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Data for today’s episode is provided by Mercator Advisory Group’s report –COVID-19 Transmits Chills to 2020 U.S Merchant Landscape
FLASHBACK: The 6 Emerging Pre-COVID Retail Trends from February 2020
- Self Service Shopping & Payment: In-store scan-and-go shopping was gaining popularity with merchants and shoppers.
- Autonomous Checkout: Pure walk-in, walk-out shopping experience using frictionless shop-and-pay systems.
- Online Ordering & Delivery or Curbside Pickup: Already on the rise in February, order ahead and pickup tactics are proliferating.
- Robotics Technology: Increases productivity in fulfillment of online orders; more common in warehouse than retail scenarios.
- Conversational Commerce: Prolific sales of in-home voice activated devices are now making their way into the connected car.
- Artificial Intelligence: Machine learning, predictive analytics, and customized offerings lead to a new breed of ‘Know Your Customer’ (KYC) experiences.
Pandemic forces near-complete shutdown of retail ecosystem and takes consumer-centric economy with it.
Like a disaster movie mutating into real life, the entire world has been gripped by the novel coronavirus. With no proven treatment and cure for COVID-19 as yet, life and commerce as we knew it have all but ceased. Virus case numbers and financial losses occupy the headlines, and no one knows how this story will end. The business of payments will go on, but merchants face a daunting year.
This Viewpoint, COVID-19 Transmits Chills to 2020 U.S Merchant Landscape, looks at how the year began and refreshes Mercator Advisory Group’s 2020 Merchant Services Outlook.