A long-awaited innovation in SoftPOS is expected to be launched in 2023. The retail and hospitality industries can finally let go from the constraints of traditional POS devices and make a massive leap forward into the 21st century. There has been the advancement of software-based POS security, namely, the Mobile Payments on Commercial off-the-shelf (MPoC) standard, which builds upon and learns from the Software-Based PIN on COTS (SPoC) and the Contactless Payments on COTS (CPoC) standards. MPoC enables contactless payment (NFC) acceptance and PIN cardholder verification methods to support further development of mobile payments infrastructure. The first MPoC certified solutions are expected to be seen on the market in Q2 2023. Expectations are high, and Mark Beresford (Director, London) has looked at how SoftPOS can help solve the six main pain points that many retailers experience with traditional POS.
Edgar, Dunn & Company (EDC) was asked by the Paypers to size and forecast the growth of B2C ecommerce in the next few years and examine what will be the key factors that are expected to secure the future success of B2C ecommerce. Mark Beresford (Director, London) prepared this article which was first published by the Paypers in its Cross-Border Payments and Ecommerce Report 2022–2023.
Retail sales during the Christmas holiday season can be a significant contributor to overall annual sales for many retailers. For the UK and six of the largest European markets, the 2022 estimate for Christmas holiday period retails sales is down by €4.5bn compared to the same period in 2021. Once the January sales are over, how can retailers increase sales in a challenging economic period? Tom Robins (Business Analyst, London), Mark Beresford (Director, London) and EDC’s Retail Payments Practice has identified how retailers can focus on five areas where optimization best practices can be applied to increase retail sales. These five areas may not be what you would expect.
It is difficult to predict how the economic downturn and recession will impact the Buy Now Pay Later (BNPL) industry. As interest rates continue to rise, credit card borrowing is growing more expensive. Now there is a new breed of start-ups that have turned the concept of BNPL on its head. Save Now, Buy Later (SNBL) schemes incentivise saving for big-ticket purchases while avoiding the potential debt trap that comes with BNPL. Mark Beresford (Director, London) along with the Retail Payments Practice at EDC have taken a closer look at SNBL as this new alternative payment method starts to gain momentum.
The luxury retailing sector has incurred a significant fall in revenues as a result of the pandemic. Despite this global challenge, the luxury sector will always prioritise bricks-and-mortar and a physical interaction with their consumers over online sales. In this article, Mark Beresford (Director, London) and Beatrice Save (Business Analyst, London) have been on their own luxury shopping trip and found that there is a secret to success that will allow luxury brands to optimise the customer experience through payment efficiency - and it only requires you to focus on four key metrics.
If the value of e-commerce sales is around 25% of global retail sales, physical retail sales represent by far the largest opportunity for in-store BNPL. Mark Beresford (Director, London) and the Retail Practice team looked at if BNPL can work in physical retail, and whether consumer appetite supports it.