The evolution of payments has created many opportunities for increased convenience and greater access. Omni-channel solutions can now form a coherent experience for consumers with more insight for merchants. At IBM, we are again at the forefront of creating access to these opportunities and reducing the complexity for our clients with our Store Engagement solution as well as our recently launched white-label payments solution, IBM Pay. I’m also seeing trends in payments that I’ll cover here.
Imagine being able to know your customers’ preferences better and to offer personalized rewards at check out, all without the need for the customer to use plastic cards or phone numbers, and without standing in line. Increasing customer satisfaction without adding new hardware to accept different forms of payments, and being able to influence what payments method customers use.
So, what do we believe to be the most important and exciting trends in payments? We identified three areas with great potential to create value for our clients in which IBM can leverage its long history in payment innovations.
Digital Commerce Payments: It has become standard for merchants and retailers to allow customers to buy goods and services online. But the progress in eCommerce and the ever-increasing number of people that make their purchases online shows the potential for a differentiated product in this area.
Software-initiated Payments: Subscription models used by many services and the app economy have established another area of opportunity for payments. The payment process disappears in the background. More and more consumers demand a similarly convenient payment experience. And merchants and retailers can create revenue opportunities over the life of the customer interaction when having cards on file.
Closed Loop Payments: Finally, there is value in enabling merchants to control the funding source and offer integrated rewards at check out. This allows merchants to accept more payment methods and steer their use at the same time.
With recently launched IBM Pay and Store Engagement, IBM addresses this complexity and allows for a brand-controlled experience throughout the checkout process, be it in store, online or mobile.
What are the challenges and technologies shaping the future of supply chain? We’re living in what some call the age of disruption, where digital business and globalization are disrupting business models and industries and changing the way we live and conduct business. According to IDC, this will translate into 33 percent of all manufacturing companies […]
IBM is in the process of rolling out an exciting transformation of our eCommerce portfolio. This is the third blog in a series of posts that will formally introduce these advancements and review the architecture of the services from a technical point of view. In this blog, the author outlines the future of software platforms, […]
Can you see into the future? If you’re a marketing visionary with innovative ideas about how to drive business growth and customer-centricity, the answer is yes. You don’t want to just navigate the competition, you want to completely topple it. While the tech landscape continues to shift and evolve, your posture is “bring it.” Great attitude, […]
IBM has a long history of running a global supply chain. Currently, Joanne Wright, IBM VP Supply Chain, manages a spend of more than $30 Billion for a supply chain that operates in over 170 countries. She undeniably knows what it takes to run a successful supply chain. One of her secrets: Watson as a […]