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#RBTE2018: Mastercard on retail’s big challenges and opportunities

Mastercard SVP of business development Scott Abrahams believes three of the biggest trends in retail are the use and protection of data, the ‘conscious consumer’ and the importance of the customer journey.

Speaking at RBTE 2018 Abrahams said a major trend to emerge will be the pooling of data for the mutual benefit of everyone.

“We believe the trend will be for more businesses to pool data in a secure manner that can be used for the greater good,” he added said. “We believe the trend for pooling data for the multiplier effect will start to take off more and more.”

Abrahams explained that data is now at the top of consumers' minds with GDPR and the revelations about Facebook and Cambridge Analytica.

The modern consumer is now also more likely to buy-in to companies that serve a greater good, according to Abrahams.

“We see consumers can become more engaged with businesses and marketing campaigns that have a cause at their heart more than just a special offer.” 

The final key trend facing retailers in the eyes of Abrahams is that “customers want to interact with you in a way of their choosing and not the way of your choosing.”

This is being driven by innovative companies such as Uber, Deliveroo and Amazon.

Mastercard believes that in the next few years almost half (47%) of transactions will be digital.

Abrahams concluded: “Consumers expectations of a store are changing – Sweaty Betty runs yoga classes in its stores.

“Shopping is clearly a leisure activity and now the leisure activity is widening within those stores themselves.”

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