DAILY2CNTS

#DAILY2CNTS - Week of 7/11

Friday, July 15, 2016:

Here’s a tough business problem. Making the pivot to a matchmaker business model when you started life as traditional, single-sided business. Everything about the business changes – multiple customers, not just one. Pricing models that get turned on their heads. Design that’s about getting ignition, not just one side of the business to use. The hardest part isn’t just about making the pivot, but recognizing that one is needed. Latter as important, if not more so, than the former.

 

Thursday, July 14, 2016:

Oh, what lies beneath the surface ...overheard today.."fine, let them implement this new mobile system. But don't force us to have to learn it. Let the people who want to learn, learn and then the rest of us use the systems we know how to operate and our customers use today." Don't underestimate the need to make sure the people on the frontlines facing the customer are as invested in innovation as you are.

Wednesday, July 13, 2016:

On my mind today is consistency - the mirror image of certainty. When things are consistent, they are predictable. When they aren’t, people and businesses stall. Often when actions are taken by regulators to “level the playing field” they can make things inconsistent- and unintended consequences follow. Then, no one really wins, even if the playing field is nice and level – or so it is in theory anyway.

Tuesday, July 12, 2016:

It’s Prime Day! And a reminder of how Amazon has reengineered the notion of consumer loyalty in the retail space. But paying for “membership” isn’t unique to Amazon. In payments, Amex built its business around cards with annual fees and cemented the “membership has its rewards” mantra in the brains of the consumer. The rewards received, however, must be perceived as greater – much greater – than the dollars they spend to join. That value that can come in the form of access, experiences, trust in the brand, great products at great prices. More than half of Amazon’s customers in the US – 63M of them - now feel they do.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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