PAYMENTS: Changing Digital Face of Commerce

  Source:  Business Today

One of our key early trends for 2018 is the shifting nature of retail commerce. The themes of augmented reality, mobile device adoption, and artificial intelligence are all nipping away at how people make purchasing decisions, and how they implement those decisions in the real world. Further, as tech retailers like Amazon.com get into banking, money and life get meshed together at the expense of niche financial product manufacturers (like regional banks or financial advisors).
 
Back in 2012, British grocery store giant Tesco used South Korea as a test bed for a virtual grocery store in subway stations and bus stops in downtown Seoul. Images of grocery-stocked shelves were printed onto walls allowing for consumers to use their mobile devices to scan the QR-code attached to each item, checkout via the mobile app, pay, and have their items delivered to their doors all while waiting for transportation. The product/market fit is between consumer lifestyle (busy commuter), payment mechanism (QR code enabled digital wallet), and available technology (mobile device).

Missing a platform shift matters. For example, our colleague Craig Maurer at Autonomous highlighted the importance of a new initiative from Visa and Mastercard to create a single online shipping "Buy Button", supported by standards built into the web browser. Had such a technology existed in, say 1998, we may not have seen PayPal grab the branding, technology and business opportunity to become the default payment mechanism for the web. Today, this "Buy Now" space is threatened not only by tech firms and payments companies, but also by coins like Bitcoin and Ripple. Whichever provides the easiest tokenization and comes standard with the browsing experience is likely to win in the long run. So who is doing this best for Augmented Reality? Seriously, write to us and tell us!
 
What if consumers look at shopping completely differently in ten years? Think of the Starbucks example -- it's not a coffee shop, but a third place. Today, many consumers are using brick-and-mortar locations to browse options, and then later buy those options cheaper online. One interesting solution to this is B8ta: a brick-and-mortar retail presence for new brands that don’t have an offline presence of their own. Consumers go to the store, play around with early products, and provide feedback, which then is sent to the manufacturer who pays for the data. All of a sudden, the physical world is not about product delivery, but about browsing-driven engagement with digital fulfillment. Who owns the "Buy Now" button then?
 

  Source:  Business Today ,  B8ta

Source: Business TodayB8ta