If you needed evidence of the rise of cryptocurrency in the US, you only have to look at the 2022 Super Bowl’s advertising. Of the many cryptocurrency-centric ads, Coinbase’s was so popular, it crashed its app within seconds. With crypto’s growing popularity, I’ve received a lot of questions on how it might impact retail, and in particular, the in-store payment experience.
It’s my favorite time of year – we’re down to the final game of the NFL season and it’s looking like it will be a great game. As a huge UGA fan, I’m of course rooting for Matt Stafford to lead the Rams to victory. As we gear up for the big game, I’ve also been thinking a lot about the fan experience in stadiums and event venues. While having a good view of the field is always important, the fan’s concession and pro shop experience is also critical.
In a lot of our recent blogs, we’ve talked a lot about the growing shift in customer expectations and the role that technology can play in managing them. One of the most interesting shifts for customers is the premium that is being put on convenience. For example, NRF’s recent Convenience and the Customer report found that over 90% of consumers are more likely to choose a retailer based on convenience, with 83% of consumers highlighting that convenience was a stronger factor than it was for them five years ago. The report found that this was due to people not wanting to dedicate as much energy or time to shopping to focus on other aspects of their life.
During the pandemic many merchants, especially SMBs, made ad hoc adjustments to provide a safer customer experience. Often this was done on their own, with some businesses even going as far as putting bags over their payment terminals or even attaching them to hockey sticks for effective social distancing. While we can certainly applaud their creativity, had they worked with their technology partner they would have been able to leverage more permanent solutions. This is also why it’s so important for independent software vendors (ISVs) and other technology providers to have more consistent communication with their merchant customers. Not only does it create better opportunities to generate additional revenue, but it also provides an opportunity to solidify the relationship with your customer.
While NRF 2022: Retail’s Big Show was very different this year due to COVID, it was still a show filled with meaningful conversations and strong display of innovation across the exhibit hall.
One thing that always excites me about NRF is that there are Ingenico solutions across the area. Whether in the dining and check-in facilities of the venue, my hotel or even on the train from Boston to NYC, it was great to see our solutions being used across a variety of use cases.
