I read articles today about free Brick and Mortar in store WiFi to utilize tech to enhance in store experiences. Another article I read about Nike embedding tech to enhance their products echos manufacturers might want to continue to pursue embedding chips, such as Near Field Communications (NFC) in conjunction with in store WiFi to offer both programmable manufacturer rebates as well as in store sale offers turning window shoppers into sales. WiFi would not just entice the prospective shopper, but also provides manufacturers with the ability to update rebate offers as seasons and styles are shifted to help move stock. A win for the consumer, manufacturer, and retailer.
Big Data Creates Opportunities for Small to Midsize Retail Vendors through Collective Affinity Marketing outside Financial Institutions.
In the Harvard Business Review, there is an article, Will Big Data Kill All but the Biggest Retailers? One idea to mitigate that risk is to create a collective of independent retailers under affinity programs, such as charities, and offer customers every N part of their purchase applies to the charity to reach specific goals as defined by the consumer. Merchants, as part of this program, decide their own caps, or monetary participation levels. Consumers belong to an affinity group, but it’s not limited to a particular credit card. The key is this transaction data is available to all participating merchants for the affinity. Transaction data spans all merchants within the affinity and not just the transactions executed with the merchant.
Using trusted, independent marketing data warehouses independent retail vendors share ‘big data’ to enable them to compete and utilize the same pool of consumer [habitual] spending data.
Affinity, marketing data companies can empower their retail clients/vendors with the tools for Business Intelligence and pull from the collection of consumer data. Trusted, independent marketing data warehouses sprout up to collect consumer data and enable it’s retail vendor clients to mine the data.
These trusted loyalty affinity data warehouses, not affiliated with a single financial institution, as previously implemented with credit cards, but more in line with, or analogous to, supermarket style loyalty programs, however, all independent retail vendors may participate OR may cap these affinity program memberships for retail vendor from small to mid-size companies.
Note: Data obfuscation could be applied so customer identification on fields like social security number will not be transparent, limiting any liabilities for fraud.
If you want to allocate money to someone, like a gift card without spending the money for a smartphone with an app to transfer the money? What gave me the idea, in part, was the post office and printing out bar code stamps. There are several approaches that include protection against fraud exist.
1) Print out a QR/UPC bar code sticker label which contains information such as monetary allocation plus identification which can match the person’s drivers license, have a brief expiration for the label and the person can go and print out a new label when it expires e.g. a day or week, etc. from an intermediary source or financial instirution.
2) Silicone braclet contains smartcard chip. The braclet comes in colors the intemediaary and/or financial indtitution issue. Braclet interacts with issued short range RF wrist band to indicate identity and help protect against fraud.
Just a thought, give a silicone braclet for the holidays?
Expand this to loyalty programs as well. There was a gimmick a few years ago with a new shape in credit cards by Discover Card services, however, this was too big and bulky, and shaped oddly, not convenient to attach to a keychain. It did not catch on, and that before the Smartphone craze, so this avenue wasn’t pursued. It has merit, because children love the band brackets, so they can get a specific allocation on the card to limit spending. The wristbands are a great stylistic component which will be popular with a large consumer, Women.