Retail disruption through the rise of the API economy
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Matt Smith, VP, Platform Strategy, Visa, Chris Plunkett, Dir., Product Development, CMT Group
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Retail disruption through the rise of the API economy
- 1. Matthew Smith VP of Platform Strategy Visa, Inc. Chris Plunkett Dir. of Product Development CMT Group Retail Disruption Through the Rise of the API Economy
- 2. The Experience “Wealth is the ability to fully experience life.” Henry David Thoreau
- 3. The Journey
- 4. Data Intelligence 79% of companies struggle turning insights into experiences 72% of companies are looking for outside help Forrester Consulting, September 2016, “Deliver the Commerce Experiences Of Tomorrow”
- 7. Matthew Smith VP of Platform Strategy Visa, Inc. Chris Plunkett Dir. of Product Development CMT Group Retail Disruption Through the Rise of the API Economy
Editor's Notes
- As you see: it must be about the ability to create customer centered experiences Gartner: 89% of companies say they're competing mostly on the basis of customer experience Foresee: Customers are 50% more likely to make a purchase from a retailer, and 75% more likely to make a purchase in another channel, if they have a good store experience Retail Disruptive Experiences go here * Blockbuster, Borders, etc.
- “According to McKinsey research, the quality of the customer journeys that a company provides is much more closely correlated with business outcomes, such as churn, revenue, and repeat purchases, than the quality of individual customer touchpoints.” Most institutions understand the importance of a positive customer experience to the bottom line, but few excel at designing or delivering it. … One bank reduced the information required on its new-account-opening form from 45 fields to 35 and declared victory, yet it could have reduced the fields to 15 and pre-populated 10 of them from external data sources. Another bank found that the apparent requirement for a “wet signature” on a loan application quickly evaporated when the regulator was consulted. Data Intelligence enables organizations to: Enhance and predict customer journeys Discover insights Streamline and Automate processes Blend channels (physical and digital)
- With over 2.5 quintillion bytes (2.5EB) of data collected every day there is an abundance of information available to perfect the customer journey and provide richer experiences the new digital builders are using to reimagine everything, and cognitive systems are driving a deeper understanding (patterns) of the flood of data moving in and out. Middleware provides an enabling layer and the enterprise integration needed to connect systems of engagement like mobile with existing systems of record to yield systems of insight. But to do this: Less than 50 percent of companies felt their current processes were very effective 50 percent of respondents don’t have sophisticated analytics and 52 percent say internal data is fragmented and disparate Nearly half of respondents are collecting external data, but not using it And 72% of companies are looking for outside help with transforming customer insights into CX improvements, with the majority of them interested in doing so via APIs and other solutions. Over half of respondents want to co-create new experiences via APIs and partnerships
- The API economy allows two companies can work together to create more value than either of them could independently. Bringing their best ingredients to create something new and valuable. The world is software Defined There are 100 million lines of code in a new car, 5 million lines of code in the average smart appliance, 1.2 million lines of code in a smartphone and 80,000 lines of code in a pacemaker. The world is literally being reinvented in code. The API Economy enables this at scale. Over 70% of organizations agree that their organization’s API strategy is instrumental to their brand, and 73% believe that in five years’ time, ecosystems will have shared responsibility for a brand.
- Visa brings the API Economy to life throught the VDP Visa specific Examples here: Queue Insights PulseID And Partners and Echo systems: http://visacorporate.tumblr.com/post/169462979368/when-the-car-becomes-a-commerce-engine According to recent research report released by Visa and PYMNTS.com, The Digital Drive, America’s 135 million commuters already spend more than $210 billion a year on things like gas, parking, food, coffee and grocery pickup as part of their drive to and from work. Buying goods and services directly from or adjacent to the car is something consumers have now come to expect. Nearly three quarters of all commuters surveyed, and 82 percent of millennials with long commutes, said they would shop more if the ability to shop and pay were integrated into their car. Nearly 30 percent of commuters also shared they would shop online in their vehicle if their car drove itself, meaning that the rise of self-driving automobiles will give way to using commute time differently and to more commerce-oriented activities.