Hundreds of merchants and industry thought leaders met in a virtual session for the 2021 Merchant Advisory Group (MAG) Mid-Year Conference, February 23-25, 2021.
As challenges and opportunities created by COVID-19 and the convergence of physical and digital commerce were discussed, here are five key takeaways we noted from MAG’s Mid-Year Conference.
01 Buy Now Pay Later gains traction at the point of sale among younger consumers
As many retailers look to close the gap from the economic fallout of the pandemic, offering installment payment plans is seen to be key to attracting digitally savvy consumers and unlocking strategic value from payments.
02 Coordinated digital and physical experiences are key to building brand loyalty
The demand for blended online and in-store shopping experiences, including buy online, pick-up in store (BOPIS), surged during the pandemic increasing the long-term importance of seamless and convenient omnichannel customer journeys.
03 QR Codes are helping to create personal, data-driven customer experiences
As COVID has dramatically expedited the shift to contactless and cashless, QR Code payment technology will continue to rise in the U.S. Merchants offering this secure solution can transact with more consumers while also creating a more personalized and data-driven path to purchase.
04 Payment data is helping merchants balance revenue and fraud mitigation priorities
Capturing and analyzing data across a merchant’s payment ecosystem is becoming key to not only optimizing revenue and fraud mitigation but also creating uniquely rewarding and highly differentiated customer experiences.
05 Younger consumers are driving adoption of alternative methods of payment
To create and grow enduring customer relationships across all age groups, merchants need to stay on top of consumers’ preferred payment methods. Failure to accept locally preferred payment types could cost a merchant revenue and customer loyalty.
Do you have an effective digital strategy?
As digital technology transforms the way value is created and exchanged, a world of opportunity exists for merchants that can make the most of every transaction.
J.P. Morgan enables both start-ups and established brands to capture, grow and protect revenue while unifying and aligning cross-border payment and cash management strategies.
To learn more, please contact your J.P. Morgan representative.
