Thursday, January 2, 2014
Friday, December 20, 2013
Best Reading of the Day - Entry 0069 Loyalty and Payments
One article I missed during my recent time off due to illness is well worth capturing in these pages.
http://www.pymnts.com/briefing-room/consumer-engagement/Loyalty/2013/more-proof-payments-is-killing-the-advertising-biz/
Here is a snippet from the piece:
The “hypothetical” scenario that I started with assumed an app tied to a store loyalty program but that is far from the only option available to consumers. In fact, I would say that it may be the category of player most at risk. Lots of third parties, large and small, are emerging who have clever ways of capturing consumer spending data and are using it to do things like compile shopping lists and then directing consumers to stores where the highly unengaged consumer product purchases like milk are the low-priced bait in an effort to help those consumers load their baskets with more of the higher margin unplanned items. And, apps that aggregate “wisdom of the crowd” data on key product category purchases are also shifting behavior away from stores and products that were once consumer “mainstays” to others that the community has said offers a better overall value equation.
Happy reading,
J.W. Gant
http://www.pymnts.com/briefing-room/consumer-engagement/Loyalty/2013/more-proof-payments-is-killing-the-advertising-biz/
Here is a snippet from the piece:
The “hypothetical” scenario that I started with assumed an app tied to a store loyalty program but that is far from the only option available to consumers. In fact, I would say that it may be the category of player most at risk. Lots of third parties, large and small, are emerging who have clever ways of capturing consumer spending data and are using it to do things like compile shopping lists and then directing consumers to stores where the highly unengaged consumer product purchases like milk are the low-priced bait in an effort to help those consumers load their baskets with more of the higher margin unplanned items. And, apps that aggregate “wisdom of the crowd” data on key product category purchases are also shifting behavior away from stores and products that were once consumer “mainstays” to others that the community has said offers a better overall value equation.
Happy reading,
J.W. Gant
The Target Payment Card Data Breach
This one has been making some news and as the story has unfolded it has become incredibly interesting.
Wait, just another data breach right? Just another case of credit card information getting in to the wrong hands right?
No.
First, the back story:
Thursday, December 19th Target, one of the biggest retailers in the world, revealed it had been the victim of unauthorized access to its payment card data:
At first this story, while quite concerning, left me just nodding my head saying something to the effect of "another data breach". Yes and no. The methods used in this case appear to have been quite new. This is a VERY different case from previous instances and consequently is much more alarming.
Is any retailer safe from this sort of activity? Maybe not.
http://www.paymentssource.com/news/target-breach-sends-chills-is-any-merchant-safe-even-with-emv
Wait, just another data breach right? Just another case of credit card information getting in to the wrong hands right?
No.
First, the back story:
Thursday, December 19th Target, one of the biggest retailers in the world, revealed it had been the victim of unauthorized access to its payment card data:
Target today confirmed it is aware of unauthorized access to payment card data that may have impacted certain guests making credit and debit card purchases in its U.S. stores. Target is working closely with law enforcement and financial institutions, and has identified and resolved the issue.
...
Approximately 40 million credit and debit card accounts may have been impacted between Nov. 27 and Dec. 15, 2013. Target alerted authorities and financial institutions immediately after it was made aware of the unauthorized access, and is putting all appropriate resources behind these efforts. Among other actions, Target is partnering with a leading third-party forensics firm to conduct a thorough investigation of the incident.
At first this story, while quite concerning, left me just nodding my head saying something to the effect of "another data breach". Yes and no. The methods used in this case appear to have been quite new. This is a VERY different case from previous instances and consequently is much more alarming.
This
latest incident … likely involved an attack on Target's point-of-sale (POS)
system, most security experts agreed, meaning that customer information was
probably sent directly from the store's mounted cash registers to the hackers
themselves, probably due to malicious software.
"I
don't know how they did it," James Wester, research director of IDC
Financial Insights…
"That
is what is kind of mystifying at this point," Wester said. "It seems
like from a security standpoint, Target was doing all of the right things, and
somehow this code was put on the POS system, which isn't a normal access point
for hackers."
You knew all along this was going to cost Target considerably.
What is also interesting is the move by some to push for further implementation of EMV protocols in the United States. It is not yet clear this would have helped at all. Furthermore, hacking always looks for the weakest link. There is no way a hacker could have infected all ~1800 Target stores at the Point of Sale without some severe security failure on the back-end. EMV would have no impact at all on such activity.
More on this story as it continues to unfold.
As my colleague said last night "buy Target stock right now, as it tanks. It'll go back up quickly once this passes."
Yeap.
The New York Times has a piece on this as well:
http://www.nytimes.com/2013/12/20/technology/target-stolen-shopper-data
The New York Times has a piece on this as well:
http://www.nytimes.com/2013/12/20/technology/target-stolen-shopper-data
Is any retailer safe from this sort of activity? Maybe not.
http://www.paymentssource.com/news/target-breach-sends-chills-is-any-merchant-safe-even-with-emv
Hope each of you is well prepared for the holiday season. Best wishes.
Happy reading,
J.W. Gant
Wednesday, December 18, 2013
Best Reading of the Day - Entry 0068 Top 120 iOS Apps
When it comes to the ecosystem of apps all other players are second to Apple and iOS devices. So many, over one million in fact, it can be impossible to know what is good and what isn't. Great opportunity to leave it to an expert who spends way too much time on this subject.
The good folks at Digital Trends have compiled a fantastic list of the top 120 apps:
http://www.digitaltrends.com/mobile/best-iphone-apps/
Be sure to take a moment to browse by the categories that most interest you, and peek in at others you don't yet know interest you.
Happy app-ing,
J.W. Gant
The good folks at Digital Trends have compiled a fantastic list of the top 120 apps:
http://www.digitaltrends.com/mobile/best-iphone-apps/
Be sure to take a moment to browse by the categories that most interest you, and peek in at others you don't yet know interest you.
Happy app-ing,
J.W. Gant
Thursday, December 12, 2013
Best Reading of the Day - Entry 0067 Black Friday by Google
Google Think Insights is out with another excellent write-up. This one speaks to Black Friday and the importance of the multi-platform approach to retail.
http://www.google.com/think/articles/black-friday-multiday-multidevice-event.html
Here is a snippet from the writing:
Black Friday and Cyber Monday are no longer one-day events. Facing a shorter holiday season, retailers rolled out deals earlier than ever this year, and shoppers followed suit. In fact, people were searching for Cyber Monday deals as early as Thanksgiving Day when "Cyber Monday" was a top trending search on Google. What else does our data show? Not only did consumers start early, but they also hunted for deals all weekend long, often on mobile devices. Tech gifts dominated and vloggers shared their finds in “haul videos” on YouTube. Savvy advertisers are tracking these trends to inform and improve their efforts all season long.
Happy reading,
J.W. Gant
http://www.google.com/think/articles/black-friday-multiday-multidevice-event.html
Here is a snippet from the writing:
Black Friday and Cyber Monday are no longer one-day events. Facing a shorter holiday season, retailers rolled out deals earlier than ever this year, and shoppers followed suit. In fact, people were searching for Cyber Monday deals as early as Thanksgiving Day when "Cyber Monday" was a top trending search on Google. What else does our data show? Not only did consumers start early, but they also hunted for deals all weekend long, often on mobile devices. Tech gifts dominated and vloggers shared their finds in “haul videos” on YouTube. Savvy advertisers are tracking these trends to inform and improve their efforts all season long.
Happy reading,
J.W. Gant
Target and Apple Move Past Wal-Mart
News of the day is a study released from Mobiquity. Most striking is how problematic a poor app can be for a brand. 48% of mobile shoppers will abandon a brand entirely if they have a poor experience with the brand's app.
Market Wired has a write-up on the subject:
http://www.marketwired.com/press-release/apple-target-best-mobile-shopping-finds-new-consumer-satisfaction-study-from-mobiquity-1861311.htm
Wal-Mart held the crown as the best last year but has been passed by both Target and Apple.
Here is a snippet from the piece:
Compared to Mobiquity's 2012 study of retail brands' mobile apps and sites, the volume of mobile shopping has increased significantly in 2013, in some cases even tripling. For example, in 2012, 14 percent of consumers shopped at Apple using smartphones; in 2013, this soared to 49 percent. And then it comes to 2013 holiday gift shopping, 49 percent said they they'll spending $100 or more using smartphone apps -- a sharp increase from last year's 23 percent.
Happy reading,
J.W. Gant
Market Wired has a write-up on the subject:
http://www.marketwired.com/press-release/apple-target-best-mobile-shopping-finds-new-consumer-satisfaction-study-from-mobiquity-1861311.htm
Wal-Mart held the crown as the best last year but has been passed by both Target and Apple.
Here is a snippet from the piece:
Compared to Mobiquity's 2012 study of retail brands' mobile apps and sites, the volume of mobile shopping has increased significantly in 2013, in some cases even tripling. For example, in 2012, 14 percent of consumers shopped at Apple using smartphones; in 2013, this soared to 49 percent. And then it comes to 2013 holiday gift shopping, 49 percent said they they'll spending $100 or more using smartphone apps -- a sharp increase from last year's 23 percent.
Happy reading,
J.W. Gant
Wednesday, December 11, 2013
Best Reading of the Day - Entry 0066 End of the Compromise Effect?
In Supermarket retail one can learn a lot about the thinking of the people who set up the store by looking at the products on the shelves. Walk through the cereal aisle and you'll see kid-friendly products on the bottom shelf, or, right at the eye level of little kids. Other products are sorted in a manner bottom to top with less expensive versions giving way to the most expensive at the top. The middle level items are right at eye level of adults.
This is modeled after "the compromise effect" where people are more likely to choose the middle product when offered 3 versions: less expensive, middle, and more expensive. This mechanism of human behavior has been used with tremendous potency for decades.
New research suggests the power of this tool for marketers may be lessening in the face of digital information.
http://www.nytimes.com/2013/12/08/business/theres-power-in-all-those-user-reviews
Here is a snippet from that piece. When provided with access to user comments on Amazon.com...
That made a huge difference. When given three camera options, consumers didn’t gravitate en masse to the midprice version. Rather, the least expensive one kept its share and the middle one lost more to the most expensive one.
I only found this research because of the excellent writing of Karen Webster. Her piece can be found here:
http://www.pymnts.com/briefing-room/consumer-engagement/Loyalty/2013/The-Unexpected-Power-Shift-In-Payments/
The ramifications of this finding are enormous. Digital marketing is showing to be more powerful than any other form, a true industry disruptor. Next generation loyalty is the solution.
Happy reading,
J.W. Gant
This is modeled after "the compromise effect" where people are more likely to choose the middle product when offered 3 versions: less expensive, middle, and more expensive. This mechanism of human behavior has been used with tremendous potency for decades.
New research suggests the power of this tool for marketers may be lessening in the face of digital information.
http://www.nytimes.com/2013/12/08/business/theres-power-in-all-those-user-reviews
Here is a snippet from that piece. When provided with access to user comments on Amazon.com...
That made a huge difference. When given three camera options, consumers didn’t gravitate en masse to the midprice version. Rather, the least expensive one kept its share and the middle one lost more to the most expensive one.
I only found this research because of the excellent writing of Karen Webster. Her piece can be found here:
http://www.pymnts.com/briefing-room/consumer-engagement/Loyalty/2013/The-Unexpected-Power-Shift-In-Payments/
The ramifications of this finding are enormous. Digital marketing is showing to be more powerful than any other form, a true industry disruptor. Next generation loyalty is the solution.
Happy reading,
J.W. Gant
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