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Avoiding the Creepy Factor In Hyperpersonalization | Retail Pro Blog

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May 19, 2015

- Point of Sale, Retail Technology, Retail Trends

Is hyper-personalization creepy or cool? A recently released Accenture study, “Retail Hyperpersonalization, Creepy versus Cool,”  finds that the answer largely depends on which demographic you’re asking. While customers appreciate personalization, many are concerned about their privacy. By and large, Millennials seem more into with retailers personalizing messaging. Boomers less so. For example, nearly three times more Millennials (17.2 percent) than Boomers (6.2 percent) think being reminded while shopping about needed items is “cool.” Also, 41 percent of Millennials say they’d welcome retailers stopping them from buying electronics that are not right or are outside their budgets. Gender influences the perception of what constitutes acceptable personalization as well. Accenture reports that 34% of male respondents think receiving suggestions personalized to account for their families’ food preferences is “creepy.” However, 40% of female respondents consider that type of personalization “cool.” Some forms of personalization are generally welcomed, though not universally. For example, these implementations are widely considered “cool”:
  • 82% enjoy discounts or loyalty coupons;
  • 59% welcome promotional offers based on items that the customer may be considering or lingering over;
  • 54% like receiving suggestions for items that complement merchandise that the customer is currently browsing.
Conversely, there are personalization efforts that customers find “creepy.”:
  • 36% of shoppers do not want to be greeted by name when walking into a store;
  • 42% don’t want recommendations based on their health issues;
  • 46% don’t want to be dissuaded from a purchase by a sales associate with preexisting knowledge about what the customer currently owns.
That leaves retailers with some specific rules of engagement: First, they must keep the value proposition from the customer standpoint in mind. There needs to be significant value for shoppers in order for them to be motivated to engage. Second, it’s important that the customer doesn’t feel overwhelmed. Too many messages or promotions can easily backfire for the retailer. Third, retailers must be transparent about how any information gathered will be stored and used. Opt-in policies let customers play an active role in the process. Fourth, retailers should have a system in place to capture and safeguard customer information. There should also be a plan in place detailing how a retailer’s information is to be used and how it will improve business. Fifth, and finally, building trust is key to success; retailers must work at establishing and maintaining a bond. It’s difficult to establish, yet easily destroyed. The Accenture study notes that there are three components for implementing a hyperpersonalization solution properly: make it expected, secure and data driven. Doing so provides a foundation for success that will drive profits as well as customer loyalty. Source: Avoiding the Creepy Factor In Hyperpersonalization | Retail Pro Blog
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The Cayan Genius® Customer Engagement Platform®

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January 27, 2015

- Point of Sale, Retail Technology, Retail Trends

The Genius® Customer Engagement Platform® by Cayan™ is an industry-first solution that solves the challenge of how to support traditional credit/debit payment and new opportunities provided by future mobile commerce from a single point-of-acceptance. Integrated with Retail Pro management software, Genius® allows you to immediately save on credit card processing by eliminating additional transaction fees from third-party processors.
Steamlined Support
– Award Winning 24/7/365 support – One-Stop Shop for all support & Service needs – Remote Software Updates
Lower Cost of Ownership
– Integrated into Retail Pro mang – Intelligent credit/PIN debit steering – Digital receipt management with signature capture
Value-Added Capabilities
– State of the art technology – Free Gift Processing – Free Virtual Terminal Access
Lower Risk
– Simplify PCI Validation – No handling of cards by clerks – Reduced risk of security breaches – EMV-ready – PCI PED Compliant

Evolving with your business

As a future-ready solution today, Genius® provides retailers a true path forward by being the only flexible payment solution that adjusts alongside the growth of their business and industry needs. The Genius Solution provides  users a mobile commerce ready solution, with enhanced administration features providing the payment methods your customers want, and the infrastructure your business needs to efficiently manage your payments ecosystem.
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The October 2015 EMV Rollout

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January 27, 2015

- Point of Sale, Retail Technology, Retail Trends

As of October 15th, of 2015, if a merchant is not processing on an EMV capable machine they will be responsible for 100% of any fraudulent transactions they accept and would have absolutely no recourse. If they take a fraudulent transaction they are going to have to pay for it and there is no other liability avenue to pursue. This is for any transaction whether it was made on an EMV card or a regular magstripe. In time, consumers may not feel comfortable paying at a business that only accepts magstripe transactions. Foreign consumers are already accustomed to paying with EMV and some foreign cards do not even have a magstripe anymore, so a business owner could lose those transactions all together.

What is EMV?

EMV, (or “EuroPay, Mastercard, Visa”), is the global card technology of choice and it is finally coming to the US. This technology will replace the magstripes we have become so familiar with and will ultimately alter the payment procedure for millions of consumers and cause thousands of business owners to upgrade equipment at the point of sale. EMV is not a new technology; In fact there are an estimated 2.36 billion EMV cards worldwide and 37 million EMV terminals. The US is just the last major country to adopt this standard. EMV was developed in the UK to combat the duplication of counterfeit cards and has been extremely successful in rendering stolen card data useless to thieves. The latest figures from the European Central Bank indicated in an August report that as much as 78%of all counterfeit card fraud is carried out in countries that have yet to transition to EMV. Hence the reason that the US is now the global leader in card fraud with 47% of local fraudulent transactions although it does only 23% of the transactions globally. Coupled with tokenization and encryption, EMV is the ultimate in security within the payments industry and will help to reduce fraud within the US. EMV cards utilize chip based technology vs. the traditional magstripe on the back of payment cards. These chips are much more advanced than the magstipe technology that is currently in use today. The customer profile is built  into the chip, giving the card issuing bank much more control of the card capabilities.  You can deactivate a card remotely, and can even set up an offline balance where the consumer can make purchases up to a certain amount without the terminal communicating to the processor to verify. Finally as a feature, you can require no customer verification under a certain amount – ex. no sig or pin on a transaction under $200. There are different Customer Verification Methods (CVM) that can be used for an EMV transaction on both credit and debit cards.
  • Chip and Pin
    • The cardholder will have a unique 4 digit PIN that they will enter to complete the transaction  (ergo: “PIN Debit”)
  • Chip and Signature
    • The consumer would still insert the card but would only be required to sign
  • Contactless
    • EMV transactions can also be performed with a contactless device that would transmit the payment information via NFC like a smartphone, contactless card or fob (such as ApplePay)

PCI vs EMV

EMV and PCI are not mutually exclusive. While the liability shift has direct impact on all business throughout the US as does PCI compliance, EMV and PCI compliance do not hinge upon one another. PCI compliance is a standard set forth by the PCI Security Standards Council™, and the specific requirements vary according to the type of business and individual operating practice. The PCI Data Security Standard (PCI DSS) was developed to encourage and enhance cardholder data security and facilitate the broad adoption of data security measures. The  PCI DSS provides a baseline of technical and operational requirements designed to protect cardholder data. At the highest level PCI DSS encompasses the following core activities:  
  • Build and maintain a secure network and systems
  • Protect cardholder data
  • Maintain a vulnerability management program
  • Implement strong access control measures
  • Regularly monitor and test networks
  • Maintain an information security policy
Currently, the EMV requirement does not impact the need for PCI compliance, or vice versa. EMV is coming, and as a retailer it’s imperative to explore your options and to be aware of the potential ramifications for lack of compliance. As details are still forthcoming on the EMV rollout, please contact us should you have any questions about EMV and your Retail Pro system using our exclusive partner, Cayan.  
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Merchant Warehouse Becomes Cayan, The Payment Possibilities Company

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January 5, 2015

- Point of Sale, Retail Technology, Retail Trends

Cayan_logo

New name and identity set course for payment innovation

Boston, MA — January 5, 2015 — Merchant Warehouse®, the leading provider of payment technologies and processing solutions, today unveils its new name, Cayan™. The new identity reflects the company’s bold vision and commitment to continued innovation in the future. Merchant Warehouse launched in 1998 with a focus on credit card processing and merchant services. A few years ago, they jumped on a massive opportunity that expanded their focus. Predicting that an influx of new payment types would enter the market, the company launched Cayan Genius®, the first Customer Engagement Platform® to capitalize on the possibilities for payments today and in the future. Genius is designed to evolve and scale for growth, enabling businesses to add new payment types, gift card programs and loyalty solutions at any time, without disrupting existing point-of-sale systems. “The launch of Genius was a defining moment for our company. We changed the market, empowering businesses to adopt the latest payment technologies without overhauling their point-of-sale systems or jeopardizing security. By pioneering mobile payment acceptance, we were the first to show businesses that the payment creates an engagement opportunity,” said Cayan CEO and Founder Henry Helgeson. “As we built Genius, we began to realize we needed a name that better communicated our bold vision. So, we engaged our employees, customers and partners to help us understand what our brand stands for today and how it can evolve in the future. In the end, Cayan stood out as a unique name that perfectly captured our spirit of innovation and drive.” “Our original name served us well when our primary business focus was credit card transactions and merchant services. But as the market evolved, we’ve gone on to push the boundaries of payments — including how and where they occur,” added Chief Revenue Officer, Ken Paull. “We selected ‘Cayan’ as the name that will lead us into the next phase of growth for our business. We like that the word is an empty vessel, capable of taking on new meaning as we unlock the possibilities of payments.” Today the company also launched a new website, www.cayan.com. Customers and partners will notice the brand change immediately. Cayan’s new brand will also be on full display in booth #3181 at the National Retail Federation’s annual Big Show, January 11-13, 2015, in New York City, NY. Read original release here.
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Retail Sales Look Merry and Bright

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December 15, 2014

- Point of Sale, Retail Technology, Retail Trends

It may not be a blue Christmas after all. After some preliminary doom and gloom reported from some retailers last month, a pall was cast upon Commerce reported Thursday that November retail sales reached $449.3 billion — up 0.7 percent compared with October and an increase of 5.1 percent compared with November 2013. In addition, total retail sales from September through November are up 4.7 percent annually. That’s much better than expected, on the heels of Black Friday and Thanksgiving shopping reports that were flat. Avoiding a sales slump similar to that of the 2013 holiday season The National Retail Foundation reported similar findings to the Commerce department’s. It said that retail sales rose .6 percent in November from the prior month. That’s in line with the organization’s forecast for the holiday shopping season overall, of a 4.1 percent increase in revenue from 2013. Experts noted that shoppers have taken advantage of some early discounts offered, and are pacing themselves in the weeks leading up to Christmas and Hanukah. “It is important to remember that for most retailers, the holiday season is a marathon, not a sprint, and there are plenty of important holiday shopping days ahead of us, including the week leading up to Super Saturday – the day many expect will be the biggest shopping day of the season,” NRF President and CEO Matthew Shay said in a statement. So shoppers are stretching out their spending — and they probably have a bit more to spend this year as well. Gas prices are down significantly, from an average of $3.27 on Dec. 2, 2013, to $2.67 today. Job creation is up also, with employment up 321,000, an average monthly gain of 224,000 during the prior 12 months. Those are positive signs that while spending may be steady, the NRF’s prediction of greater sales may be on target. Now is the ideal time for retailers to take advantage of increased sales and take stock of their technological prowess. Those who can implement technology such as RFID tags, mobile check out and data analysis will realize cost savings in their daily procedures:
  • RFID helps store associates and managers improve tracking and stocking inventory in stores, and make better decisions when ordering merchandise and selecting products. Additionally, overall loss prevention is improved because the exact product locations are known and logged throughout the brick-and-mortar store.
  • Mobile checkout lets retailers manage long lines and also provides the opportunity for associates to interact more with customers. By getting salespeople out from behind the cash wrap, they are able to get to know their customers better and provide consultative sales, thereby increasing revenue.
  • As mobile, tablets and social media becomes increasingly popular, more customer data is being collected. Today’s retailer knows not only the basic demographic information about a customer, but purchase history, call center interaction, mobile/social interaction, supply chain data as well. The amount of information available to retailers is unprecedented, even for brands that have years of experience analyzing customer data. By analyzing this information, retailers can make appropriate sourcing and marketing decisions.
The time is ripe for retailers to review their IT and make appropriate upgrades. Consider it a gift that will keep on giving.
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Main Street Needs a Dash of E-Commerce

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December 15, 2014

- Point of Sale, Retail Technology, Retail Trends

Amazon is an enormous competitive threat to brick and mortar retailers. And yet, we all know local shops that thrive, that are the go-to store for that something special. Those “Main Street” stores are able to hold their own in the face of daunting competition. Recently, Walker Sands’ released a study offering tried and true ways that retailers can distinguish themselves from huge commerce entities. Focus on omnichannel retail strategy bolsters customer loyalty First, an omnichannel experience is a must. As they say in New York, you can “forgetaboutit” if you don’t offer inventory checking online or click and collect. Customers are demanding spillover between the online and brick and mortar worlds. Walker Sands’ found that consumers shop on different devices simultaneously. It’s not unusual to spy someone on Amazon while looking at a Vizio television at Costco, for example. The firm said 64 percent of consumers have used their mobile device to research products while in a brick-and-mortar location. So it’s critical for retailers to provide a seamless experience as they move from a mobile device to in-store to their laptops. Second, encourage the mobile device inside the store. Gamification can be a fun way to engage customers and get them to explore less-trafficked parts of the store — which are still relevant to their shopping habits. Other shoppers may be enticed by navigational assistance; 52 percent of those surveyed told Walker Sands’ they would be more likely to shop at a retailer offering in-store navigation on a mobile device. Fifty-nine percent would be more likely to shop at a store offering self-checkout via a mobile device. However, issues with shrinkage and theft already exist in self checkout that is handled by front line registers, so permitting it via handheld devices would require significant security assurances for retailers. Third, and finally, personalization is a particularly popular reason shoppers enjoy the Amazon experience: 44 percent of respondents said they “strongly agree” or “agree” that they want product recommendations based on past purchases. It’s somewhat ironic that an online-only retailer is thought of as offering more personalized service than the local retailer. Personal service is the birthright of the neighborhood shop. However, somewhere along the way, that birthright was squandered. The shopkeeper felt squeezed by economic pressures. Rents go up, but customers, feeling the pinch too, cut back on spending. Product selection changed, and, often, quality decreased. Frequent shoppers become occasional browsers. Shopkeepers wound up with fewer regulars and couldn’t know the preferences — much less the names — of the shoppers who only visited on occasion. Technology can change the lot of the local store owner. Embrace the omnichannel; almost any store can offer a buy online pickup in store option (click and collect). Mobile devices are a fact of life; the store that fears them does themselves more harm than good. And while it’s true that customers are more transient than ever, a strong loyalty program based on data analytics that offers relevant customer incentives will go a long way in moving local retailers’ future from shaky ground to solid footing in the new year.
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How are consumers using mobile to engage with retailers?

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May 14, 2014

- Point of Sale, Retail Technology, Retail Trends

Mobile technology has become a major player in recent years, and it has had a lasting impact on the retail sector. However, recent reports have shown that while consumers are using their smartphones and tablets to research purchases frequently, the rate of people actually buying goods with these devices is much lower than many may think. Better understanding how people are interacting with retail stores through various channels can help merchants develop more effective marketing and sales strategies and make it easier to choose the right ecommerce software for their needs. Mobile purchasing still lagging A Gallup poll conducted in March 2014 revealed that most consumers prefer to purchase big ticket items worth at least $50 in-store (60 percent) or through a computer (34 percent). Only 4 percent of shoppers who participated in the survey said they had spent $50 or more using their mobile devices, whether through the retailer’s website (3 percent) or mobile app (1 percent). While purchasing through mobile channels may not be the most prominent path to the point of sale, the lower numbers suggest that there is room for improving the mobile shopping experience. For instance, the Gallup poll revealed mobile technology led to more brick-and-mortar shopping for 22 percent of survey participants. Mobile ecommerce strategies to boost sales Retailers with physical locations may want to capitalize on this by focusing on multichannel marketing strategies. Retail Week pointed to click-and-collect as a rising trend that retailers may want to explore. This service allows consumers to select and buy items online through their mobile device or computer. The purchase is then made available at a local brick-and-mortar location where the shopper can easily pick it up. Retailers can also consider developing mobile-friendly websites with secure POS software that could give consumers the confidence to make larger purchases on their phones and tablets. A better mobile site experience could increase brand recognition and loyalty. According to Gallup’s survey, when customers are more invested in and engaged by a brand, they tend to spend more with that retailer. Fully engaged shoppers spend about 23 percent more than the average customer. By focusing on the user experience, offering an intuitive mobile site design and increasing security at the point of sale, retailers may see a rise in mobile sales. The fact of the matter is that mobile technology is here to stay, and while there are still kinks to be worked out in terms of mobile retail, merchants that focus on improving their mobile shopping experience will be able to stay at the forefront of this developing consumer sector.
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Mobile POS gaining traction with retailers of all sizes

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September 25, 2013

- Point of Sale, Retail Technology, Retail Trends

Customers are constantly looking for ways to make their shopping experiences more convenient, and retailers are happy to oblige. Customers are constantly looking for ways to make their shopping experiences more convenient, and retailers are happy to oblige. To accommodate patrons who want faster and more streamlined transactions, businesses have a wealth of tools at their disposal. But one element that has been receiving more focus from brands recently is mobile point of sale technology. Traditional cash registers are located at fixed points throughout stores, meaning that customers have to find the products they want, walk over to the registers and often wait in line. However, with mobile POS solutions, the normal checkout process is changing. Now, employees are equipped with mobile devices that can accept credit and debit card payments, giving shoppers the chance to complete their transactions quickly from any point in the store. Retailers of all sizes are seeing this as an opportunity to leverage the technology to boost customer satisfaction and their revenue. Small merchants taking to mobile POS For smaller retailers, staying ahead of the competition and their larger counterparts is a vital part of operations. Fortunately, mobile POS is helping them do just that, as Media Post reported that the technology is becoming more popular with developing retailers. The source cited research from the Local Commerce Monitor by BIA/Kelsey, which found that 40 percent of small companies are currently using mobile POS systems to process transactions. This is an increase from the 28 percent that said the same last year. And while improving convenience for customers is one of the main reasons cited for adopting the technology, smaller merchants are enjoying that benefit as well. “The key is they’re not thinking of this as digital,” said Steve Marshall, director of research for BIA/Kelsey. “They’re not using mobile platforms because they’re digital – they’re using them because they’re convenient.” Larger brands steadily adopting mobile POS But the emergence of mobile POS within the retail industry is not only limited to smaller merchants – large brands are also getting in on the trend, according to Mobile Payments Today. Citing research from the Yankee Group, the source explained that 32 percent of U.S.-based retailers with more than 500 employees are currently using mobile POS systems. An additional 29 percent have plans to roll out mobile POS technology within the next year. The source explained that analysts are expecting these solutions to continue to grow in popularity among retailers, especially as the holiday shopping season approaches. These systems provide more convenience for both consumers and merchants, which is an essential element for a great retail experience. (Source: http://www.retailpro.com/News/blog/index.php/2013/08/19/mobile-pos-gaining-traction-with-retailers-of-all-sizes/)
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