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Retail. Java. Java Philippines.
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Importance of Online Payment in Retail
Importance of Online Payment in Retail 768 487 Exist Software Labs

The pandemic has drastically changed the tone of retailing. As a result, retailing businesses have suffered principal losses. The health crisis became a roadblock that leaves retailers, mainly medium and large, with only two options: to take a detour or injure themselves.

In previous years, one of the primary movers of digital transformation in retail is the rise of a more digitally inclined population, accompanied by fast-evolving technology that displayed a threat to traditional, physical retailing. This threat was later on called the “retail apocalypse” which is signified by a rapid hike of sales in online retailing.

The Retail Industry

If we observe, data from 2019 shows that around 9,300 physical retail branches were closed due to excessive numbers of them being built instead of going for online sales (Forbes). Such is just one of the numerous proofs that retailing has already been going online.

We are way past the introduction stage to digital retailing. However, the global health crisis has created a higher demand for change to retail businesses, particularly from customers. 

A tremendous change in consumer behavior, the digital transformation that the pandemic called for is on a bigger scale. There is pressure for retailers to deliver their products through other channels, and still offer the most efficient service they could provide.

Nearly 50% of global shoppers are using digital payments more than pre-COVID. The majority of whom plans to continue doing so even after the numbers depress. E-Wallets and contactless cards are the top payment methods benefitting from this change, as consumers use less cash and make more purchases online (Global Online Payment Methods 2020 and COVID-19’s Impact Report).

The term “dirty money” pertains to not just unlawfully obtained money but to its by-the-book definition – unhygienic. In the United Kingdom alone, the use of cash was cut in half ever since their government banned its usage following the ascent of COVID19. Retailers are obliged to render contactless payments only, creating a cashless economy.

Before-mentioned synopsis emphasizes the pressure for the retail industry to provide more payment options. Retailers, therefore, should anticipate further developments from this point forward. Aside from its timely relevance of diminishing the need to do physical transactions, online payment has more to offer to the different stakeholders of retailing, which includes the following:

Faster transactions

Since it can be done by using the user’s mobile device, capacitating your business with online payments will make way to faster transfer in comparison to a card or cash payment. With the technological upgrades that mobile devices have nowadays, executing the transfer can be seamless and can only take a short while. 

Security

Online payment gateways have now evolved to address security issues that worry the users. They are encrypted, with several layers of security, which include protecting the information of both the sender and the receiver.

Personalized customer experience

It lessens the necessity to wait in long lines and the inconsistency of each transaction time, which is influenced by human factors. It also allows the business to acknowledge customers’ needs in real-time, regardless of their category or level of priority.

Affects buying behavior

The possibility of customers to retreat from purchasing a product may be affected by the unavailability of the payment method that they prefer. So, if a good number of the retail market will go for online payment if it is in place, it will be a grave move not to equip your business with this ability.

As the global health crisis pushes the retail industry to change the ecosystem, shaping your business fit for online payment is a step towards survival.

Get to know ANAHAW, our retail solution specially built to adapt to modern retail business requirements, and to specifically work on providing you an edge over the rest.

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Technology Innovation. Java. Java Philippines.
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Exist Technology Innovations: Adapting Tomorrow’s Technology In Today’s Retail Business 2020 Webinar Highlights
Exist Technology Innovations: Adapting Tomorrow’s Technology In Today’s Retail Business 2020 Webinar Highlights 768 487 Exist Software Labs

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Charles Darwin

According to Forbes and Microsoft, these are the main technologies in retail in 2020:

      • Chatbots
      • Mixed Commerce (e-commerce X in-store)
      • Loyalty on Mobile
      • Blockchain
      • Data-driven Business
      • Artificial Intelligence
      • Augmented Reality

Technology innovation is a key parameter for innovating your business right now. KPMG, a multinational audit firm, recently illustrated a graph of three (3) options to drive retail businesses.

Keeping the business-as-usual model means that you are a legacy type of business. You are comfortable with the tried and tested model that you have right now that has worked in the past but is uncertain to work in the future. It is like ignoring the changes that are happening around you and how the consumer behaves. Remaining in this grey area despite all the shifts that are happening in the industry will lead to becoming irrelevant over time.

However, if you are thinking of leveraging or being the platform for retail, you are responding to the changes, and to different consumer behaviors. That is leveraging technology to respond to new demands, and anticipate those that might occur in the future, making sure that you are still at the growth path.

One example is how Jollibee dealt with the changes engendered by the pandemic.

Jollibee has been opening a lot of stores locally and globally. They have been doing the same growth strategy for decades with less integration of technology on their operations compared to what they developed right now.

Jollibee built “cloud kitchens” to offset the losses that they had during this period. They have invested 7 billion pesos to set up these “cloud kitchens” to continue to bring their products to their customers without the need to build the usual dine-in, brick-and-mortar facilities. Instead, they built delivery outlets located in discreet, low rent sites that serve as hubs. Cloud kitchens are now available in the United States, the United Arab Emirates, and Singapore. This presented how important it is to be on the lookout for opportunities to innovate and adapt to the possibilities in the market using technology.

When you talk about innovation, you should not only talk about how you can provide your services online. Your business should be encompassing three (3) fronts and is able to empower these three. You have to be smart and have a data-driven strategy. Bringing your business online is just one part.

Customer

      • Seamless Online and In-Store experience (Web-mobile platform, In-store tech hub)
      • Data Source (I.e. CRM – Know your customer, Loyalty Engine – Reward your customer, A.I. – Understand your customer)

Employee

      • Empower your employees with the information. 
      • Seamless Online and In-Store experience both customer and business
      • (Mimic online experience in-store)
      • Data Source (I.e. Real-Time Inventory, Inventory Projections, Smart Suggestions, Special offers for targeted customers)

Partners

      • Engage and enable your partners
      • Data Source (I.e. Supply Chain Automation, Vendor Management System)

Technology innovation does not only cover how you can provide for your customers. It has to be perceived holistically.

So, How do you do it?

There are five (5) stages of an organization’s journey.

Business as Usual (No changes at all)

This is when you are not adopting any changes right now. You might be trying to get by with the tested business model. This puts your business into the risk of being forgotten, of failing, or of suffering drastic losses.

Experimentation (R&D)

You want to learn more and test something to see what fits your business.

Strategic Planning

It is when you are laying out a strategic plan that will fit your business from the data that you have gathered for the past months.

Organizational Roll Out

When you already have a strategic plan, you have to roll it throughout your organization to align every aspect of your digital strategy to every section of your organization.

Full Adaptation

Continuously innovating to see where else can you improve.

Five-step Iterative process

These are the processes to help you out with your journey of being part of the digital economy.

      1. Strategic Intent – you want to inject a digital strategy as part of your objective
      2. IT Feasibility Validation – checking if it is feasible to do in your organization in an IT perspective
      3. Business Unit Engagement – getting everyone on board
      4. Organization Injection – execution, making it part of your business culture
      5. Rapid Release of the Next Generation Business Services

It does not have to happen in one go. Even after releasing your first digital milestone, you may go back to the first step to see what else can be improved.

Case Studies and Insights

Walmart

(in an interview with then CTO, Jeremy King)

      • In 2018 Walmart and Microsoft announced a five-year partnership to drive digital transformation across Walmart, boost shopping speed, and empower retail associates.
      • Customer-facing technologies are in Microsoft’s Azure cloud
      • Machine learning as one of the most important technologies Walmart is using. 
      • Predictive Inventory accurately addresses one of the biggest consumer complaints, which is accurately providing the right availability of items that they have.

Starbucks

      • They incorporated Data Analytics into their Marketing and Sales efforts.
        • what kind of coffee their customers are ordering and adjust their offerings accordingly.
        • Personalize offers and marketing materials.
        • Increase sales and cut costs of ineffective ads and marketing
      • Starbucks Mobile app: Starbucks has been using reinforcement machine learning technology (ML) to provide a more personalized experience for customers who use the Starbucks mobile app
      • IoT – measure consumption of coffee beans in partnership with Microsoft
      • BlockChain – trace coffee beans from its source

Domino’s Pizza

In the mid-2000s, Domino’s was struggling with both brand image…they recognized the need for rock-solid digital strategy to improve customer engagement and overall brand image

      • Marketing and IT  aligned to communicate Domino’s digital transformation story to the users (consumers). This led to the social listening platform Think Oven, a social listening platform which allows Domino to get real-time feedback from their customers. This was launched in the mid-2000s, back when social media is starting to gain dominance.
      • After a successful rollout of their mobile app, they introduced Domino’s Anywhere: customers can order from a plethora of devices including Amazon Echo, Google Home, Siri, Smartwatches, Smart TV’s, Slack, Facebook Messenger, Twitter and more
      • Extensive use of Cloud technology via MS Azure’s PaaS, all of their core systems – digital ordering systems, ERP, back-office operations, and supply chain systems in the cloud.
      • Domino is planning to invest in conversational AI and cognitive technologies (NLP) to further enhance the user experience.
      • In 2017, Domino Pizza overtook Pizza Hut to become the largest pizza company in the world generating $12B in global revenue.

IKEA

Cultural Transformation (Interview with Chief Data Officer, Barbara Martin Coppola)

This is how they achieved a digital mindset:

      • “In order to be successful, digital needs to be embedded in every aspect of IKEA. Digital is a way of working, making decisions, and managing the company.”
      • “At IKEA we’ve divided our digital transformation into four main areas:
        • Meeting the customer
        • Empowering co-workers
        • Digital Foundation
        • Digital DNA”
      • “When speaking of digital transformations, it is imperative to think of it as a strategic paradigm shift, and culture can either enable that transformation or it can severely hinder it.”

Technologies per Business Size

Companies or people before put up a small store, and they were only using cash register machines and accepting cash as payment. Now, this CRM is now being replaced by POS. Along with this, people are also changing and tend to use tools like GCash or PayMaya. 

On another part, people who are not able to put up a physical store make use of e-commerce platforms, like Lazada and Shopee, to make it available to the public.

During the pandemic period, people had to adapt and be more creative. They are utilizing Facebook as their channel. People who are doing transactions here usually start with a COD payment method until they have established their customers’ trust, but definitely switch to utilizing mobile wallets.

With all these models of small enterprises, inventory is done manually.

Physical stores become more scattered within the city, across the city, or all over the country. With the utilization of POS, companies are able to control these brick and mortar stores and to communicate with applications in the headquarter. 

Some companies start as e-commerce. But eventually, these retailers would want physical presence and put up physical stores, putting up brick and mortar, and e-commerce to form their mixed channel of selling.

For databases, the structured data will require the use of SQL technologies, while document databases are used for non-structured or semi-structured data.

Examples:

      • SQL Technologies (PostgreSQL, MySQL, Oracle, MS SQL Server)
      • Document Database (MongoDB, CouchDB, CouchBase)

The large enterprise model is similar to medium, but it presents more potential for the company to do more, and utilize more technologies. There will come a point in time that the company will need to use corporate applications/ERP. It handles all of the operations of the business.

In 2019, more brick and mortar stores adopted the use of kiosks to perform other functions.

Large enterprises also have plenty of vendors and need to have applications to manage their operations.

It is expected for such a size of businesses to have an executive information system in place, basically like business intelligence already. When a variety and volume of data come in, Big Data also does because it already has so much data to consider.

There are three (3) types of data analytics:

        • Descriptive (under business intelligence)
        • Predictive (statistical models; used for forecasting)
        • Prescriptive (artificial intelligence; machine learning; draws up specific recommendations)

Greenplum fits best if you want all of these. It is a data hub, a repository for all your data. It has AI and machine learning libraries.

If your system is future-proof, it is capable of putting all of these technologies together.

DevOps should be in place if you are undergoing a digital transformation for a more seamless deployment.

Current to Tomorrow’s Technologies:

Artificial intelligence (AI)

Allows visual recognition or customized image recognition to fit the business needs, It detects and identifies people, emotions in images. In Amazon Go, a person can pick up an item from the store and immediately leave with it. The payment is automatically deducted from the person’s bank account. The same concept is also a running idea for hotels.

Retail use cases:

      • Amazon Go
      • Cardless Membership

Internet of Things (IoT)

A system of interrelated, non-traditional computing devices with unique identifiers, usually IP addresses. It also has the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

Retail use cases:

      • Amazon Go’s IoT sensors
      • AWM Smart Grocery
      • Smart Shelves/Shelf Tags
      • Thermostat Control
      • Flonomics’ counting system and retail analytics technology help retailers determine optimal staffing levels for different dates and times, improve marketing strategies, gauge traffic flow, enhance customer service, and more.

Chatbot

A software application used to conduct online conversations, like Alexa, Siri, and more. It provides live contact with a human. An example of this is Globe’s Dude, a chatbot to monitor employees’ health launched during the enhanced community quarantine.

Retail use cases:

      • Tommy Hilfiger Chatbot
        • recommends client based on the information provided
      • Support use
        • Answering queries – FAQs
        • Respond to customer concerns and informing the support team
      • Globe’s DUDE – monitor employee health

Augmented Reality

An interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information.

Retail use cases:

      • IKEA Place
      • Fitting Rooms App

Blockchain

Is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).

      • Retail use cases
      • tracking shipments, 
      • centralizing databases
      • stopping fraud and counterfeits
      • and increasing transparency

Key Takeaways:

      • Business strategy must include the ability to adapt/embrace change
      • Technology adoption is a major contributor to long term success
      • Digital Transformation will help define and execute the digital strategy road map
      • Choose the technology that best fits your strategy

Get to know ANAHAW, our retail solution specially built to adapt to modern retail business requirements, and to specifically work on providing you an edge over the rest.

CHECK OUT ANAHAW
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Digital Banking. Digital. Java. Java Philippines.
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What Sparked the Emergence of Digital Banking
What Sparked the Emergence of Digital Banking 768 487 Exist Software Labs

As we live in the computer age, the existence of online banking appears ordinary to us. Every major bank tailors a system that is capable of online access. The absence of such is almost unimaginable, especially these days.

The evolution of digital technology presented an invaluable advantage to banks as it attempts to address the limitations that the old brick-and-mortar set up brought to sight.

These limitations sparked the emergence of digital banking.

1. Building cost.

Before the rise of digital banking, the banking sector depends on expanding its branches to reach out to a broader market. But the hefty price of building a bank branch is one of the major turning points of gradually moving online. 

More than just the amount the land and construction of the building per se, establishing a physical branch takes into account the landscape/exterior, interior design, technologies, and devices to be used, as well as the security measures to be implemented. Banking businesses, therefore, target building a facility in commercial areas. This scenario creates a boundary between the banks and the possible market from far-flung places.

2. THUS, limiting the bank’s presence in many areas.

The first limitation springs another one. Banking was less accessible to most people outside business districts. Additionally, a physical branch can only attend to as many clients as the store, and its personnel can accommodate.

As banking became more present in the digital ecosystem, the market also had more inclusion. It also fostered a better synergy. Banks can swiftly respond to concerns as fast as users can address their concerns.

3. More customers require more bank employees.

Even before the rampancy of digital banking platforms, banked individuals have always kept increasing, the implementation of digital technology in this industry only accelerated this increase significantly. A corresponding increase in bank staff always comes after the constant growth, or forecasted growth, in the number of banked individuals. The same goes for adding more physical stores.

Digitization allowed processes to speed up as most of it is being automated. This induced changes in the traditional workforce requirements of banks. With the decrease in the need for human supervision in many operations, banks can now concentrate their forces on their core competencies.

4. Incoherent customer journey.

The improvements in the customer journey that digitization presented were also promising. The customer journey begins with awareness. But where does it end? The simple answer is it never does. Continually nurturing the clients even after you have acquired them is one of the most critical steps, if not the most, in rendering a fulfilling journey.

Think of having to do every step of this journey physically. Tedious, right?

Digital banking broke this stigma. The targeting, marketing, acquiring, and now even responding to the market became a lot easier, delivering a more personalized and customer-centric experience.

5. Consumers are online, so should banks be.

The evolution of digital banking expands from the creation of ATMs to going online. Why not? The market is rapidly becoming more inclined to the internet, and they want to accomplish things faster than ever before. The screens became the window to what the world has to offer, either convenience or luxury.

One of the fundamentals of running a business is placing it to where your target segment is situated. The rationale is pretty simple: you should be where your prospects are – keep within the sight. Banks get to be where their market is, a superpower that brick-and-mortar cannot grant – OMNIPRESENCE.

Digital banking was able to hit these pain points and is anticipated to keep driving notable changes in this age, especially as the global health crisis accelerates the demand for more digital services. The current condition advanced the call for virtual collaboration, thus the innovation of the virtual platforms. It is inevitable. It is only a matter of who is going to be the pacesetter – the one at the front of the transformation race.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 18 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core.

[vc_single_image image=”22818″ img_size=”medium” alignment=”center” style=”vc_box_rounded”]
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Digital Banking. Java. Java Philippines.
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Digital Banking: Bridging the Social Distance
Digital Banking: Bridging the Social Distance 768 487 Exist Software Labs

The social distancing measures imposed to contain the spread of the global pandemic COVID19 pushed people to limit themselves from physical exchanges. The current scenario also puts restrictions on accessing necessities in which finances remain the lifeblood. Even so, the gradual shift into digital banking allows many banks and their clients to keep financial matters going.

The crisis and the quarantine measures implemented painted a clearer picture of how banking systems should step up their game, for instance, not limiting it to on-premise processing of transactions. We can say that such development will not be in vain even after this global concern clears up.

Digital Banking is an idea that pushes forward the minimization of physical transactions while maximizing operations and achievement of business goals.

Major Benefits of Digital Banking

No need to visit an actual branch; faster and easier registration and onboarding process; do bank transactions anytime, anywhere

  • Traditional banking requires a client’s presence in a physical branch. The process, account application, for example, mandates them to allocate enough time to finish the initial processing. It puts going to a store, falling in line, filling out documents by hand, and submitting the documents into view. Such a scenario will take much of the applicant’s time, needless to say, effort. Through digital onboarding, a person will only need access to a device and sufficient internet connection. Case in point, Exist’s partner PBCOM in the Philippines enables its market to apply for an account online by just providing the necessary information through an application specifically designed for the said process. An application can also operate 24/7, allowing the person to apply anytime he/she feels to do so, no cut-offs, no closing time, and we have fewer people exhausted by the end of the day.

Offer the longed-for banking application; attract more unbanked individuals to register

  • Onboarding is the first opportunity to build a relationship with a client. Therefore, it should offer ease to him/her at first glance. As stated above, traditional onboarding can be tedious for most people, however. In addition to that, a single branch can only cater to applicants within the covered area. Such limitation leaves banks with less market as well. Imagine what a mobile banking application that does the job like account opening on behalf of the bank staff can do. The method will require less human supervision and is accomplished via a mobile phone, thus, leaving the one-at-a-time system behind, enabling the bank to have more applicants at once. By expanding availability through the application, banks will also keep their clients within reach, creating a more interactive platform for both parties.

Gather valid customer data through the eKYC onboarding process; upsell/cross-sell to existing clients faster

  • Paper-heavy transactions have been the long-accepted method. But with the rise of digitization, the world has been moving steadily into paperless ones. Digitally gathering the clients’ information lessens the effort of both the bank and the clients. It also creates a leeway into having a single source of truth about the client, which lowers mistakes caused by tediously transferring the data from paper to computer wherein human error can also transpire.

Easier, faster, and smarter banking: the call for leveling up the banking system is nothing new. It has been a running topic for quite some time now. The enhanced community quarantine only underlined the idea that going digital can bridge the gap between banks and their market even better. It is a race towards digital transformation, and stalling behind is not a sound choice.

Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for over 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core.

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Exist, Ashnik and EnterpriseDB Power Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019. Java, Java Philippines
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Exist, Ashnik, and EnterpriseDB Power Phenomenal Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019
Exist, Ashnik, and EnterpriseDB Power Phenomenal Digital Transformation through EDB Postgres for the Philippine Electricity and Power Sector in 2019 768 487 Exist Software Labs

At the recently concluded The Future Energy Show Philippines 2019, Exist, Ashnik and EnterpriseDB teamed up to highlight the advantages of using EDB Postgres for a number of IT projects specifically within the electricity sector.

During the 2-day event, booth visitors and fellow sponsors personally listened to the stories about how Exist, Ashnik and EnterpriseDB were able to provide their skills and expertise for the local energy sector which began not too long ago.  

With years of experience working on enterprise systems across a diverse range of industries from banking and finance to retail and healthcare, Exist was able to get the opportunity and win the trust of the main local energy corporations PEMC and WESM for developing mission-critical systems required to bring the electricity spot market closer to achieving its goal of having a transparent, fair, competitive, and reliable market for the trading of electricity throughout the Philippines.

Working closely with Ashnik as a partner, the push for the use of EDB Postgres has always made the most sense as the choice of database with the balanced mix between cost and features that make it the most complete open source-based data platform.

One of the highlights of our participation at the event is our talk entitled “Postgres Powers Digital Transformation in Southeast Asia – Success Stories”, presented by Rekha Ramaswamy, Enterprise Sales Manager at Ashnik and Jenish of Vyas, Solutions Engineer, SE Asia and Hong Kong at EDB Postgres. In this session, they shared compelling business cases and customer success stories highlighting the value of the open source-based EDB Postgres Platform in helping enterprises confidently deliver on the promise of digital business.

“Based on the open source Postgres platform, we’ve enhanced it in such a way that it has additional application security and improved performance. [In using EDB Postgres] we are not compromising on existing features but giving added flexibility with [their] existing legacy database.”
— Jenish of Vyas, Solutions Engineer, SE Asia and Hong Kong at EDB Postgres

Check out the slides and videos below:

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