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CLOUD-BASED INNOVATIONS OFFER RETAILERS CHEAPER PATH TO CUTTING EDGE

By PYMNTS  |  December 5, 2022
 | 




In a year filled with belt-tightening and challenges, retailers are tapping
cheaper cloud-based tech solutions.

From the ongoing Ukraine crisis and supply chain issues to an energy crisis and
decreased consumer spending caused by rising inflation, this tough economic
period has caused cutbacks and revisions, especially in new tech investments
that have been powering their omnichannel transition since the start of the
pandemic.

“Many retailers in Europe are coming straight out of two years of COVID so their
ability to invest in very large sums upfront into retail IT projects is very
limited,” Carsten Wulff, vice president of Europe at LS Retail, told PYMNTS in
an interview.

But despite the pressure on their bottom lines and the tendency to tighten the
purse strings on digital capabilities, Wulff said hosting IT solutions on the
cloud is fast becoming a favorite for many retailers who see the critical role
it plays in accelerating their digital transformation.

Read more: Scale up Digital Capabilities Now to Stay Ahead Tomorrow

In fact, he pointed to a growing interest in the retail ecosystem for
cloud-based solutions, which he said are less costly and require little to no
capital expenditure in IT infrastructure such as hardware or software assets.

The challenge, however, is the concern many brick-and-mortar merchants have
around a breakdown in communication lines, Wulff noted.

It’s a concern that LS Retail, which specializes in developing point of sale
(POS) and business management software systems for retailers, has been
addressing with a hybrid all-in-one cloud software solution that enables clients
to stay on the cloud with an in-store backup feature that takes over if
connection breaks down. “[With that] you don’t lose data [and] you don’t lose
business,” he explained.

And as retailers realize the advantages of migrating their entire data operation
to the cloud, many of them are choosing to outsource that need to companies like
LS Retail, which operates a software as a Service (SaaS) solution, LS Central,
hosted on Microsoft Dynamics 365 cloud.

“Traditionally retailers always wanted to have their data servers or their [IT]
infrastructure in-house and under their control. This, of course, is expensive
in terms of manpower, and recently also extremely expensive in terms of energy,”
he noted, pointing to the benefits the cloud offers beyond simply saving cost.

One of the key advantages he highlighted is protection from fraudulent attacks,
a predicament retailers who have been in charge of their own IT operations have
continued to endure in recent years.

This trend has made cloud outsourcing something they can no longer afford to
avoid to secure their data, pushing it to the top of merchants’ agenda. “For
them, it’s an additional benefit if they can outsource the entire security
element to someone who is very experienced and professional in doing so.”

PREVENTING ‘TECHNOLOGY DEBT’

Looking ahead, Wulff pointed to sustainable retail and the rise of the circular
economy, a popular trend across Europe, as some of the major driving forces that
will shape the future of retail.

“It’s necessary for retailers to be able to follow products all the way down to
the producers to make sure everything is sustainable and correctly managed all
through the production and supply process,” he said.

Resale retail is also booming, he added, and has now moved beyond the secondhand
luxury market to include restored furniture and pre-owned machinery and
construction equipment that was previously limited to rentals.

Learn more: Third-Party, White-Label Solutions Boost Luxury Recommerce Growth

Another fast-growing trend is the metaverse and the use of artificial
intelligence (AI) and virtual reality (VR) to create immersive real-world
experiences for online consumers. It’s one that Wulff said fashion retail has
been very fast to adopt, transporting the shopping room from the store right
onto the screens of customers.

“We are only seeing the beginning of this. It will grow and I expect that when
[the National Retail Federation, the world’s largest retail trade association,]
opens their doors in January [2023 for Retail’s Big Show], there’ll be all sorts
of examples of how to use the metaverse in a retail environment,” he said.

See also: Checkout’s Unattended Future

Overall, scaling up digital capabilities will remain critical to staying ahead
and adapting quickly to fast-changing consumer behavior and demands, with Wulff
suggesting that merchants who are not yet fully on board start with less
sophisticated software solutions that can still get the work done.

“Make sure that you are agile [and] consider [a solution] which is fast, lean
and can be rapidly updated, so you don’t build up technology debt,” he said.

For all PYMNTS retail and EMEA coverage, subscribe to the daily Retail and EMEA
Newsletters.

How Consumers Pay Online With Stored Credentials
Convenience drives some consumers to store their payment credentials with
merchants, while security concerns give other customers pause. For “How We Pay
Digitally: Stored Credentials Edition,” a collaboration with Amazon Web
Services, PYMNTS surveyed 2,102 U.S. consumers to analyze consumers’ dilemma and
reveal how merchants can win over holdouts.

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See More In: Carsten Wulff, cloud, digital shift, EMEA, Featured News, fraud
protection, LS Retail, News, Retail, SMBs


RETAILERS’ SUCCESS COULD COME DOWN TO THE ABCS THIS YEAR

By PYMNTS  |  November 26, 2022
 | 
SUBSCRIBE


With all due respect to Alec Baldwin’s legendary “Always Be Closing” monologue
from the film Glengarry Glen Ross, the ABCs of holiday shopping have gotten an
upgrade this year in response to the unique mix of economic conditions currently
roiling consumers and businesses alike.

Just as tight-fisted shoppers and households will have to make deeply personal
spending decisions as to what they will (and won’t) buy this year and how they
will pay for it amid dwindling available credit, retailers are also adjusting to
the times in an effort to meet customers not only where they are, but how they
feel.

While an unprecedented bout of promotional activity has flooded the space for
weeks already, three new nuggets of industry insight from PYMNTS' research
published in just the past week have shown how retailers and brands can boost
their odds that browsers will become buyers in this most challenging year via a
trio of trends we’ve labeled A, B and C.

A is for ASP

Even when the economy is booming and consumers are eager to splurge, the final
six weeks of the year are filled with sales and promotions and special one-day
events.  But this year, literally every brand, from Amazon to Zara, is pulling
out the stops to tempt shoppers and jump-start the holidays.

But in order to keep the “A” in ASP (Average Selling Price) as high as possible,
retailers are increasingly using AI-powered price optimization solutions to help
zero-in on the right price at the right time.

“Savvy retailers with the best analytics should focus heavily on improving their
price perception through winning promotions, appropriately timed markdowns, and
a strong offering of high-value private label products,” said Matt Pavich,
senior director of retail innovation at Revionics, an Atlanta-based machine
learning solution provider that uses global data to drive pricing, promotion and
markdown decisions that was acquired by Aptos two years ago.

“Retailers will absolutely need to focus on their price perception and provide
consumers with great value and offers on the items that they care most about
across all channels,” he added, noting the need for surgical precision to meet
the demands of budget-conscious consumers.

B is for BNPL

Buy Now, Pay Later may just be the season’s “gift that that keeps on giving” to
quote Cousin Eddie from the holiday classic “Christmas Vacation.”

While Eddie was referring to a Jelly of the Month Club subscription, new PYMNTS
research shows that the honor may now go to the continued uptake and expansion
of BNPL, the payment method that continues to outgrow and steal share from other
financing methods by connecting with more retailers and more merchants to enable
an easier purchasing experience for more products.

While not without its challenges, the growth and demand for BNPL continues to
dominate the narrative, the new report from PYMNTS and Splitit, “Buy Now, Pay
Later: the Merchant's Guide to BNPL's Revenue Boost,” found, including stats
that showed more than half of retailers cranked up their conversion rates and
boosted brand awareness when they offered customers easy BNPL plans.

Add in the upselling effect that it can bring by encouraging customers to trade
up to premium products, and the benefits of BNPL for retailers this season look
clear.

C is Card Credentials

PYMNTS has already established the importance of the checkout experience, with
findings that show for 90% of customers, any of a dozen points along the path to
payment can not only trip up a transaction, but put off a customer for good.

Delving deeper into the subject, the just-released report, “How We Pay
Digitally: Stored Credentials Edition,” a collaboration between PYMNTS and
Amazon Web Services that surveyed 2,102 U.S. consumers, found that one key area
of conversion shot up when merchants took one particular action: convincing
consumers to store their payment credentials.

As the report found, while 56% of all consumers already prefer the speed and
convenience and time saved by not having to re-enter a 16-digit credit or debit
card number and the ancillary information that goes with it, nearly half still
expressed concerns about security.

In order to convince these credential storing holdouts to do so, and in turn
bring retailers the benefit of higher conversion and frequency rates to go with
it, the study found that discounts of just 5 or 10% could significantly move the
need to get consumers to keep their payment info on file, with up to 84% of
certain tech-oriented demographics being persuaded to do so with that little
nudge.

While no one solution will work on every consumer in every situation of market
environment, at a time when every sale matters and every little bit helps, the
ABC’s might just be the difference-maker this year for retail’s busy season.

For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.

How Consumers Pay Online With Stored Credentials
Convenience drives some consumers to store their payment credentials with
merchants, while security concerns give other customers pause. For “How We Pay
Digitally: Stored Credentials Edition,” a collaboration with Amazon Web
Services, PYMNTS surveyed 2,102 U.S. consumers to analyze consumers’ dilemma and
reveal how merchants can win over holdouts.

RECOMMENDED

Retailers Focus on Turning Deal Chasers into Brand Loyalists
Retailers Lag Broader Main Street Business Recovery in Q3
Retailers Turn Data Into New Credit Options for Consumers
Retailers Shift From Personalization to Individualism to Win Loyalty
See More In: brick and mortar, buy now pay later, credit cards, ecommerce,
Editor's Picks, holiday shopping, Main Feature, News, Payment Methods, Retail,
sales, Saturday Feature, Shop Talk, Weekender, yf


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