Technological Trends that will Dominate the Retail Sector in 2019

2019 will be a new evolution and process exercise in the retail sector, which will improve the user experience, take advantage of the unified data potential, prevent fraud and opt for biometric adoption.

Each year that technology passes substantially improves the retail sector, deeply affected by the digital transformation. In 2018 the Artificial Intelligence entered fully, the symbiosis with the Internet of Things increased remarkably or the actual success of the application of augmented reality was confirmed. It was the year in which the big brands proved more than ever the importance of improving the user experience to complement the online process.

With the arrival of this new exercise the merchants will have to differentiate themselves from their competitors using technology and placing the focus on the so-called Customer Experience. To delve into the main technological trends in retail that this 2019 presents us with, we have the vision of Juan José Llorente, Country Manager of Adyen in Spain and vice president of sales for Southern Europe-

  • Harnessing the potential of unified commerce: Brands will no longer consider physical stores as a competitor, considering them a single channel together with e-commerce and integrating online, mobile and physical store sales channels. Using unified payment data it is possible to know the preferred channel of customers, their average spending or their frequency of purchase, as well as offering incentives to those users who have not bought for a while.
  • Evolution of the customer journey: The three key areas to differentiate from the competition are placing the focus on digital assistants as sales drivers, reducing queues thanks to the integration between physical and online business – being able to initiate transactions on one platform and finish them on another, make returns at the store, book online and pay at the store or directly use the mobile phone to complete the purchase at the physical store- and the use of wearables to pay at hotels and leisure establishments.
  • Emergence of more local payment methods: It is essential that brands add the preferred payment methods of buyers around the world, if they want to expand their business, optimizing the shopping experience for any location and recognizing the value of offering a shopping experience. family payments for tourists. From Adyen note that the usual payment methods among Chinese tourists, such as e-wallets based on QR code, will be among the first on the list.
  • Increased Importance of Biometric Authentication: Biometric authentication gains more and more integers in different industries. In the wallets there is room for facial recognition, either by fingerprint or other options. It is expected that during the current exercise its use will be extended to the credit cards of the users.
  • More possibilities to avoid fraud in ecommerce: 6 out of 10 retailers claimed in 2018 that they had detected an increase in fraudulent activities, resulting in 22,000 million in losses. Now, this problem will improve thanks to new APIs created under PSD2, a policy that goes into effect in September 2019 and that allows payment providers to perform background fraud checks while customers complete their purchase.