June 8, 2018
Innovation in the retail industry has always been linked to the evolution of payments, especially the use of consumer credit. But the birth of e-commerce in the late 1990s and the emergence of mobile-first, digitally-native consumers has made it increasingly hard for retailers to attract and convert shoppers. While previous generations of offline retail could rely on traditional credit instruments to attract customers and retain loyalty, they don’t work for modern consumers who expect instant approvals, tailored experiences, and seamless payments.
Credit isn’t going away but it is rapidly evolving in a way retail didn’t expect, and it’s time for the industry to move away from its reliance on traditional credit. Flexible, digital, and individualized modern credit is an omnichannel tool that can help retailers provide interconnected, personalized experiences, earning loyalty from generations of modern shoppers.
You can trace the modern credit card system back to the early 1900s when department stores realized they could deepen the ...