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, GLOBAL HEAD FOR CONSUMER & RETAIL INDUSTRIES
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:
What’s in store for the retail industry?
Read the latest global research on holiday shoppers’ spending habits, online shopping statistics and what the future looks like for consumers.
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.
Connect with your J.P. Morgan representative to find the right solution for your business.
Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by JPMC and or its affiliates. This material does not constitute a commitment by any JPMC entity to extend or arrange credit or to provide any other products or services and JPMC reserves the right to withdraw at any time. All services are subject to applicable laws, regulations, and applicable approvals and notifications.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.
© 2021 JPMorgan Chase & Co. All Rights Reserved.