Shopping has changed forever. Here’s why
Corporate treasury and payments teams are building agile and modern payments infrastructures to help grow their businesses and remain competitive. In the process, the future of shopping—and the way we think about payments—are becoming real time, contextual, data-driven, global and experiential.
The global pandemic sparked one of the largest periods of rapid digital transformation, achieving what was expected to take years in as little as a few weeks or months. Though nearly all major retailers already had an online presence and consumer packaged goods (CPG) brands were experimenting with direct-to-consumer (D2C), they doubled down on these efforts. From customer experiences and supply chains to treasury and payments functions, digital-first business models became priority for everyone.
Manish Jain, Head of Global Solutions, J.P. Morgan
Amidst this digitization, corporate treasury departments enabled new, digital forms of commerce for their consumers and suppliers—including real-time payments, digital wallets and buy now pay later (BNPL). Now treasury and payments teams realize the critical importance of an agile and modern payments infrastructure for survival during uncertain times and to thrive in the future. Businesses are riding this momentum to continue building the future of payments and shopping. Here are five ways shopping is evolving:
Building the future of shopping
As retailers and CPG brands continue digitizing the way they do business, the future of shopping and payments will continue to evolve. Those who embrace the transformation stand to create a more resilient and competitive business.
“Payments sit at the center of this transformation. The ability to accept any payment at any time from your consumers, manage those funds and pay your suppliers are no longer ‘nice to haves’; it’s a matter of survival,” said Angela Martin, Head of U.S. Strategic Partnerships Group at J.P. Morgan. “However, if payments are not your core business, it’s nearly impossible to do it alone. On your journey, selecting the right partners from the beginning is critical to your success.”
As an industry leader who not only understands the consumer shopping and payments, but also actively invests in innovation and the capabilities to help businesses win in a digital world, J.P. Morgan is committed to supporting you every step of the way.
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