Black Friday 2024: Balancing convenience and security in the evolving payment landscape

As Black Friday approaches, retailers prepare for the busiest shopping period of the year. With Nationwide Bank forecasting record sales and a 9% increase in transactions this Black Friday compared to 2023, many retailers will focus on the final touchpoint in the customer journey: the point of sale. The rise of new payment methods and growing consumer expectations are encouraging retailers to find the right balance between convenience, transaction security and efficiency.

Dean Frew, President of RFID Solutions Division at SML Group noted that the key to addressing this issue lies in investing in the right technology to mitigate shrinkage: “One retailer has shared with us that over $2m per year is lost to returns fraud. Using RFID technology, retailers can instantly verify whether an item has ever been sold and manage the returns process accordingly. This not only prevents losses but also deters fraudulent activity”.

Progressive technology, such as RFID tags, can be applied to items to help businesses track products through the return process, ensuring only legitimate returns are accepted. This system acts as a safeguard, ensuring retailers can efficiently handle high customer traffic without getting slowed down by endless refund lines or the constant threat of fraudsters slipping through the cracks.

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