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Reinventing Retail: what’s next in retail, payments and commerce?

Reinventing retail

This week, we’re excited to be part of the R2 | Retail Reinvention Summit, spotlighting “Wake UP to New,” and bringing to life what’s next in retail, payments and commerce.

Alongside PYMNTS.com, we’ll be joined by a number of very innovative retail customers, senior retail leaders and industry influencers. Check out the agenda to learn more about the great presenters and sessions.

Today’s retailers face immense challenges due to the increasing omni-channel shopping demands of consumers. It’s no longer the era of the payments experience; it’s now the era of the purchase experience, one with fewer steps in the purchase process that ultimately represents near-frictionless transactions for all involved.

Retailers and their partners recognize that the entire payments ecosystem is at an inflection point, where outdated technologies will be replaced with a new infrastructure built on faster payments, resulting in greater flexibility, agility and freedom—a veritable trinity of benefits. During this event, we’ll delve more deeply into this evolution and highlight how retailers can succeed in this challenging environment.

Sticking with this theme, we’ve recently collaborated with Harvard Business Review on a newly published paper, New Payment Landscape for Retailers: Think Mechanics and Marketing. To download a complimentary copy, please click here.

The paper assesses the rapid change taking place in payments and the risks and opportunities this (change) represents for retailers. Some of the additional key takeaways include:

  • A new payments revolution offers retailers opportunities for deeper customer engagement. Increasing more in the past five years than in the past five decades, this change will only accelerate.
  • A payment event, no longer at the end of a transaction, is central to all retail functions, and the entire payments process represents today a critical interaction between a customer and a retailer.
  • Retailers face the realization of a massive investment in a new payments infrastructure, with advances in mobile technology and more commitment to multiple technologies around security, marketing and customer loyalty.
  • Retailers must think about transforming the transactional payment process to nurture an ongoing customer relationship, integrating their omni-channel sales and fulfillment strategy with an integrated payments strategy.
  • The payments industry now has the convergence of two trends – the digitization of the payment process itself and also the ability to learn more about what happens before and after the payment takes place.