Elavon - The Economy of Things
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Eric Horgan is Elavon Ireland’s Country Manager. Prior to this he developed Elavon’s European Ecommerce Strategy.
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Elavon - The Economy of Things
- 1. Changing the nature of buying and selling 04/04/2017 THE ECONOMY OF THINGS Ecommerce Expo Ireland
- 2. / More than technology – welcome to a consumer behavioural revolution
- 3. / Confidential and proprietaryPowerPoint Style Guide3 https://youtu.be/2WEv_FaAitw Video - IBM Commerce
- 4. / A smart new planet requires smarter business
- 5. / The Economy of Things is on its way…
- 6. / Indicator 1 – the smart-tech rollout Where are we seeing it today? • Smart TVs • Nest Smart Thermostat – Security, Smoke alarms
- 7. / Indicator 2 – the collaborative economy Where are we seeing it today? • Easy CarClub • Air B n B
- 8. / Indicator 3 – Delegated transaction authority Where are we seeing it today? • Whirlpool smart kitchen suite – app connected to your whirlpool appliances
- 9. / Indicator 4 – Predicting preference Where are we seeing it today? • Amazon recommendations. • Spotify
- 10. / Confidential and proprietaryPowerPoint Style Guide10 Video - Internet of Everything
- 11. / Right now Growth is only in Ecomm in Ireland Confidential and proprietaryPowerPoint Style Guide11
- 12. / E-sales, 2015 (% enterprises) Confidential and proprietaryPowerPoint Style Guide12
- 13. / EU On-line shopping - % of Individuals Confidential and proprietaryPowerPoint Style Guide13 2010 2011 2012 2013 2014 2015 2016 EU (28 countries) 40 42 44 47 50 53 55 Ireland 36 43 46 46 50 51 59 United Kingdom 67 71 73 77 79 81 83 Belgium 38 43 45 48 54 55 57 Czech Republic 27 30 32 36 43 45 47 Denmark 68 70 73 77 78 79 82 Germany 60 64 65 69 70 73 74 Estonia 17 20 23 23 49 59 56 Greece 12 18 20 25 26 32 31 Spain 24 27 30 32 37 42 44 France 54 53 57 59 62 65 66 Italy 15 15 17 20 22 26 29 Cyprus 18 21 21 25 27 23 29 Luxembourg 60 65 68 70 74 78 78 Hungary 18 22 25 29 33 36 39 Malta 38 45 44 46 47 51 48 Netherlands 67 69 65 69 71 71 74 Austria 42 44 48 54 53 58 58 Poland 29 30 30 32 34 37 42 Portugal 15 18 22 25 26 31 31 Finland 59 62 65 65 68 69 67 Sweden 66 71 74 73 75 71 76 Norway 71 73 76 73 77 76 78
- 14. / 70%-80% of website browsing occurs on mobile devices, both smartphones and tablets Spending via mobiles – Europe - 23.4% US - 33.9% • UK (35.6%), Germany (34.0%) and Sweden (29.6%) Confidential and proprietary14 Mobile ecommerce
- 15. / How Can Elavon help? Confidential and proprietaryPowerPoint Style Guide15 • EPG – Elavon Payment Gateway – Your one stop shop for accepting payments • A gateway links your website to your merchant account • Helps you manage your security / PCI requirements • Hosted Payments Page or Direct Integration Looking towards the Economy of things… • Card on File Service – Tokenisation • Recurring payments
- 16. / Is your business ready for ecomm sales growth? Confidential and proprietaryEcommerce Expo Ireland16
Notes de l'éditeur
- Commerce is entering into a period of unprecedented change – a wave of innovation unlike anything seen before. At the heart of this transformation is new technology – and specifically the connected web of smart devices we call the internet of things. Over the next decade, the nature of buying and selling will itself be transformed as new participants explore ways to harness this infrastructure, applying disruptive business models to once predictable markets. This isn’t just a technology story though; consumers are active participants in this revolution. It is their conscious participation in the data-for-service value exchange that creates new opportunities for the brave and threatens commercial irrelevance for the those that are left behind. In the fifteen years since Elon Musk and pals sold PayPal to Ebay, he has reinvented the solar industry, the car industry and the space exploration business. It has taken the banking and payments industry the same amount of time to realise the potential of what PayPal created – and by the time they did Apple was on the doorstep creating another step forward. Change comes slow to incumbents in highly regulated, valuable and complex markets! This commercial inertia is certainly a contributing factor to Amara’s law, which tells us that we overestimate the speed of change and underestimate its impact. But what many don’t realise is that IoT is not a new concept - it’s now 16 years since Kevin Ashton coined the phrase ‘The Internet of Things’ (IoT) and most mainstream businesses are yet to give it more than a cursory look. This needs to change.
- You probably know about the IoT. Simply put, this is the concept that everyday mundane objects will be connected to the internet, from dishwashers to coffee makers, Christmas lights to alarm systems. It’s not just consumer goods - components embedded in industrial products and manufacturing processes will be a part of the IoT, things like assembly robots or crop harvesting equipment. As the cost of putting processing power into devices has radically fallen, more and more ‘things’ are gaining the ability to sense, think and communicate – Gartner estimates over 21bn devices by 2020. Connect them through ubiquitous wireless connectivity and aggregated cloud services and you have a mesh of connected, contextually aware things, alongside the people that own and use them. There’s a fairly basic formula here: contextually aware devices streaming rich data via ubiquitous connectivity = The Internet of Things. As we’ve been engaging with business leaders across major service sectors to work through the implications of IoT, it’s become clear that this isn’t really about the internet, or indeed about the things. Like it or not, the technology story is already being rolled out.
- You park and they go the meter to pay with cash – or contactless or via the app…what if you did not have to – the car does it!! or train tickets that negotiate a seat upgrade as compensation for delay – these are no longer the fantasy of a science fiction writer, but a reality today thanks to the IoT. This emerging commercial paradigm, in which physical things participate in real-time marketplaces on our behalf is what we call the ‘The Economy of Things’ and it changes everything. But there’s a sizeable journey we need to take to get us from here to there - to join up this grand vision with today’s reality. We’ve identified 4 indicators that the Economy of Things is on its way:
- Indicator 1: The Smart-Tech Rollout Of all the challenges to realising the vision of an integrated Economy of Things, the technology roll-out is the most certain. According to Samsung, there are already 18 smart devices in the average UK home, with smart TVs the fastest-growing category. In fact, 30% of all TVs sold this year were smart TVs, and 93% of owners connected them to the cloud. When it comes to smart home infrastructure 20% of UK homes have already invested 50% of under 44’s planning to acquire smart thermostats, lighting or home hub this year. Where are we seeing this today? British Gas Hive. 200k live customers, £500m invested.
- An EoT in which devices procure services for us will source from anywhere – mainstream suppliers and marketplaces and increasingly local & neighbourhood suppliers. It makes more financial and environmental sense for example to charge your electric car with energy from your neighbours’ solar panels, rather than a large energy supplier. The EOT will enable all of us to become micro buyers, sellers and collaborators – making it easy to fulfil the potential of the sharing economy. Borrow my car when I’m not using it Automatically take in my deliveries while I’m on holiday Negotiate group deals from the local water company based on real-life data. Where are we seeing this today? Easy CarClub. 15k+ live members, 60k+ days rented per year
- Potentially the scariest concept within the EoT is the idea that your ‘stuff’ is able to buy and sell on your behalf. But while the concept might seem somewhat alien, the reality is much more prosaic payment companies are already set up to securely process recurring transactions from third parties to whom you’ve delegated authority and there’s a whole raft of protection in case things go wrong. Consumers tend to be more comfortable and familiar giving over this control in low interest areas of their life in the UK we already hand over control of 5bn+ transactions to service providers via the direct debit scheme In fact, the energy start-up Flipper is building a business based entirely on delegated trust – you give them authority to change your energy supplier whenever they see a deal that will save you money. Where are we seeing this today? Whirlpool smart kitchen suite (washing machine) with integrated Amazon DRS
- If our homes, cars and clothes are helping make our lives easier by taking care of everyday transactions, then they need to have a pretty good understanding of our behaviours, expectations and preferences. The intrinsically connected and sensing nature of IOT takes a big step in this direction creating a data set and archive of location, behaviour, transactions and so on. There are high expectations that machine learning and AI will be able to take this data, append authorised third party sources (social, medical, educational, leisure) and accurately source and trade on our behalf essentially knowing us better than we know ourselves. Where are we seeing this today? – Amazon recommendations. Already responsible for 10-30% of trade on the Amazon platform, the new Echo smart home hub is now live in 3m homes after just one year – learning and reflecting preference for the whole family.
- The opprituntity is vast for ecomm – every years brings more growth as customer move from F2F to ecomm. Be part of this change – let you business grow. Talk to use today on Stand 20……we can help you grow ur business online