BPAY has recently become a member of Australia’s newest industry body, the National Online Retailers Association (NORA). It‘s an exciting opportunity for BPAY and there are many synergies between NORA and BPAY which both parties are keen to explore.
We spoke to Paul Greenberg, chairman of NORA, to find out more about trends driving both the retail and the payments space.
BPAY: Paul, we’re excited to be part of NORA. Can you tell us a bit about what’s driving retail at the moment?
PAUL: We’ve identified three main drivers that contribute to what we call “new retail”. First, we have entered a world where retail is led by technology.
Secondly, retail is now a global game. While this means local retailers increasingly compete with global brands, it’s also a great opportunity for Australian retailers to sell into new overseas markets.
Finally, new retail puts the customer at the centre of everything. Happily, connecting with the customer has become increasingly easy as we are now able to develop a deep understating of this audience thanks to better access to data and analytics technology delivers.
BPAY: It sounds like an exciting time to be in retailing. What are some of the key trends you’re witnessing?
PAUL: A new dynamic is the convergence between the physical and online aspects of retail. Thinking about online versus bricks and mortar is too one dimensional, because customers demand multiple touch points. This is one of the major trends retailers have to be across.
"In today’s retail environment, mobile is king. So having a great mobile strategy has to be at the centre of every retailer’s thinking."
This gives retail businesses an holistic view of the customer in store, and online in the mobile and social media environments.
This is related to the other main trend we’re seeing, which is the continued dominance of social media. Consumers trust their peers more than they trust other brands, a trend that will only amplify over time.
BPAY: With everything that’s changing in retail, how are we likely to see the payment industry evolve?
PAUL: In the same way customers want choice in their retail experience, they also want choice when it comes to making payments. The content of ‘frictionless’ payments, delivering genuine ease and convenience to consumers, will also drive the payments industry in the near term.
Finally, customers will continue to look for trusted payment options. This is where BPAY has a real advantage in the market. Because it’s linked to the consumer’s existing online bank account, BPAY really combines all the attributes consumers are looking for. It offers choice, convenience and it’s a payment option consumers really trust. So I see it remaining a key force in the payments space for the foreseeable future.
Visit nora.org.au for more information
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