3 Retail Opportunities to Embrace in 2019

There was a lot of discussion about “the retail apocalypse” in 2017 and 2018, but the data tells a different story. Retail sales have been growing gradually since November 2009 on a year-over-year basis, according to the National Retail Federation (NRF). Additionally, 2018’s holiday season sales hit record numbers: according to Mastercard’s SpendingPulse report, which records data from November 1 to December 24, holiday sales increased 5.1 percent over 2017, the biggest growth in six years. This tremendous boom of retail spending in 2018 and continuous growth year after year suggests 2019 may be even bigger.

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Consumers are Spending More Often with Mobile Wallets

 

A recent study conducted by The University of Illinois found that retail purchases increased by more than 23 percent when consumers opted for mobile wallets such as Apple Pay or Google Pay. What that means is that consumers are buying low-cost items more frequently when they opt for mobile wallets. It’s not surprising since prior research has shown that people spend more when using credit cards as opposed to cash. In fact, contactless payments are predicted to drive global card spend to $45 trillion by 2023.

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Going Beyond Retail at NRF’s Retail’s Big Show 2019

 

Retail has always been a key market for us and NRF’s Retail’s Big Show is an opportunity for great minds to connect and talk about the future of the industry. NRF’s Big Show is not just popular among retailers. Over the past few years, this event has been attended by businesses from many verticals such as hotel & lodging, food & beverage, healthcare and more. At the show I noticed conversations flowed toward solving business problems with innovative technology no matter the vertical. Even though retail technology has always led the way when it comes to customer engagement technology, other verticals continue to work hard and leverage the same technology to serve their customers’ unique needs. Here are a few examples:

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A Rookie's View of NRF

Two weeks ago, I traveled to the Jacob Javits Convention Center in New York City to attend my first-ever trade show – NRF 2019, appropriately coined the “Big Show” by all who exhibit and attend, including top retailers, tech titans, and thousands of industry professionals. With the innovative designs and sheer size of every booth, the executive, sales and marketing staff coverage of the event and the impressive solution demos, emerging technology and cutting-edge ideas; the show truly lived up to its “big” name.

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Enhance Customer Experience in Your Business in 2019

 

What are your business’s objectives for the new year?

In 2019, customer experience should be top of mind. 69% of consumers say they will move on from a brand after a bad experience, research shows. How exactly are businesses failing to meet customer experience expectations? For one, 55% of consumers feel that brands are behind the times with how they interact with customers, both online and offline. However, 75% of consumers feel that automated experiences often feel too impersonal. With so many different types of consumers with different needs, it’s important to provide a seamless, easy experience that is also consultative and personal. Here are some ways your business can improve customer experience and keep up with the times without losing your brand’s personality:

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