After finished the Data Science program at New York City. I am luckily at Abacus Business Computer. Abacus Business Computer is a business consultant company at New York City. Abacus Business Solutions provides clients with a one-stop POS + Credit Payment solution. Full support for data transmission and processing of mainstream credit cards. I pull some web data reports, analyzing data and developing recommendations for improving the customer experience and engagement for payment system and restaurants management system.

I am highly interesting and want to share this article about payment trends to watch in 2017 (By Scott Blum, VP at Total Merchant Services

1. The Rise of Mobile Payments: The use of NFC technology and mobile wallets among consumers will continue in 2017. Most major players in the mobile device industry have delivered their own versions of the mobile wallet incorporating NFC technology (e.g. Apple Pay, Android Pay, Samsung Pay).

2. The On-Demand Economy: Just as Amazon Prime has become a household name, in 2017 we will start to see a new level of demand take over the retail and hospitality industries. No longer content to wait two days for a package, consumers want their purchases within a few hours. 

3. An Elevated Retail Experience: In 2017, we’ll see a big push towards creating a more personalized shopping experience for consumers. Customer demands for an emotional connection when shopping will motivate retailers, big and small, to think outside the box such as re-arranging their store fronts, bringing in interactive screens and pop-up shops, and partnering with local restaurants to provide an elevated retail experience. One example of this is the recent takeover of Macy’s flagship store in New York City by Grandin Road with a 1,400 square foot pop-up shop dedicated to all things Halloween. The experience was meant to fully immerse customers while transporting them through an interactive shopping experience using the company’s classic Halloween décor.

4. Beyond Pricing Pressures: The highly commoditized market of payment service providers will drive pressures on pricing for merchant accounts in 2017. Moving into the New Year, payment providers will find new ways to differentiate and offer value to their customers beyond low rates. By staying one step ahead and offering innovative technologies in their offerings, providers can help small business merchants connect with their customers by creating loyalty programs, managing mobile wallets, providing real-time offers and discounts, and pushing notifications. Offering these tools and services will make them an invaluable part of their customer’s business.

5.An Elevated Retail Experience:  In 2017, we’ll see a big push towards creating a more personalized shopping experience for consumers. Customer demands for an emotional connection when shopping will motivate retailers, big and small, to think outside the box such as re-arranging their store fronts, bringing in interactive screens and pop-up shops, and partnering with local restaurants to provide an elevated retail experience. One example of this is the recent takeover of Macy’s flagship store in New York City by Grandin Road with a 1,400 square foot pop-up shop dedicated to all things Halloween. The experience was meant to fully immerse customers while transporting them through an interactive shopping experience using the company’s classic Halloween décor.

6. In 2017, there will also be a continued push to blend smaller retail and pop-up shops with recreational activities. From dining, to lounging, playing Bocce, book exchanges and play centers for kids, small business merchants – particularly in shopping centers – will incorporate more of these types of activities around their store fronts. Another part of the next generation of retail experiences is the use of virtual reality. In the next three years, Gartner predicts that 100 million consumers will shop in augmented reality. As retailers realize the impact a visual and interactive experience can have on consumers, the industry can expect to see increased virtual reality experiences incorporated into these businesses in 2017.

7.The New Personal Assistant:  Digital assistants will have a large impact on the retail and hospitality experience in 2017. After years of Google learning about consumers, their surroundings and behaviors, digital assistants now have the ability to interact with consumers on a human level. Privacy concerns aside, personal assistants are now intelligent enough and capable enough to make a meaningful attempt at mass availability of artificial intelligence.  Imagine walking into your favorite big box retailer (e.g. Target) and asking your digital assistant to find a certain product. Based on the contextual awareness of the digital assistant, paired with your previous online habits, it will already know what store you’re in, what product to look for, and where to find it, replacing the need to ask the nearest sales associate. By connecting all the data, and providing additional information such as price comparisons and reviews, retailers can tap into this by offering incentives and targeted discounts based on customer location and interests.

8. Beyond Pricing Pressures:  The highly commoditized market of payment service providers will drive pressures on pricing for merchant accounts in 2017. Moving into the New Year, payment providers will find new ways to differentiate and offer value to their customers beyond low rates. By staying one step ahead and offering innovative technologies in their offerings, providers can help small business merchants connect with their customers by creating loyalty programs, managing mobile wallets, providing real-time offers and discounts, and pushing notifications. Offering these tools and services will make them an invaluable part of their customer’s business.

The Act of Sharing:  On-demand apps such as Uber, Grubhub, and Wag will continue to drive the sharing economy in 2017. New payment processing tools and technology make sharing an Uber ride or splitting a restaurant bill seamless and efficient. In fact, payment processing tools are in many ways facilitating the sharing economy and will continue to do so in the coming year.   The high expectations of today’s consumers for fast and easy ways to share purchases will motivate small business merchants to take advantage of these technologies. Driven by customer demand, in 2017, there will be a surge of payment processing technologies focusing on how to better promote the sharing economy.

As 2017 approaches, small business merchants need to recognize the changes taking place in the payments industry and begin to streamline processes for their customers. Considering how they can evolve their business processes to meet the demands of the modern consumer as well as looking to payment processing providers for guidance, small business merchants can keep pace with the evolving changes of today’s economy.

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