June 5 for 5: Execs discuss the problem of cart abandonment
One of the most discussed topics at May's retailer-focused Shoptalk conference in Las Vegas was the current plight retailers face over online and mobile sales conversion rates and how to lessen cart abandonment when the checkout experience proves too cumbersome.
Mobile Payments Today had the opportunity to speak with two executives about these issues and those interviews were among the most-read articles on the site in June.
We spoke with Vish Shastry of Visa about brand awareness, the IoT and even what he thought about Pay with Amazon.
Speaking of Amazon, the second part of our chat with Patrick Gauthier made the list as we discussed the IoT and what Alexa means to the company.
June's other most-read articles include three quick takeaways about Apple's recent announcements with Apple Pay; how banks can stay ahead of fintech companies; and how omnichannel is a misunderstood buzzword.
5. "Talking With: Visa digital executive about brand awareness, Pay with Amazon, and the IoT" — Mobile Payments Today sat down with Vish Shastry at the Shoptalk conference to discuss Visa Checkout and where the card network plans to take it in the coming year.
When Visa and MasterCard introduced, and later tweaked, their respective digital wallet services, some industry observers believed that it was a sign the card networks were about to enter the mobile wallet scrum. That, however, was never the intent.
What we saw from the two card networks, along with PayPal and more recently Pay with Amazon, was a way for merchants to address dilemmas such as cart abandonment, especially as consumers contiuned to move their shopping habits to mobile devices.
In Visa's case, it rebranded V.me two years ago as Visa Checkout to put its brand more front-and-center with consumers and become a mobile-first entity. Since the switch, Visa has worked to expand Checkout to new retailers, as well as make the service available to shoppers in almost 20 countries.
Mobile Payments Today had the chance to speak with Vish Shastry, the head of product strategy for Visa digital solutions, at the recent Shoptalk conference in Las Vegas about where Visa Checkout stands today, where it can go, and what he thinks about the competition in this particular corner of the payments market.
4. "Talking With: Amazon payments exec on connected experiences, Alexa and the IoT (Part 2)" — In part two of our chat with Patrick Gauthier, Mobile Payments Today speaks with him about cart abandonment, Amazon's role in mobile commerce and how the way we pay is changing.
Last week, Mobile Payments Today published the first part of our chat with Patrick Gauthier, the vice president of Pay with Amazon, at the Shoptalk conference in Las Vegas.
Gauthier discussed Amazon's decision to take the Pay with Amazon experience outside its four walls and enable other retailers to integrate the payment option on their website. He told Mobile Payments Today Amazon made the move in part to solve consumer "pain points," especially as it relates to online checkout.
"Everything Amazon does starts not from what we envision to be, it starts with a customer pain point we've identified and we're working backwards from it," Gauthier said. "And that leads to counterintuitive conclusions."
In the second part of our discussion with Gauthier, he discusses the company's view on mobile commerce and the role Alexa will play as connected devices enable consumers to shop from anywhere.
3. "3 quick takeaways from WWDC regarding Apple Pay" — While Apple didn't revamp Apple Pay like some expected, it officially announced its long-rumored entry into the online checkout world.
Apple's long-rumored push into the online checkout world became a reality today when it announced Apple Pay payments will come to the web this fall as part of an update to the Mac operating system the company has dubbed macOS Sierra.
What's even more impactful about Apple's move into online checkout is that shoppers can confirm Apple Pay Safari browser purchases through their Touch ID-compatible devices. Such a system is seen as an efficient way for retailers to combat online fraud, which has exploded worldwide in recent years as countries migrated to EMV payment cards.
"Banks, retailers and consumers desperately want a way to make online shopping safer, and integrating Apple Pay's fingerprint sensor technology is an important step toward doing just that," Matt Schulz, CreditCards.com senior industry analyst, said in an email to Mobile Payments Today.
2. "Banking's dilemma: Staying ahead of fintech competition in real-time" — Mike Hamlin of Fiserv discusses how our mobile society puts pressure on financial institutions to keep pace with increasing threats from fintech.
Today's consumer has an expectation of immediacy. Nobody tolerates a time delay if they are, for example, downloading a video or music. If I download a song, it's because I want to listen to it immediately, not wait hours or days to do so.
Our new seamless, always connected, mobile reality has implications for financial services too. We now have an expectation that we don't agonize over financial services, rather we have the ability to access our money – and the information associated with it – securely, quickly, easily and reliably. It is coming through loud and clear that “real time” will only become more critical to the consumer experience — and to the success of financial institutions.
Research from Raddon Financial Group, a Fiserv company, shows that consumers would like their trusted financial institutions to provide these services — 55 percent of consumers said they would prefer to conduct all current and future financial business with a traditional bank and or credit union. In the absence of your delivery of mobile services, however, consumers will eventually seek what they're looking for elsewhere, because they have no shortage of options as non-financial institutions increasingly are intruding on the landscape.
1. "Why omnichannel is a misunderstood buzzword" — Marc Castrechini, vice president of product management at Cayan, discusses how the industry should be talking about multichannel instead.
Today the buzzword du jour, 'omnichannel,' has supplanted multichannel as the go-to strategy for retailers.
But its popularity and ubiquity has grown so much that its meaning has become muddled among a multitude of channel conversations and variety industry headlines. The truth of the matter is omnichannel never rightfully got its moment in the sun because vendors have used (and may still be using) omnichannel when they really mean multichannel.
By definition, omnichannel is all about creating a holistic, consistent and personalized shopping experience. It's about abandoning the flat, single-channel customer profile and instead bridging the gaps between online, in-store, social media and in-app experience to stimulate sales. The true meaning of omnichannel is allowing customers to pay where and how they want to pay in a truly frictionless experience. In practice, where retailers miss the mark is in understanding the technology's real complexity and benefits – how it can and should come together to seamlessly work across both brick-and-mortar and e-commerce.
Will Hernandez / Will Hernandez has 14 years of experience ranging from newspapers to wire services and trade publications. Before becoming Editor of MobilePaymentsToday.com, he spent two years as the content manager for PaymentsJournal.com, a leading payments industry news aggregator and information hub published by Mercator Advisory Group. Will spent four years covering the payments industry as an associate editor for multiple publications in SourceMedia's Payments Group based in Chicago.