Retail is not dead, but the traditional retail model is.
eCommerce fraud professionals battle their versions of Freddy Krueger, Norman Bates, Michael Meyers and Jason Voorhees head-on every day. And, when it comes to fraud, they often slay the monster. But, while many have their eyes focused on the threat in front of them, they can’t see the real danger—the bigger danger—lurking in the shadows.
The high fraud risks associated with digital gift cards has many merchants worried, despite the fact that overall gift card sales are projected to reach $180 billion in 2018, with a 200 percent increase for digital gift cards, specifically.
Half of US households have an Amazon Prime membership and have come to expect free, two day shipping. So now eCommerce executives are challenged to develop delivery strategies to compete with Amazon’s delivery capabilities in order to retain their best customers; and do it without losing money.
Total Retail surveyed its retail executive audience to understand current and future retail technology trends and buying behaviors. The results show that while innovative retail technologies such as augmented and virtual reality, chatbots (i.e., artificial intelligence), and drones get a lot of media attention for how they’re going to disrupt the industry — it’s more basic solutions like marketing automation software, video and mobile websites that currently have retailers’ attention.
eCommerce contributed nearly 42 percent of U.S. retail sales growth in 2016. While that’s good news for retailers, what’s not is the resulting surge in online fraud.
72% of US online shoppers have a membership to an eCommerce marketplace such as Amazon or eBay. This guide will show you what retail tactics you should prioritize to win online shoppers in the year ahead
In the age of the consumer, every retailer must create the exceptional Amazon-like service experiences that consumers expect or risk going out of business.
What worked in the past may not be right today or even ten minutes from now. Small to mid-sized retailers often don’t have the flex or resources to react to the hills and valleys of peak season. But the $1.75 trillion ghost economy (cost of overstocks, out-of-stocks and returns) is clear proof that every retailer needs to be prepared to pivot in real-time, especially during the holidays.
It’s a jungle out there and retailers are in a fight for survival of the fittest—just ask some of the casualties. This isn’t fear mongering. It is a retail reality being driven by table stakes set by the likes of Amazon.
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