It’s become harder than ever before for merchants to stand out in this new commerce world – both physical and digital. The shift in this space, from unassailable brick-and-mortar dominance to emerging digital influence, has happened so quickly that some merchants have been forced to adjust on-the-fly.
Merchants used to rely on their products services to differentiate themselves from their competitors. Today, a lot still do, however there are so many options out there for consumers that they can just as easily find something that closely resembles their favorite or preferred product at another merchant’s store. In today’s landscape, brand loyalty means much less than it used to, and consumers are increasingly unwilling to compromise their experience for a given merchant’s product or service. Especially for millennials and other younger generations, brand loyalty is being de-emphasized.
This reality has forced merchants to recalibrate their approach to digital commerce, often in favor of a quick, seamless experience for the consumer. Fortunately, through connected devices enabled by the Internet of Things, merchants can retain, and even grow their consumer base by delivering these efficient experiences.
With the Internet of Things, consumers will be able to purchase products and services from any connected device, whether it be a microwave, a voice-activated personal assistant or a refrigerator. It will seemingly be as easy as pressing one button or, in the case of the personal assistant, telling it what you want to order. Additionally, the lack of a browser in the transaction will make the process even simpler than it is today, which will help merchants appease their consumers, leading to even more sales.
There are, however, some negative aspects that come with removing the browser entirely from the transaction, notably the inability to effectively authenticate the consumer, especially in the case of a risky transaction. The last thing merchants want to do is rack up a lot of false declines, which are those transactions that appear to be risky but are, in fact, being conducted by legitimate consumers.
There is, however, a way to effectively and seamlessly authenticate consumers in this new, connected-device world. Cardinal Consumer Authentication (CCA), our rules-based authentication solution leverages data to form an accurate depiction of the consumer. With this information, our solution can silently authenticate consumers, behind the scenes, using a lot of different data points, which will lead to fewer false declines and, in turn, more sales for merchants. With One Connection to Cardinal, we can Drive your Digital Commerce.