BRP new white paper provides retailers tips on how to improve payment and data security across all channels

BRP new white paper provides retailers tips on how to improve payment and data security across all channels

 

New Report from BRP Offers Tips for Improving Payment Security both In-Store and Online

Boston, MA, 2017-Aug-16 — /EPR Retail News/ — According to a new white paper from BRP, fraudsters have become more sophisticated and retailers need to adapt new security tactics to protect their customers’ payment card and personal data. The Payment Security Update: What’s Next After EMV white paper provides retailers practical tips on how to improve payment and data security across all channels.

“While EMV has received most of the attention in the last few years, there are several other critical security strategies that play a much greater role in protecting sensitive payment card and personal information,” said Perry Kramer, vice president and practice lead at BRP. “It is imperative that retailers have the right strategies and controls in place to thwart the ever-increasing advances made by fraudsters.”

EMV doesn’t really offer data security functionality, for that, retailers need to look to end-to-end encryption (E2EE) and tokenization. BRP’s 2017 POS/Customer Engagement Survey recently found that 68% of retailers have implemented E2EE and 48% have implemented tokenization of payment data. Increasingly, retailers realize that simply meeting PCI compliance standards is no longer sufficient to protect customer data.

“Hackers are becoming increasingly sophisticated, requiring organizations to re-analyze and revamp their current security protocols to adequately protect their customers’ payment and personal data,” said Ryan Grogman, vice president at BRP. “Retailers who have not implemented these technologies are at high risk, as the likelihood of being targeted by hackers increases every day.”

The challenge lies in deploying a comprehensive security strategy that mitigates risk, while at the same time protecting and maintaining corporate advances in unified commerce initiatives. The development of a synergistic payment security strategy is imperative, and must incorporate industry best practices in order to ensure an appropriate balance is struck between the customer experience and data security.

This white paper provides insights on the following topics:

  • Baseline Payment Security Measures
  • A Multi-Tiered Security Approach
  • The Rapid Growth of Omni-Channel Transactions’ Impact on Tokens
  • The Shift to Online Fraud
  • Increased Mobile Transactions Create Additional Security Complexities
  • Quick Wins to Beat Online Fraud
  • Quick Hit Protective Tactics

To download the complete WHITE PAPER: Payment Security Update: What’s Next After EMV?, visit: https://brpconsulting.com/2017-white-paper-payment-security/

About BRP

BRP is an innovative retail management consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:

Strategy | Business Intelligence | Business Process Optimization | Point of Sale (POS)
Mobile POS | Payment Security | E-Commerce | Store Systems and Operations | CRM
Unified Commerce | Customer Experience | Order Management | Networks
Merchandise Management | Supply Chain | Private Equity

For more information on BRP, visit http://www.brpconsulting.com.

Source: BRP

BRP report: Retailers plan to use Innovative Technologies to Improve Customer Service

BRP report: Retailers plan to use Innovative Technologies to Improve Customer Service

 

According to the 2017 Customer Experience/Unified Commerce Survey, Savvy Retailers are Planning to use Innovative Technologies to Improve Customer Service

Boston, MA, 2017-May-23 — /EPR Retail News/ — According to a new report from BRP, 55% of retailers are focused on optimizing the customer experience to increase customer loyalty by improving the mobile shopping experience and creating a unified experience across all channels.

“The customer experience in a unified commerce world is much more complex than it is in a pure play e-commerce or brick-and-mortar retail environment and we are seeing retailers map out the entire customer journey to design the optimal customer experience,” said Perry Kramer, vice president and practice lead at BRP. “This complexity expands exponentially as the proliferation of social media, the Internet of Things, (IoT), artificial intelligence and machine learning influence the retail world and more specifically, the customer journey.”

Stores must now encompass both worlds – the sensory experience generally available in the physical world, such as touching and feeling merchandise and personally interacting with a knowledgeable associate – whether simply human or a combination of AI and human characteristics – married with the unique and personalized shopping experience common in the digital world. The physical and digital worlds are forever intertwined as we look to the future.

BRP conducted the 2017 Customer Experience/Unified Commerce Benchmark Survey to understand retailers’ customer experience priorities today and for the future, and how the evolution of unified commerce helps provide retailers with the right people, processes and technology to enable retailers to enhance the customer experience.

The key customer experience capabilities are:

Educate – One of the areas of greatest improvement is the offering of social media as a research option for customers to learn more about the brand and products. Overall utilization is up from 73% of retailers utilizing it last year to 92% this year, however, many retailers indicate that their current social media offerings need improvement.

Engage – Most retailers have plans to implement new technologies to identify customers via their smartphones, mobile applications and other emerging technologies. Within three years, 59% of retailers plan to use Wi-Fi and 63% plan to use mobile apps to identify customers in their stores.

Execute – 67% of retailers are offering a consistent product assortment across channels; however, many retailers are still struggling with manual processes as 43% indicate the processes need improvement.

Enhance – Retailers realize the importance of utilizing customer insights gathered from social media as 89% of retailers are now using social media comments as a critical customer satisfaction measurement, up from 59% last year.

Enablers – Enhanced networks are a critical requirement for a unified commerce environment and 76% of retailers plan to enhance or replace their network within the next three years.

To download the complete 2017 Customer Experience/Unified Commerce Benchmark Survey, visit: https://brpconsulting.com/2017-unified-commerce-survey/.

The 2017 Customer Experience/ Unified Commerce Benchmark Survey platinum sponsor is Aptos and the gold sponsors are Cayan, ECRS, Experian Data Quality, Fujitsu, Manhattan Associates, Mi9 Retail, NCR, Netsuite, PCMS, Radial, Tyco Retail Solutions.

About BRP

BRP is an innovative retail management consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:

Strategy | Business Intelligence | Business Process Optimization | Point of Sale (POS)
Mobile POS | Payment Security | E-Commerce | Store Systems and Operations | CRM
Unified Commerce | Customer Experience | Order Management | Networks
Merchandise Management | Supply Chain | Private Equity

For more information on BRP, visit http://www.brpconsulting.com.

Contact:

David Naumann
916-673-7757
mailto: dnaumann@brpconsulting.com

Source: BRP

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