CMSPI Unveils 2023 State of the Industry Report Insights
Introducing the CMSPI State of the Industry Report
CMSPI has recently unveiled its inaugural State of the Industry Report, developed in collaboration with its Insights Advisory Council (IAC), which consists of global business thought leaders from leading retailers. This initiative was founded to pave the way for a better payment experience for both merchants and consumers.
Insights from Global Retail Leaders
Collaboration with Industry Giants
The Insights Advisory Council features executives from renowned companies such as Amazon, Best Buy, lululemon, and Walmart, all committed to addressing the payment experience. Their aim is to provide invaluable insights that can revolutionize how consumers and retailers interact with payment systems.
Purpose of the Report
This report serves as a vital resource for merchant leaders, payments industry professionals, and policymakers worldwide. It aims to educate stakeholders on critical payment acceptance issues, including cost management, emerging eCommerce dynamics, and the influence of global policy changes.
Key Highlights from the Report
According to Elley Frost, CEO of CMSPI, the collaboration has yielded significant industry research that will greatly benefit merchants and partners alike. The Council's ongoing partnership with CMSPI is focused on highlighting the strategic considerations that are essential for today's leading retailers.
Understanding Payment Costs
The State of the Industry Report provides a merchant-centric look at payment acceptance costs and trends. Notably, U.S. merchants incurred a staggering $224 billion in card payment acceptance costs in a recent year. Furthermore, they've seen an increase in like-for-like payment costs by approximately 34 basis points since 2009.
Impact of E-commerce and Card Fees
Rapid growth in eCommerce has driven an additional $2.4 billion increase in interchange and network fees that merchants have faced in recent years. Such trends underline the need for strategic insights that can equip merchants with tools to optimize their payment frameworks.
Procompetitive Initiatives
In addition to addressing costs, the report also highlights the impact of over 300 global payment policy interventions. Notably, initiatives like dual network debit card routing have opened avenues for significant savings—estimated at $4 billion annually for U.S. merchants and about $800 million in Australia.
Understanding the Complex Payments Landscape
CMSPI Chief Economist Callum Godwin emphasizes that the payments landscape is intricate, shaped by various infrastructures and practices over time. The insights provided in the report are designed to demystify these complexities, thereby preparing stakeholders for the ever-evolving global payments landscape.
About CMSPI
CMSPI stands amongst the world's foremost payments consultancies, dedicated to aiding Global 500 merchants in leveraging data to enhance their payment performance. Their expert team combines unparalleled market insights with innovative strategies to help clients achieve substantial savings and growth.
Global Presence
Headquartered in Atlanta, Georgia, with significant presence in Manchester, UK, and Sydney, Australia, CMSPI operates with regional offices worldwide. Their commitment is simple: to empower merchants with the tools and knowledge to excel in a competitive marketplace.
Frequently Asked Questions
What is the CMSPI State of the Industry Report?
The CMSPI State of the Industry Report is a research document providing insights into the payment industry, focusing on emerging trends and challenges faced by merchants.
Who contributes to the Insights Advisory Council?
The Council is comprised of leaders from major companies like Amazon, Target, and McDonald's who collaborate to enhance the payment experience.
Why are payment costs significant for merchants?
Understanding payment costs allows merchants to manage expenses effectively, ensuring profitability in an increasingly competitive landscape.
How can eCommerce affect payment dynamics?
The rise of eCommerce necessitates unique payment strategies due to increased transaction volumes and associated fees.
What savings opportunities exist within payment systems?
Initiatives like dual network debit card routing present substantial savings for merchants by promoting competition and efficiency within payment processes.
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