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As the holiday shopping season approaches, retailers face increased pressure to facilitate a seamless and secure shopping experience. Payments technology is central to the shopping experience. Innovations like biometrics and tap-to-pay have transformed how, when and where consumers shop.
Consider these facts: total returns amounted to $743 billion in merchandise in 2023 and in 2022; approximately 16.5% Returns negatively impact brands in several ways including processing costs, shipping fees, unsellable merchandise and more. of all purchased goods were returned to retailers.
At Apple ’s 2022 Worldwide Developers Conference (WWDC), the tech giant unveiled a slew of updates for its impending iOS 16 release, including a new buy now, pay later (BNPL) option that will be incorporated into Apple Wallet. At launch, Apple Pay Later will only be available in the U.S.
Artificial Intelligence (AI) is being increasingly used to simplify, automate and optimise backend systems and processes across the retail sector. In one successful example, a major consumer goods company used AI to predict future store and online sales. The result is better efficiency, speed, accuracy, and cost savings.
If we thought the pandemic-driven shift to digital payments was an evolution, we’re about to be catapulted into a new world, where payments will become possible in places thought impossible just a few years ago. Currently, consumerpayments account for more than 60% of all embedded finance transactions and are set to reach $3.5
Reach , a combined payments, tax and fraud platform designed to improve handling of cross-border commerce transactions, has received $30 million in its latest funding round. The Reach solution powers transactions in 120 local currencies and local processing in more than 40 markets.
retailers will be able to accept contactless customer payments on their Apple iPhones via its new Tap to Pay functionality. Consumers will be able to use their credit and debit cards, Apple Pay or other digital wallets to purchase items, with no additional POS hardware or payment terminal required to complete transactions.
Luxury platform FARFETCH will accept cryptocurrency payments for all purchases on the FARFETCH Marketplace, with plans to expand to FARFETCH Private Clients in the coming months and to all customers in the U.S., UK and Europe by late 2022.
So what changes should we expect to see in 2022? Outfits like GoPuff, Gorillas and 1520 took the grocery market by storm in 2021, offering a limited menu of consumables, delivered to your door in an incredible 30 minutes or less (and commanding multi-billion dollar valuations in the process.) Here’s my take: 1.
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule confirming that buy now, pay later (BNPL) lenders are in essence credit card providers, meaning they will be required to provide consumers with legal protections and rights, including in cases of disputed charges and issuing refunds. 1, 2024.
Gift cards remain a popular purchase among consumers, but they also provide openings for scammers and criminals. In conjunction with the upcoming National Consumer Protection Week, the Retail Gift Card Association (RGCA) is promoting a public service announcement to inform consumers about steps toward secure use.
Australia will create a licencing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its payments industry in a quarter of a century. “Australia must retain its sovereignty over our payment system.”
Apple Pay, Google Pay and China’s WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside Australia’s financial regulatory system. It would also give powers to the treasurer to order regulators to check if any payment platforms pose risks to the country.
Consumers are quickly losing trust, and companies must act swiftly and responsibly to restore it. A Pew Research study reveals a concerning trend: 67% of consumers have little understanding of what companies do with their data, a sentiment echoed by an IAPP study which found that only 29% feel informed about how their data is protected.
Rather than being limited to a jam-packed four to five weeks from Black Friday to Christmas Eve, consumers are beginning their shopping as early as October (with a few doing so even earlier than that). Mastercard Spending Data Reveals 4 Key Takeaways for Holiday 2022. Following are recaps of some of the most pertinent presentations.
million debt servicepayment on municipal bonds sold to help finance the venture, due to insufficient funds. The mall also had missed the previous payment deadline for the same reason in August 2022. featuring styles appropriate for Islamic and other religious consumers). 1, 2023 $8.8 The notice from U.S.
In its broadest and most straightforward definition, a digital twin is a virtual replica of a physical object, person or process that can be used to simulate its behavior to better understand how it works in real life, according to McKinsey.
The numbers currently used to identify cards will be replaced with tokenisation and biometric authentication In 2022, Mastercard added biometric options enabling payments to be made with a smile or wave of the hand. Credit card numbers and payment details are often exposed in major data breaches affecting large and small businesses.
Target has big plans for 2022, with the retailer announcing plans to invest up to $5 billion this year to open new stores, enhance its digital, fulfillment and supply chain capabilities, and expand its shop-in-shop concept with Ulta Beauty. and New York’s Times Square.
The 2022 back-to-school (BTS) season could be the most “normal” since the start of the pandemic, with even more demand than the record-setting BTS 2021 season for clothing, classroom supplies and new technology. Give Back-to-School Shoppers Alternative Payment Options. Streamline Your Checkout Process for Busy Parents and Students.
“Mobile technology is transforming payments, making it easier, safer and more affordable for people to move and manage their money than ever before,” said Dan Schulman, President and CEO of PayPal at the time of the spinoff. “As Consumers are now more digital, and they’ve gotten into these habits. Source: CivicScience.
Throughout the past few pandemic years, buy now, pay later (BNPL) has become the latest fintech trend to change how people pay for goods and services. A majority of American consumers have now used a BNPL service, up from 37.65% in July of 2020 — an increase of almost 50% in less than one year. Meeting B2B Business Needs.
Secondhand furniture reseller Kaiyo has introduced its services on the West Coast with a launch in Los Angeles following its generation of $36 million in Series B funding. With the expansion of Kaiyo’s services to the West Coast, the company hopes to grow the furniture resale category. Kaiyo’s L.A.
The digital wallet will be managed by Early Warning Services (EWS) , the company that operates Zelle, but will operate separately from Zelle. The other four owners in the EWS/Zelle venture include Capital One Financial , PNC Financial Services Group , U.S. Bancorp and Truist Financial.
In a first indication of what to expect as we enter the heart of the 2022 holiday season, digital Black Friday sales hit record highs despite inflationary pressures, topping $9.1 Shoppers are embracing the Buy Now Pay Later payment method more this year to be able to buy desired gifts for family and friends.”. billion and up 2.3%
The Federal Trade Commission (FTC) had sued to block the merger in February 2024 , calling it anticompetitive and harmful to both consumers and workers. The merger, first announced in October 2022 , would have created a single grocery company with a national footprint something only Walmart can currently claim.
billion on pet food and treats, supplies, medicine, vet care and other services in 2022, and are predicted to spend $143.6 Myos Fetch is a full-service SMS “concierge” for all things related to the brand and its focused, yet growing, product line. More than 66% of U.S. million or so homes spent $136.8 billion in 2023.
It’s hard to say that 2022 has been the year of ecommerce so far. On one hand, ecommerce automation saves a ton of time compared to manual ways of executing an operation. Numerous apps on Shopify like Opinew can help you fully automate that process.” Consumers are clear on expectations from ecommerce businesses.
DTC ecommerce solution provider ESW will acquire Scalefast , an end-to-end ecommerce company, in a deal that is expected to close by mid-year 2022. Scalefast’s technology offering is highly complementary and will enable ESW to unleash new capabilities and deliver even faster direct-to-consumer ecommerce growth for new and existing clients.”.
Enter low-code, which abstracts away many of the hurdles from the consumer-facing app development process. Forrester predicts the low-code platform market will swell to over $21 billion by 2022. In low-code environments, the development process is more akin to an assembly line than working with raw code.
While the 2022 holiday season was by all accounts a success, retailers may want to buckle down as they head into the new year: four out of 10 U.S. While the 2022 holiday season was by all accounts a success, retailers may want to buckle down as they head into the new year: four out of 10 U.S. It’s across the income spectrum.
The 2022 Connected Consumer Series featured industry experts, thought leaders and practitioners prepared to share their wisdom with their peers, and spotlighted powerful examples from FILA, Lidl, Patagonia and other businesses. It’s also changing the dynamics of retailers’ relationship with consumers. “If
The agreement between the shipping-and-logistics company and DTC ecommerce firm will aim to facilitate cross-border online business for brands seeking to reach consumers on a global scale. UPS is cultivating its shipping capabilities for integrated international ecommerce through a partnership with ESW.
Apple has begun the pre-release of its new Pay Later offering, which was first announced at the company’s developers’ conference in June 2022. Pay Later — which will let users split purchases into four payments spread over six weeks with no interest and no fees — is now available for some randomly selected Apple Wallet users in the U.S.,
Google Pay will make buy now, pay later (BNPL) options available for online and mobile payments in the U.S. Google Pay has partnered with Affirm and Australia-based Zip and will begin offering their pay-in-four services on Android devices early in 2024. YoY and $2.5 billion more than last year, according to data from Adobe Analytics.
Any retailer that’s attempted to provide pickup and delivery services knows how fraught (not to mention expensive) they can be. But it’s how those stores operate that allows them to effectively serve as fulfillment hubs. She credited solid partnerships with courier services such as DoorDash and Uber in making these goals achievable.
In addition to supporting customers who use Supplemental Nutrition Assistance Program (SNAP) Electronic Benefits Transfer (EBT) payment options, the program also affords easier access to Amazon Layaway. The ecommerce giant noted that the program was introduced to help consumers as they weather rising costs on essentials. per month.
Since 2020, the global economy has sat on pins and needles as the fallout from COVID-19 rippled through 2021, 2022 and 2023. But the resilience of the American consumer prevented an all-out economic disaster. Time and time again, consumers kept the economy chugging along despite the bleak forecasts from leading economists.
Photo courtesy of TikTok Shop While the ecommerce functionality has been available to at least some users since late last year, today marks the service’s debut to the wider TikTok community, and to say that both consumers and brands have been eagerly anticipating this development might be an understatement. in November 2022.
Not to mention consumers love them, with 80% saying they plan to purchase more gift cards in 2022. If your company is like most, one very important aspect of managing your gift card program may be overlooked, or at least not be given the attention required — state regulatory and legal compliance.
But now, as BNPL offerings — and consumers’ understanding of them — mature, the explosive growth of the last two years is slowing. With inflation and interest rates on the rise, a more nuanced approach to BNPL is emerging, and experts say that’s a good thing for both consumers and retailers. In fact, 50% of U.S
The new year is here; however, the market challenges of 2022 didn’t evaporate with the turning of the calendar. The current economic environment has driven consumers to be more budget conscious and price sensitive as inflation pushes up the cost of living and products’ prices. Have a simple checkout process. Be mobile-friendly.
Lockdowns, store closures, and increased online shopping were all part of the ‘new normal’ for consumers and retailers during the height of the Covid-19 pandemic. ACRS (Australian Consumer and Retail Studies) regularly investigates the attitudes and behaviours of Australian shoppers via our ACRS Retail Monitor.
Today’s consumers move across digital, physical and social platforms with ease, switching from browsing, researching and buying in seconds. As shopping journeys become increasingly complex, it’s harder for brands to put themselves in front of their consumers at exactly the right moment. Shopping is everywhere.
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