Innovative Retail Technologies

MAR 2013

Innovative Retail Technologies (formerly Integrated Solutions For Retailers) is the premier source for innovative yet pragmatic technology solutions in the retail industry.

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Q&A In-Store Systems Key Considerations For Mobile Payment Dom Morea, SVP of advanced solutions and innovation, First Data As this month's mobile retailing report suggests, the mobile payments technology infrastructure is proven, but the pieces must be carefully placed. by Matt Pillar A s a fitting complement to this month's special report on mobility, we had an opportunity to ask Dom Morea, SVP of advanced solutions and innovation at First Data, a few questions about payment processing in an increasingly mobile environment. Here's what Dom had to say. to these trends will emerge as one of the defining factors in their ability to sustain themselves and grow. What should retailers be doing right now to address these pressing issues? Morea: It starts with embracing technology overall and the growing power of smart devices. Mobile technology What are the primary payment processing has changed the way consumers interact with retailers concerns retailers face right now (i.e. payment and financial institutions. When developing an effective security, EMV [Europay, Mastercard and Visa], POS strategy, retailers need to address the full spectrum etc.), and why should they be concerned about of payment options and changing customer needs. For them? example, retailers can leverage their customers' smart devices Morea: The primary concerns for retailers are the (with appropriate permissions) to execute highly targeted current transformations in the way consumers make promotions that are more cost-effective than broad, poorly purchases. Consumers expect the buying experience focused awareness advertising. to be consistent and connected Additionally, retailers need regardless of location, with "Consumers expect the buying to stay on top of the latest technology integrated into nearly innovations in loyalty and offers experience to be consistent all aspects of their lives. This programs. By making a program and connected regardless technology mindset affects all consistent across the various of location, with technology types of commerce — mobile, Universal Commerce platforms, it integrated into nearly all Web-based, social, and brick-andcan increase brand loyalty across aspects of their lives." mortar. Businesses both big and the board and keep consumers small are thinking about how to coming back for more. Many Dom Morea, SVP of advanced solutions and innovation, adapt to this concept, otherwise retailers are still using outdated First Data known as "Universal Commerce." methods and have difficulties These issues are particularly pertinent due to the rise consolidating and tracking offers. Incorporating of mobile commerce. The adoption of mobile payments technology to make programs easier not only ensures a is part of a wider mobile technology revolution that is higher redemption rate, but it also provides merchants transforming lifestyles and business practices. The rapid with detailed data about customer shopping behavior. proliferation of technology like location-based offers Finally, there's no doubt that security will remain a and smartphones is changing the way consumers shop critical success factor as merchants and consumers and engage with merchants. Retailers need to sustain the gain confidence in payment-processing technologies. mobile revolution with traditional in-store commerce and Layered solutions provide customers with a sense of e-commerce. This brings added challenges — especially security as they move away from traditional payment mobile and data security — which retailers need to tackle processing. One of the best starting points for this is jointly with payments and financial service providers and enabling a detailed tokenization theme — one that is technology players, where and if applicable. simple for retailers to install but complicated for wouldFor small businesses in particular, the ability to adapt be scam artists to outsmart. 28 ● March 2013

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