IRT Magazine And Featured News Content
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Why Retailers Must Navigate Muddy Waters Of ESG Requirements
4/18/2022
The need for more corporate responsibility has evolved for today’s corporations and the next generation of business leaders in the form of environmental, social, and governance (ESG). Investors, activists, and regulators are now requiring proactive, community-structured commitment and accountability that is designed to step above shareholder returns.
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Innocent Until Proven Guilty: What The Payments Industry Has Backward
4/18/2022
The “guilty until proven innocent” mentality is helpful in situations like investigations and legal disputes — and it certainly makes great television. Just look at how long Law & Order has been on the air. This mindset is also the default in digital commerce, and it’s costing merchants billions of dollars in lost revenue on an annual basis. According to recent research, false declines are becoming increasingly common – meaning a legitimate customer fills their online shopping cart, hits purchase, and is inaccurately declined. The study states that 30% of those would-be customers will immediately go to a competitor to complete their transaction.
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How Return Policies Can Actually Boost Brand Loyalty
4/13/2022
More than 30% of all products ordered online are returned, which leaves no room for questioning just how important it is for online retailers to optimize the customer return process. The return process shouldn’t be an afterthought, as it is an increasingly important part of the customer journey. The way people make purchasing decisions is oftentimes—67% of the time to be exact—influenced by a brand’s return policy.
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Improving Customer Satisfaction And Driving Revenue With AI-Powered Self-Service Solutions
4/13/2022
For several years, consumer expectations have been evolving as we move our lives online with greater frequency and for more reasons. When those heightened expectations collided with the pandemic, the adoption of digital technologies accelerated faster than many may have imagined. From contactless payment options and the transformation of the shopping experience (i.e., buy online, pick up curbside or in the store) to the automation of a range of routine customer service tasks, the world of retail IT is dramatically different from it was years ago.
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How AI Is Used In Retail: What You Need To Know
4/13/2022
You might be surprised to learn that the retail industry has already embraced artificial intelligence. It is a powerful technology that can help retailers improve their marketing and sales strategies. This is why many retailers are already incorporating AI into their business operations.
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The Underlying Risks Of ‘Buy Now, Pay Later’ Solutions
4/7/2022
Buy now, pay later (BNPL) solutions are growing rapidly in popularity as massive online retailers, including Amazon and Ikea, have jumped in to offer these options. BNPL solutions are expected to grow to 10-15x of current volume by 2025, with some estimates exceeding $1 trillion in annual gross merchandise. More consumers are looking to big-name BNPL solutions providers to alleviate the financial stress of making big purchases all at once. On the contrary, retailers offer BNPL in hopes of seeing fewer abandoned shopping carts and more significant purchase totals. To understand how to make informed decisions surrounding BNPL, consumers and retailers must understand the risks involved.
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IT Implementations To Improve Customer Satisfaction
4/6/2022
There's no question that information technology (IT) plays a significant role in a retailer's success. More retailers are looking to be customer-centric and innovative, especially in the post-pandemic era.
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Epicor Study Shows Ambition Across Independent Retailers And The Technology To Drive It
4/4/2022
Over the past few years, consumer expectations continue to trend toward eCommerce, personalization, efficiency, and more that require digital transformation within their favorite local brands. While the technology to meet those expectations is readily available to all independent retailers today, Epicor found that many do not invest in these capabilities in comparison to larger competitors. However, we also know that these businesses are ready to begin their journey toward a digital transformation.
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Headless Commerce: The New Era Of B2B & B2C eCommerce
4/4/2022
For the past two years of the COVID-19 pandemic, businesses failing to adapt to an agile digital marketplace took a brutal economic hit. Yet during this time, those that thrived in the e-commerce environment proved their success and continue to grow. In 2021, retail e-commerce sales increased by nearly 14% and reached more than $900 billion just that year.
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Don’t Fear The Edge: The Time To Adopt Edge Computing Is Now
4/2/2022
Let’s not mince words. Being reticent regarding the promise of edge computing is no longer an option for the 21st-century retailer. Modern cybersecurity concerns, the use of in-store smart devices, and the customers’ need for a consistent omni-channel experience are pushing computing from a centralized data center to the outpost: the retail store itself. Retailers today must have the IT infrastructure required to provide real-time, location-specific digital services to enable elevated customer experiences.