Digital payments and the retailer

Mobile Payments Today

Some retail outlets are experimenting with moving to digital payment-only operations. As non-cash payments become the norm, some retailers, particularly in hospitality, no longer accept cash. While there are downsides to managing cash, what are the pitfalls of refusing to deal with it

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US Retail Sales Rose Higher In July

PYMNTS

retail sales rose higher than expected last month — a sign that the economy remained strong early in the third quarter. According to Reuters , the Commerce Department revealed that, with the exclusion of automobiles, gasoline, building materials and food services, retail sales increased 0.5 Economists had forecast retail sales going up 0.1 percent, online and mail-order retail sales increased 0.8

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Thrifting Through Retail Finds

PYMNTS

From thredUP to The RealReal , Tradesy and SnobSwap , every retail segment out there today seems to be looking for some sort of deal on discounted items, especially clothes. Retail news this weekend focused on the discount sector, though.

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Walmart Reveals Virtual Reality Retail Plans Via New Patent Filings

PYMNTS

Two new patent filings from Walmart show that the retailer is moving further into virtual reality , which would enable consumers to shop from home in ways different from today’s eCommerce experience. The patent filings do not guarantee that the retailer will ever build or deploy the technology described in those documents, but they do show how the retailer is envisioning future shopping. The retailer might already have an underrated edge in that effort.

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AI/BOT: Retail’s AI Survival

PYMNTS

Retail

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Attending To Unattended Retail

PYMNTS

In an interview with PYMNTS’ Karen Webster, Mike Lawlor, chief services officer of USA Technologies, dove into the innovations that have marked the unattended retail space. Thus, there is the trend of “convergence between traditional retail and these new types of technology that is built around making the consumer experience a whole lot better … [The unattended retail experience] is changing and will continue to change.”. Vending machines.

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Retail Reinvention: Why Retail Doesn’t Need Salespeople

PYMNTS

Take retail salespeople — Stoll’s self-proclaimed cornerstones of capitalism. Back in the so-called “good old days” of retail, salespeople used to be the only source of information consumers could consult about a product before they made a purchase. Service — not sales — is the new human retail touchpoint. It almost has to be that way for retail to remain relevant and competitive. The composition of the retail workforce is changing.

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Changing Retail Is Changing Retail Workers

PYMNTS

As checkout processes become more automated and the point of sale moves to a mobile-first approach, the role of the retail clerk is also changing. Ringing up goods is giving way to customer service specialization and service offerings that digital retailers can’t match, according to a U.S. And while retail jobs are paying — and expanding in some cases — wages aren’t keeping pace with the new professional retail service staff.

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Beam Links Blockchain, Retail Mobile Payments

PYMNTS

Global tech startup Beam Wallet is ready to launch a new mobile payment solution, which will link smartphones and blockchain technology to enable faster and simpler retail payments. Beam has already processed over $250 million in payments for retailers such as Carrefour, Costa Coffee, Aldo, Tommy Hilfiger and more,” the report said. Blockchain android Apple Beam Wallet credit cards faster payments Mobile Payments News POS Retail What's Hot

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Nike Abandons ‘Mediocre’ Retail

PYMNTS

Nike told investors that it would be shifting its approach to brick-and-mortar retail, according to news from The Wall Street Journal. Nike said during a presentation that it had ongoing plans to sell more of its goods online, a shift away from selling through sports apparel stores and traditional athletic wear retailers, according to t he WSJ. The sportswear market has become more competitive, and some traditional retailers have gone out of business.

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Comcast’s Retail Ambitions

PYMNTS

Of course, in the past, these brick-and-mortar businesses weren’t really designed or conceived of as retail locations at all. Nor were they really located like retail locations, as anyone who has ever spent a half-hour navigating an industrial park looking for a Comcast location can gladly attest. But these days, Comcast realizes it wants to be where the people are — and wants to be part of that retail world. Retail Comcast News Shoptalk

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Retail’s Small Business Crisis

PYMNTS

have a retail crisis — or a small business crisis? Which is why “fixing” retail must include giving SMB merchants the tools they need to compete in the very dynamic environment that now defines Retail U.S.A. So, what does this all have to do with retail?

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Q12018’s Big Retail Chill

PYMNTS

The phrase is also a familiar refrain in retail — sung by retailers when disappointing results come at the same time as a streak of unusual and unseasonable (aka lousy) weather. In Q1 of 2018, the cooler than usual spring/summer contributed to retailers posting less than stellar sales. The specific issue this year, retailers say, is that the weather was essentially the one-two punch in early 2018 that knocked sales off its perch.

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TRENDING: Real-Time Payments Networks — For Real In Retail?

PYMNTS

s Fa ster Payments Support Everyday Retail? retailers are looking for cheaper, faster alternatives to card-based payments, and some financial players think the Faster Payments rail could be key. Across the U.S.,

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Retailers Rethink Store Concepts, Digital Strategies Amid New Realities

PYMNTS

Traditional retail locations, ranging from fashion and home furnishings to hardware and department stores, have been forced to make significant changes in the face of heightened competition from eCommerce giants like Amazon and omnichannel powerhouses, like Walmart and its online unit, Jet.com. This week, the retailer named Edmond Mesrobian, the former chief technology officer at the British grocery chain Tesco, as its new CTO.

Will VR Save Retail?

PYMNTS

With a unique customer experience becoming ever more important in retail, virtual reality could play a significant part in those efforts. Retail AT&T experiential retail retail what's hot Samsung virtual reality virtual reality technology VR What's Hot

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Local Retailers, Surviving or Dying in Retail’s Evolution?

PYMNTS

At the basic level of retail industry chatter online, much of the focus is on the battle between brick-and-mortar versus eCommerce. While the closing of several big box and department stores alongside online shopping’s reshaping the retail shopping are certainly discussions worth having, it doesn’t encompass the entire retail spectrum. The issue that arises when focusing in on local retailers is how they’re faring against larger brand names and eCommerce.

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How Affirm Wants To Push ‘Honest Financing’ Into Physical Retail

PYMNTS

Affirm InStore’s launch merchant is Simply Mac, an authorized retailer and repairer of Apple products with roughly 50 stores nationwide. And of course, it’s a win for retailers, who get to sell more goods to their customers.”. Giving Retailers Honest Credit Options .

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Retailers Take Omnichannel Approach To Loyalty Programs

PYMNTS

And now, Amazon is bringing its annual retail holiday “Prime Day” to Whole Foods. As a result, local merchants could stop spending money on third-party apps and loyalty programs that require a huge spend on customer acquisition to get a small number of consumers to convert — only then could the retailer have a relationship with the customer. However, not all retailers are taking Amazon’s approach to loyalty. Loyalty programs aren’t just tied to eggs, milk or produce.

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BingoBox’s Unattended Retail Revolution

PYMNTS

Amazon announced its plan to build a totally unattended retail store in early 2017, but there was something of a gap between the announcement of the company’s plan for a sensor-based, cashier-less shopping experience here in the United States and its actual rollout in late January of this year. Self-service retail is big in China and, unlike Amazon, BingoBox is far from the only player in the unattended retail game. The unattended retail revolution is warming up in the U.S.,

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215K Retail, Manufacturing Jobs Added In July

PYMNTS

Retailers, in particular, added an average of 12,000 jobs per month this year. Retail Ace Hardware brick and mortar Consumer Spending jobs report John Venhuizen News payrolls retail jobs unemployment rate US Economy What's HotWhile economists had predicted that hiring would slow this year, U.S. employers have been expanding their payrolls, adding an average of 215,000 jobs per month through July.

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How Self-Service Retail Is Becoming Mainstream Retail

PYMNTS

And enabling in a variety of ways, she told Webster, because the changing payments technology in self-service retail is about more than making it easy to grab Cheez-Its on the go; it’s about making it easier to get everything. And now, with the advent of better payments — and an ability to turn those payments into an entire commerce relationship — they can take what they’ve been doing for a 100 years and do it bigger, broader and as a whole new way to think about physical retail.

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Brick-And-Mortar Retailers Take On Omnichannel

PYMNTS

To meet consumers where they want to shop, retailers are taking an omnichannel approach to their offerings. And retailers are taking notice: Walmart , for example, recently introduced meal kits in its stores after selling them exclusively online. Walmart customers can buy them in the store or – in another omnichannel twist – through the retailer’s online grocery pickup service. Retailers, after all, have an average satisfaction score of 37.9

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Cutting Clerks Is Cutting Into Retail Sales

PYMNTS

The brick-and-mortar store closures that have swept through retail in recent years have captured a lot of attention, but the purge of retail staff has actually been bigger and is often absent from the headlines, according to news from The Wall Street Journal. The pattern holds at almost every major retail outlet — Target , Kohl’s, Nordstrom and Walmart — whether they opened new locations or closed down shop, one way or another, they all saw their headcounts drop in recent years.

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The Buyers: Teen Retail Engagement

PYMNTS

It can be argued that some of the toughest buyers to keep in mind when planning out retail strategies are teenagers. While one day a teen may be into shopping strictly online, another day may see an offline preferred experience or a mixture of both, and retailers must be at the ready to transform engagement efforts at any given time. It turns out that retailers geared toward this younger demographic are having a tough time engaging them online.

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Unattended Retail Lessons From Caviar Dreams

PYMNTS

Those who travel to some of the wealthier parts of the world, however, will discover the well-to-do have much more expensive unattended retail tastes. But, Knight has also learned that not all payment methods work well for high-end products dispensed from unattended retail systems.

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Retail Sales Rise 0.5 Percent In June

PYMNTS

Topping off a quarter of strong consumption, Americans spent more at retailers in June than the prior month. The Commerce Department said on Monday (July 16) that retail sales increased by 0.5 During that quarter, retail sales increased 1.9 Retail spending was also up 5.9 The news comes as consumer confidence seemed to have returned in a big way in May, as retail sales soared to their highest level since November 2017, according to news from WSJ.

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NEW DATA: Retail Kiosks — The Next Billion-Dollar Industry

PYMNTS

One might just call this the age of unattended retail. Increasingly, retailers and other merchants are looking to give customers a more convenient and efficient experience by offering products and services via unattended kiosks. According to research inside the Kiosk and Retail Report, a USA Technologies collaboration, by the time the next decade rolls around, the interactive kiosk industry market will be worth $1.073 billion.

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Changing Physical Retail’s STORY

PYMNTS

Though the level of alarm one feels about the current state of physical retail in the United States can vary some, from mild concern to full-tilt fear of an oncoming apocalypse, there is no denying at this point that outside of a few continuously successful bright spots, brick-and-mortar retail is in a tough spot. And that Rachel Shechtman, owner and operator of Manhattan’s rotating retail store STORY notes, may well be because consumer experiences are built on and around variety.

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The Buyers: Teen Retail Engagement

PYMNTS

It can be argued that some of the toughest buyers to keep in mind when planning out retail strategies are teenagers. While one day a teen may be into shopping strictly online, another day may see an offline preferred experience or a mixture of both, and retailers must be at the ready to transform engagement efforts at any given time. It turns out that retailers geared toward this younger demographic are having a tough time engaging them online.

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The top trends in retail banking innovation

Chris Skinner

It also usually proves to be one of the most read items on my blog – here’s the 2015 and 2016 reports – so, as … The post The top trends in retail banking innovation appeared first on Chris Skinner's blog.

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Menswear On Wheels: Taylrd Takes Retail On The Road

PYMNTS

It’s time for retailers to stop looking at brick-and-mortar like it’s dying. Traditional retail is changing, it’s true – and that has manifested as a fair amount of growing pains – but the perception that physical retail is a sinking ship may be leading merchants astray. Perhaps it’s better to think of modern retail as a chrysalis. If you look at the numbers,” said Dwyer, “a massive amount of retail purchases are still being done in person.

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Predictive Analytics Are Retailers’ Crystal Ball

PYMNTS

Can predicting the future help retailers and other organizations avoid negative outcomes? Instead, retailers should be looking at which customers churned and why so that they can learn from their mistakes and leverage that information to prevent others from making the same choice. On a retail site, Sweary continued, the goal is for people to buy. But Sweary said retail customer churn is only the most dramatic use case for predictive analytics.

AI Bots Can Help Retailers Serve Customers

PYMNTS

Brands and retailers face a dilemma then: How do companies reach consumers through their phones? As a result, Kolacz is rolling out technology for brands and retailers to connect with customers through messaging platforms such as Facebook Messenger, WeChat , Viber and WhatsApp. The app seeks to boost brand and retail sales by providing a new sales channel with immersive experience and a visual product search.

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The Global Connected Retail Market May Top $82B By 2025

PYMNTS

Retail is undergoing a reinvention with the rise of eCommerce, and merchants are trying new approaches to their brick-and-mortar stores. Overall, retailers such as Nordstrom are changing their models as an increasing amount of retail spend is now being completed away from physical retail stores. Here are the latest trends in connected commerce — and how eCommerce will impact retailers in the future. Retail spending saw a 1.6 Retail spending was also up 5.9

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Retail Labor Shortage Concerns Deepening

PYMNTS

A good economy is good news for retailers in a variety of regards. But for retailers going into the holiday season 2016, a good economy is creating yet another headwind for physical retailers who’ve spent much of the year being buffeted constantly by market pressures. Much of that hiring came from retail, according to reports, with about 15,968,000 people working in the industry. ” Retail labor shortage

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The Mainstream Retail Future Of AR/VR

PYMNTS

Retail is perhaps an unexpected entrant into the augmented reality (AR) and virtual reality (VR) market, but it’s proving to be an area in which being there virtually can be seamlessly substituted for being there actually. This week, the list of retailers capitalizing on this new technology grew by one very recognizable name: Airbnb announced it wants to help convince clients to book stays by giving them virtual access to residencies before they pack their bags.

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Disney’s Retail Reset

PYMNTS

That is the question the Walt Disney Company is looking to answer as it sets on its first major redesign of its retail spaces in a little under a decade, according to recent Reuters reports. The goal, it seems, is to lure shoppers away from the digital experiences that are depressing Disney’s retail foot traffic, Reuters noted. It bought the stores back in 2008 and now operates 340 retail store locations around the world. Can Disney build the happiest stores on Earth?

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Virtual Beauty And Global Retail Sizzle, Brookstone And Facebook Fizzle

PYMNTS

Global retail connected market: It’s set to top $82 billion in just a few scant years. Not a bad haul, considering the fact that retail in general is growing at about 1.6 Retail casualty: Brookstone files for bankruptcy, the latest marquee name to go the way of soooo many once-illustrious peers. Sizzle/Fizzle Augmented Reality bankruptcy Facebook global retail ICOs News retail growth Retail sales Sizzle Fizzle StockSizzle .

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Unattended Retail Works Out At The Gym

PYMNTS

However, when it comes to retail in those spaces, it doesn’t always work out. Retail at the gym may look like a smart business move from the outside, but it often ends up eating more space and effort than it’s worth. Forgetting either of these items can really ruin a workout, while the ability to replace them quickly and easily can salvage it — and if there’s one constant in retail, it’s the fact that convenience is king. Enter unattended retail.

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