Guiding Merchants to Success in the 21st Century
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We created a guide to offer insight and tips on how to help merchants to success. Introducing the 21st Century Retail Survival Guide.
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Guiding Merchants to Success in the 21st Century
- 1. Guiding Merchants to Success in the 21st Century 1 H o w t o P r o v i d e t h e S o l u t i o n s M e r c h a n t s N e e d t o S t a y R e l e v a n t i n t h i s E v e r - c h a n g i n g R e t a i l E n v i r o n m e n t 1 v
- 2. Know thy customer 2 Consumers expect offers that are personalised and relevant to them when they walk into a store • 95% of Canadian consumers are members of one loyalty or reward program or another Total Canadian location-based retail sales were up 6.7% in 2017 versus 2016—a 20-year high 2 v
- 3. Mind the millennial 3 Millennials make up over 37% of the Canadian labor force. By 2020, Millennials are expected to make up 50% of the global workforce. Overall shopping experience, emerging in-store technologies, and positive social media feedback are among the top priorities for both Generation Z and Millennial consumers 3 v
- 4. 4 Create “instagrammable” experiences • Rather than trips to just make purchases, shoppers are drawn to in-store experiences that are digitally-connected • Almost 40% of consumers under the age of 34 say that interactions with their favorite brands through social media have driven them to respect and value those brands more 4 v
- 5. Think outside the queue 5 Retailers who have embraced mobile technology are experiencing significantly higher growth in sales This line is too long!! 55 v
- 6. Verifone at ACT Canada 6 Presentation link here We work with all major partners and processors in Canada to serve merchants of all sizes. Let’s work together! +1 (727) 204-0125; Randy_M1@VERIFONE.com Verifone www.verifone.com 66 v
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Editor's Notes
- Introduce yourself and build credibility & bridge to the retail guide We created a guide to offer insight and tips on how to help merchants to success. I’d like to share the 21st Century Retail Survival Guide; and will let you know how to download the presentation at the end of this session.
- The world of retail has changed more in the last 3 years than it has in the last 30, and as a result, it’s undergoing a transformation of unprecedented proportion. E-commerce is growing and with regulatory advancements, technological growth, and generational forces constantly changing the landscape, it is important for merchants to turn these challenges into opportunities and cater to the evolving needs of the connected consumer. Contrary to alarming press reports about the demise of brick & mortar stores, retail is very much alive and well. [cite Canadian data] In fact, consumer behavior is showing that they want the physical experience to mimic their online experiences. [cite data] Bridge to next slide: The consumer demographic is changing and as service providers, acquirers and merchants, we must understand the growing population of Millennials and GenZers
- More and more millennials are entering the workforce and their buying power is increasing. Did you know that in Canada…[cite data] Industry research also shows that, rather than trips to just make purchases, shoppers are drawn to in-store experiences that are digitally-connected. [cite data] We have an opportunity to make it easy for merchants to change their stores to appeal to growing demographics, make the store an event worth socializing, and use tech to introduce new solutions.
- Reviews happen when experience happens. For younger generations, the purchasing experience tends to supersede the purchase itself. Enabling merchants to create an in-store experience to write home about (or post on social media, rather) is an excellent way to help them stay relevant while attracting and retaining more customers. 40 per cent of Canadians said that reading product reviews, peer reviews, and feedback on social media influenced their shopping behaviour, while for consumers between 18 and 24, the number influenced by social media alone was 84 per cent. Millennials and Gen-Zers like to use technology in-stores, they want to stay connected to friends via social media while they shop, and their shopping behaviors are influencing consumer spending patterns In Canada, more than 90% of Canadian Generation Z say that a strong wi-fi signal is important to them when they are shopping. Bridge to next slide Consumers as a whole, want convenience and fast checkout when they want it which can make a difference in store revenue. Ask the audience, how many of you have given up the final step of purchase after seeing a long line at checkout?
- Consumers complain that lines are too long in stores. In fact, international retailer found that 4 percent of instore customers who abandoned their purchase translated to an estimated $22M worth of lost sales in a year. So reaching customers away from the counter is key to driving up sales and customer engagement; and preventing revenue loss. In recent years, the adoption of mPOS technology has been growing at unprecedented rates and shows no signs of slowing down. One research shows the mPOS market is expected to reach over $38 billion by 2024. The technology has the capabilities to open new opportunities for many retailers. Interestingly, the biggest demand for mPOS is coming from small and medium-sized merchants that have found the technology to be an important tool in helping them run their stores more effectively. Research shows that retailers who have embraced mobile pay are experiencing significantly higher growth in sales. Bluetooth Low Energy (BLE), 3G/4G and Wi-Fi connectivity combined with mobile or portable POS devices allow merchants to extend the POS beyond the counter and throughout the store. These technologies help reduce the time customers spend in checkout lines while creating a more one-on-one, transformed shopping experience. At restaurants, this technology also enables secure pay-at-the-table solutions. For example, we have worked with our partner Eigen Payments to enable The Keg Steakhouse + Bar (nearly 100 locations in Canada) to offer PATT at all their locations in North America. NEED CONCLUSION and CALL TO ACTION Today there are many options for the POS. With smarter and integrated systems that enable merchants to access business tools and engage customers in new ways; and go beyond accepting payments. Verifone works with partners like Moneris (??Canadian partners) to bring solutions businesses need such as our new Carbon Mobile 5 and the recently announced V400c, the first touchscreen countertop in our Engage line. Come by and talk to us about partnering…. To access this deck please go to….
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