First Data On Retailers And Next Gen Omnicommerce

First Data On Retailers And Next Gen Omnicommerce

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Chamber Member News Post Date: 10/01/18 Source: PYMNTS By: PYMNTS
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Summary

“How about waking up in the morning and asking Google Home or Amazon Alexa, or your mobile phone if you’re on the go, ‘Hey Google, hey Amazon, what are my deals for the day?’” asked Glenn Fodor, SVP and head of Information and Analytics Solutions at First Data.

A new generation of retailers are making use of these new forms of customer data, and applying advanced technology like artificial intelligence (AI) and machine learning to anticipate the types of products their customers will want to buy. Successful retailers, for example, can provide discounts for consumers to come into the store at a certain time of day. Learning how to utilize customer data to think ahead of the customer is the next generation of eCommerce.

Fodor, whose firm builds next-generation commerce solutions for millions of businesses and financial institutions (FIs) worldwide, has closely watched how modern retailers have embraced technology and customer data to establish unique bonds with their customers. He’s also seen how other, more traditional merchants have, in some cases, failed to adopt to the new environment.

The advent of eCommerce taking control of the nation’s retail economy has created a fault line; it has provided opportunities for many, but others have been left behind. The new digital economy is being fueled by a generation of consumers who are using technology to educate themselves about the options that lie ahead and make decisions regarding their own money. These consumers will reward merchants that provide them with options — which encourage the consumers to develop a relationship with that merchant — in a way that respects the long-term value of maintaining customers. Read Full Article