A retail transformation is underway, and it is being driven by technology. Technology providers are producing solutions to drive greater personalization for consumers, more conversions for retailers, and more traffic on all channels. To take full advantage of smartphone ubiquity and the popularity of online commerce, retailers should consider introducing some of these technologies to enhance their omnichannel consumer experience.
The cyber breaches and system hacks affecting Target, Home Depot, Neiman Marcus and other large retailers over the past two years have resulted in billions of dollars of credit card fraud. This growing epidemic has led to increased calls for a more robust credit card security system.
EMV technology has been around for years, and is widely accepted in Europe and around the world. When the U.K. switched to EMV cards, fraud at stores was cut by 70 percent. The U.S.’s continued use of the swipe-and-sign method is one of the main reasons why half of the world’s credit card fraud happens in the U.S.
U.S. retailers will need to adopt the new technology before October 2015, when the “liability shift” is scheduled to kick in.
Read our Primer about EMV technology.