010 011 VIEWPOINTS Transforming the Point of Purchase By Mark Jamison Commercial viability of new SVP, Innovation & Strategic Partnerships, Visa technologies also enables new point-of-purchase experiences. Market tests of While "visionary" pundits have best of digital (e.g., search, browse, registers will soon be a distant new technology combinations using biometric authentication, been predicting the death of brick- find, and customize according to memory legacy. Apple retail stores facial recognition, geolocation, the customer’s digital profile) with don’t have checkout lines, and order- artificial intelligence, and the best of the physical world (e.g., ahead apps such as Starbucks’ allow various sensors show what and-mortar retail since the beginning will soon be mainstream. feel, try, experience, and validate). customers to customize their order, of the Internet in the late 1990s, The purchase journey is nonlinear, set default payment, and simply walk a paradox has emerged. Today, the spanning multiple channels even in and pick up their coffee with zero SQUARE while the consumer shops in-store, friction or wait time. The payment The mobile payments company proof point of success for digital- and mobile point of sale and apps are process for Uber? Get out of the car recently relaunched its Card on shifting payment away from checkout and walk away. As a result, consumers File merchant offering, which counters. Consumers are offered more are now trained to expect personalized allows retailers to check out a native companies is a retail location. customer based on a profile engaging and seamless purchase experiences, automatic loyalty picture and default payment. experiences at the times when they recognition, and seamless default are ready to pay, which can now be payments in the background. before, during, or after shopping. AMAZON Using cameras and sensors An Evolving End State along with a default Amazon Why Now? Prime profile, the Amazon Go The leading companies in today’s mortar retail since the beginning of the checkout-free store are all proof points grocery store in Seattle will The digitally empowered consumer enable customers to pick up the marketplace understand that Internet in the late 1990s, a paradox that consumers inherently value social A popular exercise among Silicon is in charge, and in this new world of items that they want and simply their future success is increasingly has emerged. Today, the proof point interaction and the ability to physically Valley venture capitalists is to ask seamless payments there remain some walk out of the store. software defined. Both digital-native of success for digital-native companies experience products during their not only “Why?” but also “Why now?” significant issues around consumers’ companies and legacy enterprises is a retail location. purchase process. Does the minimum viable ecosystem attitudes toward security and privacy. that aggressively underwent radical exist for the new product/service to However, we are confident that WALGREENS digital transformations have focused In Visa’s work across 40+ million be successful? For in-person retail, the benefits of convenience and The pharmacy chain is running a on omni-channel delivery of their A Software- merchants around the world, we it is increasingly clear that 2017 personalized experiences will drive multiple-authorized-users card-on- products and services, resulting increasingly see that consumers file pilot at selected pharmacies, Enabled Future have growing digital expectations has reached its “Why now?” escape retailers to ultimately discern the right designed to deliver both speed in excellent user experiences. And velocity. The purchase experience is mix of technologies and protections and convenience by completely while “visionary” pundits have been Warby Parker, Minted, Birchbox, Kate for in-person retail. Leading in-store radically transforming. The days of that will allow for mass adoption of removing the payment process Hudson’s Fabletics, and even Amazon’s experiences are now blending the from in-store transactions. predicting the death of brick-and- queues leading to a bank of checkout a radically new point of purchase.