The vast majority (92%) of brand manufacturers now believe they can do more with the POS data they collect. This figure represents a remarkable 15 percentage point jump from the 77% who shared this belief in 2017, according to a report from Askuity.
This dramatic upsurge in how much brands value POS data is a good sign for the retailer-brand relationship, as almost all brands now acknowledge that POS data can positively impact their own bottom line.
Continue reading “92% Of Brands Say They Can Make Better Use Of Retail POS Data”
When Build.com introduced a private label financing program in November 2017, the retailer sought to entice its shoppers to spend more with a set of new credit card payment options. The new choices impressed shoppers: in the program’s first week, Build.com saw ticket sizes triple versus purchases made with typical credit card payments.
Additionally, by offering customers what’s essentially an open line of credit, the online home improvement retailer is anticipating longer-term benefits: increased repeat purchases.
Continue reading “Build.com Introduces Private Label Financing: Sees Ticket Sizes Triple In First Week”
With a young, tech-savvy consumer base, MiaDonna, an online jewelry retailer specializing in ethically sourced lab-grown diamonds, wanted to be up-to-the-minute with its payment options as well. The retailer selected financing company Affirm, enabling shoppers to pay in three-, six- and 12-month increments.
MiaDonna, which now makes approximately 20% of its sales through Affirm, noted that shoppers using the service are both spending more and coming back. Affirm users make 17% more repeat purchases, with average order values (AOV) that are 36% higher compared to non-users.
Continue reading “MiaDonna Lifts AOV 36%, Repeat Purchases 17% With Financing Option”
Mastercard is integrating contactless payment functionalities into Fitbit’s first smartwatch, Ionic. Fitness enthusiasts using the device will be able to add their eligible cards to the smartwatch, and pay simply by tapping their device near a contactless terminal at more than 6.6 million merchant locations globally.
Starting Aug. 28, users can preorder the Fitbit Ionic device, which will be available in October on Fitbit.com. The payment functionality will initially be supported in the U.S. with participating issuer banks, and will expand to other markets across the globe soon after.
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Holiday shoppers have traditionally purchased gift cards to give the recipient the option to select something of their own choosing, but more than one third (34%) of U.S. shoppers buy gift cards for both gifts and self-use: 6% buy gift cards exclusively for self-use, according to a study from the Retail Gift Card Association.
The top reasons for self-use are to qualify for special loyalty deals or discounts (45%) and to help stick to a budget (35%).
Continue reading “Will Gift Cards Migrate To Mobile Wallets?”
While brand manufacturers continue to invest in POS analytics and gather relevant customer data from retailer partners, 77% still believe they can be doing more with the data to improve their business, according to a report from Askuity.
Sporting goods is the most active product category presently managing their business with the help of POS data, with 84% of these brands leveraging the information. Other top product categories include:
Only 13% of the world’s consumers generate 62% of e-Commerce revenues, spending $372.5 billion from March 2015 to March 2016, according to a study from WorldPay. With such a small percentage of consumers accounting for such a large slice of online retail, merchants should certainly cater to these “Super-Shoppers” whenever possible.
Payment methods are a good place to start, given that 52% of global Super-Shoppers and 72% of U.S. Super-Shoppers said they would abandon their purchase if their preferred form of payment is not accepted at checkout.
Continue reading “‘Super Shoppers’ Demand Specific Payment Options”
Shoppers value offers like free shipping and discounts — but not as much as the chance to pay for their purchases via interest-free installments. A survey of more than 1,000 U.S. credit card holders conducted by Splitit revealed that more than half (54%) preferred installment payments over free shipping. Nearly as many, 53%, chose installments over a 10% discount offer.
High-income consumers (those with annual salaries of $100,000 to $150,000) were the most enthusiastic about installment plans, with 60% selecting this payment method. The survey also revealed that four in 10 credit card users would increase the size of their purchase by at least 10% if they were offered an interest-free installment payment option.
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It would be an understatement to say that Amazon is the talk of the retail industry at this point, with the retailer now signing up more than 50 million Americans to its Prime service, increasing its Q4 sales 22% and now even rumored to be opening as many as 400 brick-and-mortar bookstores in the U.S.
But all signs point to the fact that Amazon is jumpstarting yet another endeavor through the growth of its payments service, Pay with Amazon. The recent publicity around the service sends a message to retailers that Amazon can process payments on its own site — and on other retail sites as well.
Continue reading “Pay With Amazon: Another Way To Threaten Traditional Retail”
October 1 has finally arrived, and retailers that have not updated their payment terminals to meet Europay, MasterCard and Visa (EMV) standards are now liable for some fraudulent payment activities — shifting the responsibility away from banks and credit card providers. Have retailers planned effectively and implemented the required new technologies in stores? Perhaps even more critically, are consumers equipped and informed about the new standards and payment procedures?
Retailers across all categories are spending close to $8 billion to complete the necessary upgrades that enable their point-of-sale (POS) terminals to accept EMV payments, according to the Retail Industry Leaders Association (RILA). The organization also expects that most large retailers will complete the POS upgrades this fall to accommodate the liability shift.
Continue reading “EMV Liability Shift Deadline Arrives. Are Retailers Ready?”