Company Spotlight

Wherever Consumers Go, Beacons Will Follow

In this edition of the Omnicommerce TrackerTM, we highlight beacon marketing successes, discuss what consumers want in return for loyalty and look at tackling fraud management in retail.

“Where You Go, I Will Follow”

Consumers who can’t afford a personal shopping assistant will no longer miss out.

Brands are more than willing to use beacon technology to fill the gap.

Target is the latest entrant to the beacon marketing bandwagon, joining the likes of Kenneth Cole, Coke, Aloft Hotels and a few airlines that are experimenting with those inconspicuous beepers that push deals and promotions to shoppers inside a store. Already on its way to becoming a 60-million unit market in 2019, this low-cost, low-energy device will be integral to the up and coming Internet of Things wave.

Consumers Want to Be Loyal, But What's In It For Them?

Loyalty needs a reset in a big way and consumers are leading the way.

  • 32 percent of consumers said strong loyalty programs trump lowest price – but 68 percent disagree.
  • 49 percent are likely to promote retailers on their social media networks to earn more rewards – incentives drive promotion, but do they drive spending?
  • 30 percent of shoppers buy online and pick up at a store once a month – and since those who do spend more once inside, should they be loyalty’s next target?

Tackling Fraud Management In Retail

Using an ever-expanding range of payment methods and devices creates a number of challenges for retailers, including heightened exposure to risk and increased complexity for fraud management. A research study on omnichannel fraud management capabilities found:

  • Over 90 percent of respondents offer multiple service and purchasing channels to their customers.
  • 65 percent believe that they do not have adequate fraud management tools to support effective fraud management today.
  • Real-time rules and neural models are used for the protection of card-not-present (CNP) channels by less than half of the respondents.

To download the September Omnichannel Tracker, click here.

For more updates from Vantiv, click here.


New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.