Convenience Store Decisions – Only 38% of retailers have implemented a single token solution across the enterprise. Tokenization offers increased security and enables a shared cart across channels, according to a report by retail management consulting firm BRP. BRP’s SPECIAL REPORT: Security says that retailers must continuously reexamine their policies on customer payment and personal data as new dangers emerge that require enhanced security measures.

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.

“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 of BRP. “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.”

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The Amazing Disappearing Checkout

Digital Transactions – Amazon’s tech-laden Go stores are disrupting in-store checkout. But as other merchants look to follow suit, it’s becoming clear there are lots of ways to get the checkout to check out.

Consumers so loathe waiting in line at checkout that half of all shoppers avoid entering stores with long lines, according to data from RetailCustomerExperience.com, a Web portal for retailers. Additionally, one-third of shoppers who enter a store will leave without buying if they think checkout will take longer than seven minutes.

That’s a lot of lost traffic and sales. To reduce friction and speed up service at checkout, retailers are looking at ways to marry more aspects of the e-commerce shopping experience to the physical point of sale.

“While Amazon can afford to spend that kind of money per location, most retailers can’t,” says Ken Morris, principal for BRP, retail consulting firm. “Self-service technology can be an expensive proposition for retailers, just look at in-store kiosks. But if the phone can be the gateway to a frictionless checkout environment, it’s worth a look, provided it can deliver the adoption levels needed to make it work.”

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Study: The omnichannel features customers most want are…

Chain Store Age – Consumers desire a specific omnichannel shopping capability, but few retailers offer it. According to “Special Report: Real-Time Retail,” a new study from BRP, retail consulting firm, 56% of consumers indicated that they were likely to shop at a retailer that allowed them to have a shared cart across PC, smartphone and brick-and-mortar channels versus a retailer that does not offer this service. Yet only 7% of retailers offer this shared cart concept.

The study also identifies other disconnects between what consumers want from an omnichannel experience and what retailers are providing. For example, 87% of consumers want a personalized and consistent experience across all shopping channels. But only 53% of retailers indicate that personalization of the customer experience is a top priority.

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56% of Consumers are Likely to Choose a Retailer who Offers a Shared Cart Across Channels, According to New BRP Report

Only 7% of retailers are able to provide a shared cart across channels

Boston, MA – March 12, 2019 – According to BRP’s SPECIAL REPORT: Real-Time Retail, 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 – they want to “start anywhere and finish anywhere.” In BRP’s Consumer Study, 56% indicated that they were likely to shop at a retailer that allowed them to have a shared cart across channels instead of a retailer that does not offer this service, yet only 7% of retailers offer this shared cart concept.

The importance of real-time visibility and access to product and customer information across channels has grown significantly over the past few years as consumers’ expectations continue to rise. Today’s retail model has to venture beyond omni-channel by breaking down the walls between internal channel silos and leveraging a common commerce platform with a single order management system to deliver a holistic, real-time, personal, seamless experience.

Real-time retail is the ability to deliver this seamless and personalized experience to the customer whenever, wherever and however she chooses to shop. It enables retailers to identify the customer and gather, analyze and disseminate customer, product, pricing and inventory data across all channels – instantly.

“Consumers expect a seamless experience in the store, on the Web and via their mobile device – which makes ‘real-time retail’ the new industry imperative,” said Ken Morris, principal, BRP. “In our experience, many retailers can check inventory in real-time but the data they are accessing is actually from yesterday, as the data is not really updated in real-time – it is faux real-time retail based on the store and forward architecture of legacy POS and e-commerce systems. As retailers move to unified commerce, full access to enterprise-wide data in real-time will become more common as it is a necessity to survive.”

BRP’s SPECIAL REPORT: Real-Time Retailis based on findings from the BRP Consumer Study and the 2019 POS/Customer Engagement Surveyand offers insights into how real-time access to inventory and customer data is imperative to deliver a seamless, personalized customer experience.

The SPECIAL REPORT: Real-Time Retail highlights:

SEAMLESS EXPERIENCE:

  • Customer expectations:56% are likely to shop at a retailer that offers a shared cart across channels
  • Retailer capabilities:7% offer the ability for customers to have a shared cart across channels

PERSONALIZATION:

  • Customer expectations:87% want a personalized and consistent experience across all shopping channels
  • Retailer capabilities:53% indicate that personalization of the customer experience is a top priority

To download BRP’s SPECIAL REPORT: Real-Time Retail, visit:

https://brpconsulting.com/download/2019-special-report-real-time-retail

The special report platinum sponsor is TSYS, the gold sponsors are Aptos,Diebold Nixdorf, ECRSand 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.

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Retailers Prioritize In-Store Mobile Tech But Struggle to Implement It

Dealer Scope – Mobile technology is impacting the way that consumers shop in physical retail stores. I know. Shocker, right? But the findings from a recent survey dive a little deeper into the role mobile technology has had in how retailers think about their own in-store shopping experiences. And while they certainly are aware of the role of mobile technology in their stores, they haven’t necessarily figured out the best way to capitalize on it.

The findings come from BRP’s 2019 In-Store Mobility special report, which is based on the consulting firm’s wider consumer engagement study.

In it, BRP found that 63 percent of customers reported using their phones while in a store shopping to do perform various tasks. Customers, then, clearly expect to, and actively do, have their phones out and active while they’re in a store shopping. As such, 49 percent of retailers said that the customer mobile experience is one of their top customer engagement priorities.

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Empowering Retail Associates with Technology

There is no denying the power of mobile technology as a disruptor in the retail industry. Mobile devices are ubiquitous in our lives; dramatically changing how we interact with each other, obtain information and shop. Having this constant, virtually unlimited amount of information at our fingertips has changed consumers’ shopping behavior and elevated our expectations for customer service.

While much of the retail mobile technology discussion addresses the effect on consumer behavior, this proliferation of tablets and mobile phones also offers many new opportunities for associates to enhance customer service. Putting mobile devices in the hands of store associates is a necessity to “keep up” with the customer who has a plethora of information available at her fingertips.

Associate mobile devices enhance the shopping experience through access to real-time inventory and customer data and offer the ability to service customers and process transactions anywhere in the store.

Within the next three years, the number of retailers that use mobile devices and tablets in the hands of associates will double to three-quarters of retailers. This increased rate of adoption is driven by several factors, including the declining price of mobile technology, the growth in maturity and range of tools, and the critical need for store associates to have the necessary tools to enhance the customer experience and “keep up” with the abundance of information that customers have at their fingertips.

However, retailers need to continue to improve their mobile capabilities through refined processes, better technology and enhanced training for associates. Powerful associate tools are only helpful if associates are trained to use them effectively, especially when associates are dealing with sensitive customer information. Unfortunately, retailers are still playing catch-up to consumers that constantly research and buy products on their ubiquitous mobile devices.

Download the full report to better understand what retailers are doing and should be doing to ensure they can “keep up” with their customers.

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David

Mobile purchasing maintains upwards trajectory: BRP

Luxury Daily – As consumers’ usage of mobile continues to grow and the number of shoppers who are comfortable purchasing via smartphones also rises, luxury retailers and brands need to keep their mobile offerings at the forefront.

According to a study from BRP, 41 percent of consumers are likely to increase their purchasing on mobile devices over the next 24 months, and 85 percent have a least bought one item via smartphone. Currently, 33 percent of those surveyed claim to frequently purchase on mobile devices.

“With consumers’ pervasive use of mobile phones for everything from researching to buying products, retailers need to continue to offer more mobile applications and services,” said Marty Whitmore, senior vice president and practice lead at BRP, retail consulting firm. “Some consumers even choose one store over another based on what mobile features a store offers.

“According to BRP’s consumer survey, 67 percent of consumers indicate that mobile coupons and promotions are an important factor in determining at which store they shop,” he said.

Read Full Article: Mobile purchasing maintains upwards trajectory: BRP