POPcodes®, a startup focused on improving consumer, merchant and acquirer experiences, has been selected to showcase their unique solution to over a thousand attendees of the FinTech South conference at the Mercedes-Benz Stadium in Atlanta, Georgia May 7 & 8, 2018.
The influence of mobile technology on retail in this century has been truly astounding. By 2003, 95 million people around the globe made a payment via their mobile device. By 2015, there were 500 million users making 50 billion transactions for a total volume of 610 billion USD. With mobile wallet growth on the rise, could it be the next subset of mobile commerce to reap the benefits of a mobile hungry populace? Over the last five years, m-commerce has enjoyed a 30% compound annual growth rate (CAGR) that is showing little sign of slowing down. If brick and mortar retail is still king, what will it take to bring mobile wallet adoption out of the hands of early adopters and into the hearts and minds of shoppers worldwide?
In sector after sector, companies are asking how they can adapt to the digital world—how they can build more digital capabilities, create more digital offerings, and even become “digital first” organizations.
But for institutions that have served customers for decades in person and over the phone, digital too often falls short. After the debut of a new app, for example, a jump in sales may not be as big as expected, while hoped-for operational efficiencies—such as a reduction in expensive call-center and in-store customer-support requests—hardly materialize.
Executives naturally wonder why: aren’t customers demanding digital? Without question, they are. But not to the exclusion of other channels, which remain critically important.
According to the study, 60% of retailers consider Amazon at least somewhat of a competitor. These companies also continue to grapple with free shipping, email communications and better access to customer data to mimic what Amazon does best: provide highly personalized and convenient experiences for customers.
Specifically, 63% of retailers believe free shipping for loyalty program members is one of Amazon’s most impactful consumer-facing technology initiatives. Yet, only 10% of retailers have significantly increased investment in technology to better compete with Amazon. Meanwhile, 29% of retailers haven’t even changed their data collection and analysis processes as a result of Amazon’s influence.
Today's consumers expect to shop when they want and get what they need as quickly as possible, so it's no surprise that more and more retailers are offering omnichannel options. Every retailer has different priorities, but the goal is the same – to offer consumers the most streamlined, convenient and satisfying shopping experience imaginable. This means providing a retail experience that isn't either physical or digital anymore – but physical with digital. When it comes to fulfillment options, this means online purchase, in-store pickup.
The demand for buy online, pick up in store is higher than ever. According to Jarrett Streebin, CEO of San Francisco-based shipping firm EasyPost, in-store pickups for online purchases grew 15 percent in November, and will grow again in 2015. Unfortunately, many retailers are hesitant to implement this fulfillment model as a result of misguided perceptions. In reality, implementing in-store pickup is not nearly as expensive, complicated or narrowly-desired as they think. Here is the truth behind three common misconceptions about in-store pickup: