Data & Analytics

As the Oct. 1 fraud liability shift for EMV-compliant chip cards looms, payment card issuers appear ready for the change.

According to a new study from the electronic payments industry group Payment Security Task Force (PST), the eight financial institutions that belong to the PST reported that 30% of their U.S. consumer credit and debit cards contain EMV chips as of June 30.

The mandate for retailers to accept chip-enabled, EMV-compliant payment cards starts Oct. 1. But how ready an individual retailer is may depend on what type of retailer they are.

At least that’s according to a new study from The Strawhecker Group (TSG), which shows that a leading 69% of shoe stores and 59% of department stores have EMV-ready POS terminals .

On the lower end of the spectrum, 24% of bookstores and 23% of stationery stores have EMV-ready terminals. Previous TSG research shows that 27% of all retailers will be EMV-ready by Oct. 1.

Studies indicate that online shoppers abandon websites that do not offer free returns shipping. This only makes sense, as the allure of e-commerce is convenience, a broad selection of merchandise, and competitive prices. Free shipping — from delivery through return — keeps the total purchase price similar to in-store shopping.

But there are two sides to free returns.

1. Free Returns Increase Sales

Experiential retail is alive and well at PGA Tour Superstore.

The company, which has the distinction of being the PGA Tour’s exclusive off-course/off-airport retail partner, has built a business dedicated to providing golf enthusiasts of all levels access to the same technology and expertise that card-carrying Tour pros enjoy. Stores are staffed with teaching professionals and have multiple state-of-the-art swing simulators, practice hitting bays and large putting greens. There is also an in-house club-making and repair facility.

The retail real industry has experienced its share of changes over the years, but nothing comes close to the transformation that it is currently undergoing.

As the industry undergoes what the International Council of Shopping Centers calls one of the “most profound transformations” in its 60-year year history, the association has releases its Envision 2020 report, a collaborative initiative that outlines where the industry will be in five years according to leaders from around the globe.

One of the best ways retailers can make both their financial data and store systems more secure is to reduce potential vulnerability by removing financial data from the store.

“Take any credit card data out of your store systems,” advised Perry Kramer, VP and practice lead for Boston Retail Partners. “Most retailers don’t know what’s on their systems or their risk profile. You need a good inventory. Some data you might keep.”

Social media has evolved into a powerful marketing tool for retailers. But so far, social commerce is not yet a major transactional channel.

Twitter is the latest social platform to attempt to take advantage of social media’s immediacy to offer direct purchase functionality aimed at impulse shoppers.

Today’s consumer is driven by an “I want it now” mentality, yet retailers are still not prepared to deliver. Reducing the time it takes an order to arrive at a customer’s home is every retailer’s objective, but while quicker fulfillment makes customers happy, it comes at a cost.