A monthly forum of compiled insight from top leading industry thought leaders to help you protect your payments and boost your profits
Question of the Month
What do merchants need to know to get their share of millennial’s mobile wallets?
Welcome to the August edition of the Verifi newsletter. This month, we’ll look at the millennial consumer and what merchants need to know to get their mobile wallet-share of this very influential buying group.
Millennial consumers control roughly $200 billion of purchasing power, according to a Barkley study. They don’t just control their own wallets; they influence their parents’ and grandparents’ purchasing decisions to the tune of $500 billion.
This generation is bigger than the Baby Boomer generation and not to be ignored. If a merchant is not actively playing by the millennium rules of engagement, they stand to lose out on big profits. Happy reading!
Millennial consumers want it now and they want it their way. It is all about instant gratification on their terms. They are techno wizards – who consume while they socialize – and collaborate and share while they consume. Merchants who understand this, and intersect seamlessly into the millennial buying process will win. To make sure you are getting your fair share, check out our latest White Paper: The Millennial Consumer: What Every Merchant Should Know About This Influential Buying Generation Download Now
Have you harnessed the power of the Internet of Things? We’ve compiled insight from industry leaders on how merchants can best collect, protect and analyze data within the context of IoT. Read More
The growth of digital commerce is staggering, but its brick-and-mortar counterpart is still vital in the overall commerce mix. Shoppers look up reviews and prices while wandering the aisles of retail stores. Merchants need to understand how to take advantage of this digital-meets-physical convergence of commerce. Read More
Exactly how big is this mobile commerce thing going to get? Check out mobile commerce growth predictions for 2016 and beyond. Read More
Verifi will be attending the following tradeshows. Will you be attending? Contact [email protected] and meet with us.
9/8-9/9: Finnovate Fall 2016
9/12-9/14: Ecommerce Paris
9/26-9/29: MasterCard Europe Risk Conference – Split, Croatia
Payments are moving faster than ever. Millennials continue to shape the payments landscape, causing merchants and banks alike to forge ahead into (often unknown) emerging technologies and digital payments. Additionally, expert outlooks point toward contextual payments, which will feed into the Internet of Things…making it easier than ever for motivated consumers to buy on the spot. While the payments universe seems to be expanding exponentially and at increasing speed, merchants always need to bear in mind that fraudsters are out there lurking, ready to take advantage of these new technologies – and holes in protection – to steal profits. As technologies revolutionizes payments, merchants need to ensure they’re paying as much attention to security and fraud prevention as to the next new shiny technology to ensure that their customers – and their bottom line – is protected.
Ask us how our Cardholder Dispute Resolution Network (CDRN ™) can help prevent and STOP chargebacks before they happen as well as provide a feedback loop to inform your front-end fraud control tools. Since chargebacks cannot be completely avoided, our Chargeback Revenue Recovery service provides representment expertise so you don’t leave money on the table. We’ll help you decide when to fight and when to walk away, so you can focus on what’s most important – running your business successfully.
Don’t forget…you can now download our updated ebook: What Every Card Not Present Merchant Should Know: Navigating Today’s Challenging Payment Ecosystem? Get it now!
What are your thoughts? Ping us on Twitter (@verifi) with #paymentstips and let us know what you think.