At a recent event, the associate director of KPMG Liz Oakes said that the millennial generation is driving digital advancement. She pointed out that they have rapidly changing expectations of money and payments, and 85 per cent own a smartphone and that they spend more money online than any other generation despite having less income.
It is therefore unsurprising that recent studies have recorded responses from millennials that say they would buy everything online if they could or that this generation, also referred to as Generation Y, carries $200 billion in annual buying power.
Oakes mentioned rapidly changing expectations, which is an important factor for retailers because if they do not ensure their business models embrace innovative technology, people will be turned off and immediately switch to other, more appealing service providers.
The infographic below from Merchant Warehouse (now rebranded as Cayan) shows the importance the millennial shopper carries with him and also stresses what happens if retailers fail to recognise it.
The Merchant Risk Council is a global trade association that brings together industry professionals in fraud, risk and payments. The conference saw speakers from the likes of from PayU, JPMorgan Chase, Google and Santander who all took part in educational sessions and spoke about where the industry is heading.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.