National Retail Solutions | April 08, 2022
National Retail Solutions (NRS), operator of the nation’s leading point-of-sale (POS) network and payment processing service for independent retailers, today announced a partnership with OnPoint, a leading provider of scan data programs for the independent and small chain C-store market.
Through the partnership, OnPoint will promote the NRS POS system and payment processing service to prospective C-store clients who require a robust POS solution to utilize OnPoint’s scan data programs and full calendar of center-store promotions.
“NRS and OnPoint provide complementary, synergistic offerings to help independent retailers successfully compete against larger retail chains. Our partnership positions both companies to expand our respective networks while providing independent retailers with powerful tools to enhance profitability and extend market reach.”
Elie Y. Katz, CEO of NRS
NRS’ POS network currently provides over 16,000 retailers with powerful tools and services enabling them to compete effectively with large retail chains. NRS’ payment processing solution, NRS PAY, is a rapidly growing credit card and electronic payment processing service utilized by over 8,000 retail stores.
OnPoint’s partnership with NRS is supported by WAM, a nationwide network of distributors in the C-store space and the owner of OnPoint. OnPoint provides scan data services exclusively to the independent and small chain C-stores served by the WAM network.
“A significant portion of the retailers throughout the WAM network are looking for an affordable and easy to use POS system that is compatible with OnPoint, so that they can take advantage of all the value-added services that we provide. Our partnership with NRS provides a best-in-class, turn-key solution for this,” said Win Schiller, President of OnPoint.
About National Retail Solutions (NRS)
National Retail Solutions operates a point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers and bodega owners nationwide. Retailers utilize NRS offerings to process transactions and manage operations more effectively. Advertisers access the terminal’s digital display network to reach these retailers’ massive, predominantly urban customer bases. Consumer packaged goods (CPG) suppliers leverage the NRS platform to provision promotions, coupons and special offers to independent retailers.
OnPoint is a scan data service provider that was developed specifically to help independent and small chain convenience stores be more competitive and increase profitability. Our powerful scan data solution allows retailers to take advantage of the tobacco scan programs and center-store promotions from the best brands. OnPoint is owned by the WAM group.
WAM is a nation-wide network of 25 convenience store distributors servicing over 13,000 zip codes. These distributors do $10.8 billion in aggregate sales annually and service over 23,000 C-stores, making the WAM group the third largest distribution entity in the c-store channel.
Round Table Pizza | February 03, 2022
Sparkfly, an award-winning retail technology solutions company that helps innovative restaurants and merchants unify customer engagement technologies, announced today they have been selected by Round Table Pizza to lead their digital modernization initiative, which includes the development of exciting new guest ordering technologies and personalized customer engagement programs. Round Table Pizza kicked off their initiative by leveraging Sparkfly’s newly-launched consulting program that evaluated the brand’s existing and new technologies, and created a next generation martech ecosystem to effectively drive transformational customer acquisition. The quick-service brand and its franchisees operate more than 450 locations across California, Nevada, Oregon, Washington, Arizona, Alaska, and Hawaii, and is a part of FAT Brands, a leading restaurant franchising company that currently operates a portfolio of 17 restaurant brands around the globe.
Sparkfly’s platform will be the foundation for a customer engagement ecosystem that unifies Round Table Pizza’s point-of-sale (POS) system, new web and mobile app ordering technologies, loyalty and reward capabilities, and all third-party marketplace apps to deliver a seamless experience for customers. Upon completion of the integration, the brand’s online and in-store POS transactions, will offer reward program members and diners an enhanced digital customer experience that operates across all channels.
The addition of a digital wallet to the brand’s mobile app will streamline the flow of transactional data, enabling the delivery of real-time personalized rewards in collaboration with their marketing and service cloud platforms.
“It’s an incredible honor to have been selected by such a reputable brand as Round Table Pizza to help them on their mission to further enhance their customer experience and engagement strategies, Ability to offer a modern reward and loyalty program, and deliver a seamless online ordering experience is critical for restaurant brands today. We are excited to be a part of this journey to further enable franchise owners to better connect with their customers and drive more revenue.”
-Sparkfly Founder and CEO Catherine Tabor.
About Round Table Pizza
Inspired by the honor, valor and revelry of the Knights of the Round Table, Round Table Pizza’s superior pizza and commitment to quality and authenticity have earned the reputation of “Pizza Royalty™” for over 60 years. With more than 450 restaurants across the globe, Round Table celebrates community, family and making merry.
i95Dev’s eCommerce Growth Engine | February 15, 2022
i95Dev is happy to announce that eGe - Integrated eCommerce for Dynamics 365 ERP is now available on the Microsoft AppSource.
i95Dev’s eCommerce Growth Engine (eGe) is a feature-rich, multi-channel, integrated eCommerce solution for Microsoft Dynamics and SAP ERP systems. Through Microsoft AppSource the product can now be leveraged by eCommerce businesses around the world.
i95Dev is a Microsoft Partner Gold Partner and offers a wide range of products on Microsoft Cloud eCosystem.
eGe is an out-of-the-box integrated commerce offering that helps business accelerate their time to market and render futuristic Customer Experiences with unmatched operational efficiency.
eGe offers unparalleled features that:
Expand your reach by integrating with marketplaces like eBay and Amazon.
Provision advanced marketing and promotional tools for improved customer segmentation and targeting.
Render responsive UI/UX assets
Reduce cart abandonment rate with multiple shipping and payment options.
Increase conversions and retention rates by sending personalized emails.
Enforces efficient returns management
“We understand our customers and their pain points in managing Microsoft Dynamics and Magento separately. And by implementing eGe for Dynamics Business Central, they can overcome these challenges to reduce time to market & gain operational efficiency”.
-i95Dev’s CEO, Vanit Kumar
i95Dev is a global eCommerce agency that specializes in B2B/B2C integrated omni-channel Connected Commerce suite solutions. i95Dev’s Integrated Commerce Solutions are powered by industry-leading shopping carts (Adobe Magento, BigCommerce, and Shopify) and ERP Platforms. i95Dev’s eCommerce integration products with various ERPs, POS, CRM, mobile and social applications are globally recognized. Over 250+ Retailers, manufacturers, and distributors have leveraged i95Dev’s products and solutions to delight their customers and drive business process efficiency while maximizing their ROI. With a strong workforce of 300+ eCommerce enthusiasts worldwide, i95Dev has helped energize digital commerce initiatives of clients globally.
L.E.K. Consulting | February 18, 2022
The COVID-19 pandemic has upended just about every industry either for better or worse, and consumer lending is no different. But despite short-term challenges, such as a high volume of forbearance requests in 2020, and long-term ones, like changes in consumer behavior, the pandemic has created substantial opportunities both for new lenders looking to enter the market and for existing lenders looking to expand their footprint.
According to global strategy consultancy L.E.K. Consulting, COVID-19 has reshaped the landscape of consumer lending in a very different way than the great financial crisis of 2007-08. During the pandemic, individuals curtailed their spending amid layoffs, while the U.S. federal government injected billions of dollars back into the economy through stimulus checks and forbearances for many types of mortgages and most federal student loans. Ecommerce was a key beneficiary – and it looks like newly established purchasing pathways for consumers are here to stay.
"Lenders across the board have reconsidered their participation in consumer lending, and some, led by prime lenders, have significantly reduced their exposure by tightening their criteria for new lending. In some cases, they've even stopped new lending completely until a sense of normalcy returns,"
- Robert Haslehurst, L.E.K. Managing Director and co-author of COVID-19 Recovery Opportunities in Consumer Lending.
Unemployment remains slightly higher relative to pre-COVID, and forbearance programs have made it harder for lenders to interpret credit-scoring data in underwriting and to collect on defaulted loans.
"More new loans will go to lower-risk consumers as lenders put a greater emphasis on customers' repayment history and take a more conservative approach to assessing loan affordability. Many consumers who do get loans will be charged higher rates. That said, lenders, especially unsecured lenders, will eventually need to reassess their lending criteria and increase their risk appetite to prevent their books from going into runoff and their incomes from falling too low,"
- Peter Ward, a Partner at L.E.K. and co-author of the report.
The pandemic has also acted as a catalyst for lenders to adopt new technologies to stay competitive. Consumer use of online channels and digital platforms has surged – 40% of consumers have been using digital channels more frequently while 60% say they conduct the majority of their financial transactions on mobile applications. What's more, one in three consumers are now engaging with their financial institution multiple times a week via digital channels – and about two out of three are using these digital platforms at least once a week, according to L.E.K.
Point-of-sale (POS) lending – which lets consumers make purchases with incremental payments – has also become much more common during the pandemic as consumers increased their online spending. Lenders have streamlined the application process with quicker access, flexible borrowing limits and no credit history requirements, which has reduced the friction that consumers might otherwise find prohibitive. Ecommerce merchants can partner with third-party lenders like Affirm, Afterpay and Klarna to integrate their services into the checkout process.
Key strategies lenders can take to successfully navigate the post-COVID-19 era include:
Big banks should use machine learning and big data tools to augment credit reports with real-time income or cash-flow data to help capture the roughly 70% of Americans who say they'd switch to a financial institution with more inclusive lending practices. Big banks should also continue their accelerated shift to online channels, as all lenders will need to keep investing in seamless engagement, underwriting and servicing experiences.
Small banks, against a backdrop of increased interest in lender trustworthiness, intuitive digital application processes, personal loans for new entrants and omnichannel digital lending experiences, should position themselves to meet changing consumer demand.
Specialist lenders should actively position and market themselves to newly nonprime borrowers, which will help them capture customers that the larger prime banks have turned away. They should also continue to offer tailored solutions through open banking for those with complex and nontraditional financial needs. This will help streamline the mortgage approval process – and also help the specialist lending sector deliver solutions to this growing segment of the market with greater speed and efficiency.
Subprime lenders – to meet the evolving preferences and needs of consumers – should also actively position and market themselves to customer groups that have been newly rejected by mainstream lenders. They may also offer point-of-sale financing as an alternative to credit cards.
About L.E.K. Consulting
We're L.E.K. Consulting, a global strategy consultancy working with business leaders to seize competitive advantage and amplify growth. Our insights are catalysts that reshape the trajectory of our clients' businesses, uncovering opportunities and empowering them to master their moments of truth. Since 1983, our worldwide practice — spanning the Americas, Asia-Pacific and Europe — has guided leaders across all industries, from global corporations to emerging entrepreneurial businesses and private equity investors.