It's an understatement to say it's been a busy few months for GK. In the U.S., the team has been traveling across the country to meet with customers, prospects and colleagues. We've loved every minute of it. If you'd didn't get the chance to meet with us, we wanted to share some highlights from our recent events, including our U.S. Retail Innovation Summit, The NACS SHOW and the Hy-Vee INDYCAR Race.
GK's First U.S. Retail Innovation Summit
We are incredibly proud of the recent Retail Innovation Summit that we hosted this September in our U.S. headquarters of Raleigh, North Carolina. The two-day event filled the conference rooms of the Hilton Raleigh North Hills with over 150 customers, partners, prospects and GK team members. In fact, keynote speaker Greg Buzek of IHL Group said the audience had "an energy and transparency that is often hard to find at these events."
Exceptional Speakers and Presentations
During the summit, attendees had the pleasure of hearing from several GK team members including Michael Scheibner, CEO, GK Software SE, Michael Jaszczyk, CEO of GK Americas and chief digital transformation officer of GK Software SE, panels featuring executives from Dollar Tree, RaceTrac Ladwig Companies and more. As well, John Pink, global head of consumer experience at Fujitsu spoke about Fujitsu's strategic investment in GK, which took place earlier this year. Pink shared that GK will benefit from Fujitsu's IT resources and funds, while still operating independently. This further validates GK's commitment to remaining platform-independent for its POS and cloud-based technologies.
Exciting Announcements and Demonstrations
On day one of the summit, we also released our latest solution, GK Engage. This comprehensive loyalty program empowers retailers to strengthen their customer lifetime value with strategic personalization. The AI-powered solution generates contextualized outreach for individual customers including messaging, offers and rewards. GK Engage is integrated into GK's OmniPOS solution, making it easy for existing customers to add Engage to their tech stack today.
We also announced the new Customer Experience Center that is now open on an ongoing basis in GK's Raleigh headquarters. The center offers retailers, partners, media and more the opportunity to view many of GK's solutions in action. Visitors can also hear from solution experts who will help retailers determine the best solution deployment for their end-customers.
Charitable Donations and Community Connections
Finally, we announced a $20,000 donation to the Retail Orphan Initiative (RetailROI, Inc) during the conference. This charitable organization raises awareness and provides real solutions for the more than 400 million vulnerable children worldwide, like sourcing clean water and building schools. The donation comes on the heels of a recent trip our very own, Connie Driscoll, manager, PMO, took to Honduras where she supported the local communities.
This conference and the other 2023 GK Retail Innovation Summits hosted in Berlin and Bangkok served as excellent opportunities to bring the global GK community together and discuss highlights from the past and our goals for the future.
While this was GK's first Retail Innovation Summit in the US, it certainly won't be the last.
Big News at NACS
Just a few short days after the Retail Innovation Summit, GK flew to Atlanta for the NACS Show. There, our team met with customers, prospects and partners in the convenience store and truck stop industry to share our latest innovations.
Most notably, we introduced a new joint integration with our partner, Comdata. TotalSTORE POS, which was announced on Oct. 3, transforms Comdata's market-leading SmartDESQ into a next-generation retail platform. The solution is designed to meet the needs of medium and smaller convenience retailers by enabling an interconnected business that promotes excellent and efficient customer experiences.
But it wasn't all work – we also hosted a fun customer gathering at Der Biergarten! We always have a great time at NACS and we're already looking forward to next year's show.
Summer Heat at the Hy-Vee Car Race
Finally, earlier this year we co-sponsored the Hy-Vee INDYCAR Race Weekend at the Iowa Speedway, one of the largest INDYCAR race weekends of the summer! This event was a great opportunity for our customers and partners to connect and enjoy auto races, concerts and more. We hosted tours of the Hy-Vee offices and nearby store, showcasing the GK solutions that are enhancing the shopper experience for the retailer.
Let's Get Together in 2024
So, are you ready to get in on the GK excitement? Reach out today to schedule an introductory conversation. Or, if you love to travel, too, check out our events page to see where the GK team is headed in 2024. First up, the NRF Big Show in NYC from Jan. 13-16, 2024. We hope to see you there!
The GK team takes any opportunity to connect with and honor our fantastic retail customers. Last month, we had the privilege of meeting with our clients in person at several events, including our Retail Innovation Summit in Raleigh, NC.
Today, we'd like to highlight an exceptional, long-term partnership between GK and RaceTrac, a premier gas station and convenience store retailer in 12 southeastern states with 800 convenience store locations. And recently, RaceTrac's acquisition of Gulf Oil LLC has expanded the RaceTrac brand to nearly 40 states across the continental U.S. and Puerto Rico.
Tyler Grubbs, the executive director of store systems and technology for RaceTrac, was recently selected for the Future Leaders in Convenience Class of 2023 from Convenience Store News and the 2023 Influentials: Top Movers and Shakers in Retail award from RIS News in honor of his ongoing work with GK.
Since joining the RaceTrac team in 2011, Grubbs has greatly improved the retailer's technological capabilities and its customer experience. His work with GK has delivered exceptional results, and the partnership is only just beginning.
The Background: How GK and RaceTrac Work Together
When he was promoted to the executive director of store systems and technology, Grubbs set out to ensure the customer experience was never disrupted by technology challenges.
As any customer knows, a gas pump that's out of order or a checkout lane that doesn't take your preferred payment can slow down your shopping journey. And for gas stations and convenience stores, the need to deliver a quick, efficient in-store experience is imperative.
To improve redundancy and uptime rates for these tools, Grubbs turned to GK. By implementing GK's OmniPOS and Drive solutions, the functionality of key touchpoints was greatly enhanced.
The Results: How RaceTrac Improved the Customer Experience With GK
After integrating GK's technology alongside other key architecture advancements, Grubbs and his team witnessed significant improvements to their operations and the customer experience, including:
- 90% fewer critical hardware failures.
- 30% fewer non-critical device failures.
- 40% decrease in customer support tickets.
- 75% increase in time taken to resolve the remaining customer support tickets.
- 30% reduction in IT line-item expenses.
By freeing up valuable time and budget previously spent upkeeping technology, Grubbs and his team can further invest in innovative enhancements to the RaceTrac experience.
The Future: What's Next for RaceTrac and GK
Next, Grubbs is determined to strengthen the employee experience. Currently, tedious tasks like bookkeeping, staff scheduling and day-to-day management tasks can take hours and cause friction across teams.
Grubbs plans to streamline financial processes for employees by connecting disparate data sources across the organization. To get started, GK's POS technology at the pump is already directly connected to the cash register and to the back-end inventory system. This heightened connectivity will help simplify the employee experience and empower the front-of-house team to spend more time assisting the customer and building ongoing loyalty.
Team Up With GK: Contact Us Today
At GK, we believe that it's essential to work closely with our customers and act as partners. We're so proud of the achievements GK and RaceTrac earned together, and we're thrilled to see Tyler Grubbs honored by both Convenience Store News and RIS News.
If you're interested in hearing more about how GK can become a true partner for your business, reach out to us today.
Over five years ago, we launched GK CLOUD4RETAIL, during EuroCIS 2018. Since that initial presentation, many changes, new developments and events, such as Covid or the rise of AI-tools for public use, have occurred. Allowing trends to become more unpredictable. However, GK CLOUD4RETAIL, managed to have an impact on the modern retail experience even though the conditions were not favorable.
GK’s cloud has had the capacity to keep evolving and be ahead of the market. Consequently, 20% of the GlobalTop50 retail organizations already rely on GK and count with over 500.0000 installations in over 60 countries. During the last four years, IDC, Forrester, and Co. ranked GK as leaders with the newest installations for the retail and grocery sector. As part of our constant evolution, we continue to extend our partnership with IBM by integrating GK CLOUD4RETAIL/OmniPOS in their SAP preconfigured solution for the retail industry (IBM IMPACT Solution for Retail). “IBM IMPACT Solution for the Retail industry is designed to be quickly implemented, allowing businesses to use SAP-leading practices without extensive customization or development efforts,” explains Jose Paredes Hernandez, IBM Consulting, Global SAP Consumer Industry Leader & Global SAP Direct-to-Consumer CTO.
IBM, SAP, and GK – a powerful triangle for retail solutions
IBM IMPACT Solution for the Retail industry is designed to reduce implementation timelines, reduce implementation and operational risk, and to increase the return on investment. SAP actively provides GK’s solutions as a selling product in their portfolio. GK OmniPOS is a point-of-sale (POS) software solution offered by GK, as a leading provider of omnichannel retail solutions. It is an integral part of GK’s commerce platform CLOUD4RETAIL. The following are key elements taken into consideration to bring GK OmniPOS into IBM’s IMPACT Solution for Retail by IBM:
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Omni-channel capabilities: GK’s POS platform enables retailers to unify their online and offline sales channels, providing a seamless shopping experience for customers. It allows businesses to integrate their POS system with e-commerce platforms, mobile apps, and other sales channels.
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Customization and scalability: GK OmniPOS offers a high level of customization to meet the unique needs of different retail businesses. It can be configured to support various industries, such as fashion, grocery, electronics, and more. The software is also scalable, allowing businesses to expand and adapt as they grow.
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Advanced functionality: GK’s retail solution provides many features and functionalities beyond basic checkout operations. It includes inventory management, customer relationship management (CRM), loyalty programs, promotions, analytics, and reporting capabilities. These advanced features help businesses optimize their operations and make data-driven decisions.
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Integration capabilities: The system integrates with other business systems, such as SAP ERP (Enterprise Resource Planning) and financial systems. This integration streamlines data flow, improves accuracy, and facilitates centralized management of various business processes.
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User-friendly interface: GK Software focuses on delivering a user-friendly and intuitive interface within all technologies. This makes it easier for store associates to learn and use the system effectively, minimizing training time and reducing errors during checkout.
Organizations from diverse industries with unique needs have the opportunity to benefit from its customization and scalability as well as, its omnichannel capabilities, enabling retailers “to unify their online and offline sales channels, providing a seamless shopping experience for customers”. Other key principles include the advanced functionality that GK OmniPOS provides, which goes beyond basic checkout operations and allows organizations to optimize operations and carry out data-driven decisions. The integration capabilities merge with other systems in the organization, e.g., SAP ERP and financial systems. The last key element to consider would be how user-friendly and interactive the GK interface is, making it “easier for store associates to learn and use the system effectively, minimizing training time and reducing errors during checkout,” summarizes Jose Paredes Hernandez, the IBM’s SAP Global lead for Consumer Industries.
Backstory
In 2016, IBM and SAP partnered to develop tools that would speed the digital modernization of their conjoint customer’s journeys. Due to that union, SAP S/4HANA implementations were accelerated up to 20% to 30%, and more than 20% to 30%, and more than 200 were advised on the S/4HANA journey.
GK can now benefit from being part of IBM's SAP preconfigured solution for the retail industry. “We are very pleased that IBM has chosen GK Software's solutions to functionally extend IBM IMPACT for Retail with GK’s components & services. IBM's SAP preconfigured solution for the Retail industry can now offer front office functionalities in addition to back office”, explains Thorsten Niehoff, Global Head of Engineering at GK Software. GK expands “IBM IMPACT Solutions for Retail”, allowing worldwide organizations and retailers to benefit from these solutions, such as diminishing the implementation risk by leveraging hundreds of pre-built industry best practice business processes. Jose Paredes Hernandez concludes: “GK CLOUD4RETAIL/OmniPOS is designed to streamline and enhance the checkout process in retail stores with seamless integration with SAP S/4HANA and SAP CAR.” Other main purposes include accelerated speed to market and value realization while mitigating risks with a fully tested, validated, and hardened SAP S/4HANA system. The training of IBM consultants to start implementation with preconfigured SAP, IBM, and GK systems is also a key purpose.
GK CLOUD4RETAIL
GK CLOUD4RETAIL is a flexible, full-service platform offering unrivaled time-to-market, and highly secure operations for retailers of all sizes. Our comprehensive retail platform supports the most important services for unified commerce and is adjustable for alternative solutions directly by the retailer or other implementation partners.
In June 2021, IBM and GK announced a global partnership“Accelerating Retail Innovation with GK Software and Hybrid Cloud for Retail”.. This partnership put IBM in a position to offer a full portfolio of solutions for the retail store.
Shoppers can go to most any store, online, mobile or brick-and-mortar, find what they need, check out, and end their shopping journey. But it's the responsibility of the brand or retailer to turn this one-time experience into a long-term customer relationship.
However, with so many unique shopping journeys to consider, retailers often struggle to find the best touch point for engaging with each customer. Some shoppers might devote loyalty to the retailer that has the easiest website to navigate. Other shoppers might prefer an in-store experience that's supported by a mobile app with personalized coupons. Finally, some shoppers might focus their favoritism on retailers that create the quickest checkout experience.
Regardless of where, when and how a shopper interacts with their favorite brand or retailer, it's important that their preferences are met. For retailers, this requires investing in exceptional experiences across every touch point – before, during and after the purchase.
Here are a few ways that retailers can make every touch point count.
Delighting the Customer During the Discovery Phase
On average, consumers spend 55 seconds viewing a webpage and just four minutes on the website throughout the entire session. If the shopper doesn't find what they're looking for in that time, they'll likely take their business elsewhere. This is true for in-store shopping too. If a shopper can't find an item quickly, they may be tempted to search online for the product, an action that might bring them to an entirely different store.
This is where strategic personalization comes in. Personalization can guide shoppers through a store, ensuring they find the items they need every time, whether they are shopping online, via mobile or in person.
With artificial intelligence tools like GK AIR Personalization, the items shown on the front page of a website or in-store app can be determined automatically based on the customer's preferences and past behaviors. This can go a long way when it comes to grabbing a shopper's attention early in their journey and earning more of their loyalty.
In fact, Sanicare, a pharmaceutical retailer, improved conversion rates by 2% and recommendation turnover rates by 5% thanks to GK AIR Personalization.
Simplifying the Sale for the Shopper
Now, imagine the shopper found what they were looking for and made their way to the online or in-store checkout. Eleven percent of the shoppers who made it this far will abandon their cart if their preferred payment method was not accepted by the brand or retailer. And, 51% of shoppers will leave a store without making a purchase if the checkout line is too long.
These situations are easy to avoid when retailers invest in diverse payment and point-of-sale (POS) capabilities. With TransAction+ by GK, retailers and shoppers can rest assured that any type of payment is accepted and processed securely.
Additionally, of the global top 50 retailers, 24% rely on GK's OmniPOS solution. This technology breaks down shopping barriers by giving customers the opportunity to check out across a wide variety of touch points.
The OmniPOS solution stores all purchasing data in one location, empowering retailers to strengthen their data to power other customer experience initiatives such as personalization, retail media and loyalty programs.
Similarly, GK also enables retailers to incorporate MobilePOS into their payment strategy. With this tool in place, shoppers can make a payment in the aisle, in the checkout line or on the go. What's more, shoppers can opt for a completely scanless experience with GK GO. By simplifying the payment and check out experience, retailers can impress shoppers mid-sale.
Prolonging Relationships Post-Purchase
Once the sale has been made, the retailer's job has just begun. Fostering a post-purchase relationship is key to improving customer lifetime value. This can begin immediately after a purchase.
In fact, GK partners with TruRating to provide retailer customers the opportunity to ask their shoppers one experience evaluation question at the point of sale. This allows the retailer to earn useful feedback that can strengthen customer experiences moving forward.
Another way to promote ongoing connectivity is through a loyalty program. With GK Engage, retailers can showcase highly contextualized and personalized rewards, encouraging shoppers to make shopping with them a habit. GK Engage empowers retailers to build long-lasting relationships and optimizes key customer KPIs.
Finding One Partner Who Does it All
Managing each touch point for each shopper can be time-consuming and expensive. But by choosing one technology partner that can optimize across every touch point, retailers can ensure exceptional experiences before, during and after the sale.
GK is the single technology partner with the capabilities and expertise to take every retailer interaction to the next level. Contact us today to learn how we can help you make the most out of every shopper's experience.
GK today announced its latest solution, GK Engage, a modern, comprehensive and AI-powered loyalty program for every omnichannel retail touch point. This solution empowers retailers to create highly contextualized and personalized outreach including messaging, discounts and rewards that improve customer lifetime value and enrich a retailer’s competitive differentiation. GK Engage was announced at GK’s first-ever Retail Innovation Summit for the Americas, which is taking place Sept. 25-26 in Raleigh, North Carolina. Attendees can view GK Engage, alongside other GK solutions, at the newly unveiled GK Customer Experience Center.
GK is a world leader in point-of-sale (POS) technology and, as a result, its product team has talked with retailers who wanted more out of their loyalty systems. To fill this gap, GK developed GK Engage, a modern take on loyalty. The solution draws inspiration from two successful GK solutions, MCA, GK’s mobile loyalty program, and T+ Loyalty. These predecessor technologies have serviced more than one billion transactions per year for over six million registered users. Now, GK Engage customers will reap these benefits at scale using one comprehensive platform that works across a diverse range of online and in-store retail touch points.
GK Engage provides retailers with real-time, AI-driven, personalized loyalty offers that surprise and delight customers. The complete solution creates loyalty tiers that automatically track all customer interactions and generate relevant campaigns to safeguard long-term retailer relationships and customer lifetime value. GK Engage can be integrated with merchandise master data and customer data to ensure all recommendations, promotions, coupons and more are beneficial to the individual customer, as well as the retailer’s current inventory availability and financial goals.
What’s more, GK Engage is already integrated into GK’s OmniPOS solution across all touch points including traditional POS, self-checkout kiosks, mobile, and frictionless store technology like GK GO.
“GK Engage was created for any retailer, regardless of where they are in their loyalty journey,” said Michael Jaszczyk, chief digital transformation officer, GK and CEO, GK Americas. “The solution is extremely flexible. For some retailers, GK Engage will serve as a complete solution, while others may integrate the solution into a CRM or an existing customer offer system. I look forward to presenting GK Engage alongside our other innovative solutions at the now unveiled GK Customer Experience Center.”
Today and tomorrow, GK customers and partners from across the U.S., Latin America and Canada are gathering at GK’s US headquarters in Raleigh, North Carolina to take part in the 2023 GK Retail Innovation Summit. In addition to hearing from renowned retail experts like Greg Buzek, founder and president, IHL Group, attendees can visit GK’s new Customer Experience Center.
The center showcases GK technology and allows viewers to envision a modern, efficient, and exceptional shopper experience across various key touch points including the point-of-sale, the fuel pump and the e-commerce site. At the Customer Experience Center, prospective retail customers can hear from solution experts who will help them to design the best solution deployment for their end-customers. The technology featured in the center includes GK Engage, GK OmniPOS, self check-out, GK Drive, GK GO, GK AIR (artificial intelligence for retail) and fraud prevention solutions from Fujitsu, which invested in GK as a strategic investor earlier this year.
GK customers and partners can view GK Engage and other innovative GK solutions at the Customer Experience Center by invitation. Prospective retail customers can request to visit the Center through their designated sales representative. Media can contact This email address is being protected from spambots. You need JavaScript enabled to view it. to schedule a visit.
To learn more about GK Engage visit https://www.gk-software.com/us/solutions/gk-engage.
Today, shoppers can get any product they want almost as soon as they want it. In fact, Amazon reported that it achieved its fastest Prime speeds in Q2 2023, with over half of Prime members in major U.S. cities receiving orders the same day or next day. According to the report, these delivery times are four times faster than they were in 2019.
As e-commerce delivery times continue to improve, the value of brick-and-mortar retail becomes even more critical., Even with same-day delivery, visiting a local store can still result in quicker fulfillment, but only if the store has exactly what the shopper wants.
Therefore, it's essential that brick-and-mortar retailers have the products their customers need, when and where they need them. This involves an advanced understanding of a store's inventory and the connectivity of nearby warehouses and fulfillment centers, which in many cases are the retailer's stores.
Let's dive into the best practices for meeting local fulfillment demands and how store inventory management technology helps physical retailers keep up with ever-improving online delivery options.
The Global Inventory Challenge at a Local Level
Recently, IHL Group studied out-of-stocks from the customer and retailer perspective. They measured how frequently customers visit local stores in their communities looking for something but were unable to find it, as well as how often retailers were using discounts to reduce excess inventory, avoid spoilage and sell-through off-season products. IHL Group referred to this crossroads of negative customer and retailer inventory experiences as "inventory distortion."
The firm's research report, Retail Inventory Distortion Study, the Good, the Bad, and the Ugly, stated that, "In 2023, the total cost of inventory distortion is projected at $1.77 trillion, with out-of-stocks accounting for $1.2 trillion and overstocks totaling $562 billion." The report cited vendor issues and theft from employees and consumers, and bad inventory data systems as major drivers of this growing inventory shrink. In fact, poor internal processes and internal data system issues were attributed as the cause of $412 billion in inventory distortion.
How Real-Time Inventory Management Technology Can Help
One way to combat inventory distortion and improve the availability of stock at local stores is to take a holistic, data-driven approach to inventory management. This involves both advanced data-driven technology and employee training.
Oftentimes, inventory management is conducted in silos with store managers reviewing inventory at their location, and headquarters reviewing ERP systems at a high-level. This leads to inventory management errors and a disjointed view of overall inventory across the organization.
Additionally, many inventory disruptions are caused by human error when an employee is not trained properly on using the right systems to manage and report stock status to corporate. For example, imagine a store in Chicago is running low on a jacket that a Minneapolis store has in excess. Headquarters may not have a comprehensive view of where products need to be and when because an employee in either store might be unsure how to respond to the situation. This could result in shoppers in Chicago leaving empty-handed while the Minneapolis location might have to discount the jackets to move through the extra inventory, decreasing margins.
To avoid this problem, retailers should strive to implement an in-store system with an integrated and easy-to-use inventory management platform that allows for real-time data exchanges at both the corporate and store levels. This technology ensures that the central system effectively represents what employees and shoppers see on the shelf, while eliminating the risk of conflicting data entries.
Automate Key Inventory Processes With GK
Achieving a full view of inventory includes a lot of moving parts like stock transfers, returns management and more. With GK's Store Inventory Management solution, retailers can track all movement within their stock with ease.
The solution offers a detailed inventory intake that stores all reference documents for products, receipts and returns. Better yet, since it is integrated to GK OmniPOS, inventory activity can come from any in-store touchpoint including mobile devices, increasing the efficiency in which store employees update inventory information. The solution also manages unexpected inventory issues like recalls, last-minute reallocations, emergency orders and defective product support.
With this enhanced level of accuracy in real-time inventory reporting, retailers can also begin to rely more heavily on AI-based forecasting and replenishment technology. These tools base their decisions off of data, and the more accurate the data is, the more the technology can positively impact the customer experience. Finally, with mobile reporting capabilities, response times improve, leading to fewer last-minute inventory challenges.
In addition, if a disruption in the supply chain or a sudden change in regional demand does occur, GK's platform helps retailers make quick adjustments to the inventory strategy that limit the impacts of the disruption.
Get Started With Enhanced Inventory Management Today
By unlocking store-level process support, retailers can rest-assured that each store is appropriately stocked based on the supply and demand needs of the regional customer base. In addition, if a disruption in the supply chain or a sudden change in regional demand does occur, GK's platform helps retailers make quick adjustments to the inventory strategy that limit the impacts of the disruption.
Are you ready to take your store inventory management to the next level and compete with the rapid fulfillment timelines of needed to win over shoppers today?
Reach out to us today to learn more about GK's Store Inventory Management solution.
The Management Board remains the ultimate authority on company operations and will continue to comprise Michael Scheibner as Chief Executive Officer, André Hergert as Chief Financial Officer, and Michael Jaszczyk as Chief Digital Transformation Officer and CEO of GK Americas. Oversight of the Management Board will be conducted by the Supervisory Board, led by Chairman Nicholas Fraser, Deputy Chairman Dr. Anke Nestler, and member John Pink.
Introducing the Executive Board
Serving in an advisory capacity, the newly formed Executive Board will assist the Management Board in crucial decision-making processes and oversee the implementation of key strategic initiatives.
Key Appointments
- Bill Miller, a seasoned leader in GK Software USA, Inc., will take the helm as Head of Sales Americas. He will oversee both sales and PreSales Consulting teams.
- Thomas Schuetz will serve as Head of Professional Services Americas, responsible for the Professional Services sector in the Americas.
- Stefan Amrusch, as Interim Head of Sales EMEA, will oversee Account Management, New Markets, PreSales Bid & Consulting, Technical PreSales, Solution Sales, and the Africa region.
- Hendrik Heller is appointed Head of Professional Services EMEA, focusing on expanding services in the EMEA, Africa, and APAC regions.
- Dr. René Schiller will serve as Global Head of Marketing, overseeing a range of responsibilities from Public Relations & Affairs to Brand Strategy.
- Hendrik Kirchhoff becomes Global Head of Product Management, tasked with setting product vision, strategy, and roadmaps.
- Thorsten Niehoff will lead the development of CLOUD4RETAIL as Global Head of Engineering, overseeing areas such as Architecture & Database Technology and Software Development Kits.
- Orit Bar-Ad will serve as Global Head of Portfolio Strategy, responsible for aligning our product portfolio with customer needs and managing Technology Partnerships.
- Rajko Böhlmann is appointed Global Head of Finance, representing the Finance division on the Executive Board.
A Global Head of People & Culture will be appointed soon to lead the Human Resources department and further cultivate corporate culture; the selection process is ongoing.
The Future is Bright
This restructuring aims to streamline GK Software’s operations, bolstering efficiency, transparency, and accountability. This shift is designed to propel us toward continued sales success, profitable growth, and sustained leadership in the industry.
It is estimated that there were more than 570 million credit cards in use in the U.S., averaging 1.7 credit cards per citizen. Worldwide, the volume of cashless transactions in 2022 totaled around $1.157 billion USD, and the trend is rising. This means that the number of fraud attempts on cashless payments is also increasing. According to the 2022 Nilson Report, losses due to card fraud amounted to $32.34 billion USD in 2021. This makes it all the more important to develop and constantly monitor the hardware and software used in payment transactions.
There are also impressive facts on cybercrime: in 2022, the damage caused by cybercrime worldwide and in all sectors was estimated at $8 trillion USD. For example, 310 million internet users suffered a breach of their accounts in 2022. Of particular importance to retailers, 24% of cyberattacks targeted retailers, which is more than any other industry. Yet 99% of retail cyberattacks are financially motivated.
As a result of these troubling statistics, commercial businesses are required to regulate the personal data of their shoppers. This requirement can be challenging as retailers often work with many partners that use data to enhance customer service, like solution providers that work to improve fraud protection, personalization and more.
Let’s discuss how data privacy impacts the retail industry and how GK helps protect its retailer partners.
Safety is doubly important in the retail industry
While the above facts demonstrate the urgent need to minimize the risk of attack and potential damage, it is also a legal requirement for commercial enterprises. The General Data Protection Regulation (GDPR) of the European Union ("EU 2016/679"), regulates the processing of personal data of individuals, companies or organizations in the EU. In addition, the NIS2 - Directive is newly significant, which ensures a high common level of cybersecurity in the European Union (2023). Companies designated by Member States as operators of essential services in the above-mentioned sectors must take appropriate security measures and inform the competent national authorities of serious incidents.
Fines of up to €10 million or 2% of global revenue are possible for data protection violations. Between 2018 and 2022, GDPR fines in Europe cumulatively amounted to over €2.381 billion. Additionally, retailers and retail technology vendors must maintain compliance with ever-changing privacy laws across the U.S. states in which they conduct business. In fact, the National Conference of State Legislatures reported that, “at least 25 states and Puerto Rico introduced or considered almost 140 consumer privacy bills in 2023.” These laws are in reaction to the landmark California Privacy Rights Act (CCPA), which regulates how businesses collect, maintain and sell personal information of consumers within the state.
In the future, in addition to the high penalties due to data breaches (GDPR), there will also be high penalties for non-compliance with security measures (NIS2). Merchants and service providers must therefore prove that they apply the highest possible security standards; in the case of GK OmniPOS, this is done via the PCI Software Lifecycle Standard.
GK certifications for OmniPOS and TransAction+ showcase a commitment to customer security
Every day, around four million transactions take place with GK OmniPOS at more than 120,000 systems worldwide, and a large number are paid for with cards. This is reason enough to rely on the highest security standards in our software. These range from a standardized security training system for our employees to detailed software security documentation.
The Payment Card Industry (PCI)Payment Card Industry (PCI) Data Security Standard is a set of rules in payment transactions that relates to the processing of credit card transactions and is supported by all major credit card organizations. The protection of payment data is a top priority for payment software providers; with certifications according to the Software Security Framework (SSF), they prove that both the payment software and its development processes meet the highest, comprehensive security requirements.
The overall PCI Security Framework comprises two standards: The Secure Software Standard (SSS), which includes core requirements related to payment applications, and the Secure Software Life Cycle Standard (PCI SLC). Both programs focus on different aspects of software security validation. Payment software validation under SSS ensures secure application development in accordance with industry best standards and practices. Accordingly, SSS validates the overall effectiveness of the software to protect the integrity of the software and the confidentiality of the sensitive data it stores, processes and transmits. PCI Secure Software Life Cycle starts elsewhere, as this validation ensures that the software development process, methodology and practices of the software provider are secure and integrated into the complete software life cycle.
GK OmniPOS has carried the PCI SLC since April 2023 after an extensive testing process; GK OmniPOS had already passed the PCI SSS the previous year. The PCI Secure Software Life Cycle Version 1.1. security certificate confirms that the GK OmniPOS standard product is secure for payment transactions, while reducing risk or vulnerabilities by building strong defenses against attacks. The technology and the design and maintenance of the software solution is secure throughout the software lifecycle.
In addition, GK’s TransAction+ (T+) payment solution, sold in both the United States and Canada, has also previously received the PCI SSF certification. This recognition demonstrates that TransAction+ is a safe payment solution that prevents data vulnerabilities and protects all sensitive information related to a transaction. The presence of this certification and the PCI SSS framework certified to OmniPOS highlight GK’s ongoing commitment to offering secure, best-in-class solutions for its customers.
Proof of security for future versions of GK OmniPOS
The validation process was supported by the accredited auditor usd AG, which accompanied the audit over the last two and a half years and went through the development work with adjustments to the source code, the documentation and revisions as well as the final audit by the PCI Council with GK. With the PCI Secure Software Life Cycle certification, GK ensures the continuous maintenance of the validation of its software, and it is proven that GK can offer "SSF-compliant" new software versions.
Benefits of PCI compliance with GK OmniPOS:
- Confirmation of the highest security standards for the use of the solution GK OmniPOS
- Reducing the risk of high penalties due to data breaches
- Reducing the impact of security vulnerabilities occurring in the future
- Easier integration of applications for GK customers who are PCI DSS certified
- Quickly share information with customers to mitigate security vulnerabilities that may arise in the future
- Prioritized remediation of future security vulnerabilities and coordinated delivery of security updates
- Higher quality of applications through continuous security analyses of the software and continuous employee training
- Identity theft and credit card fraud risk management
- Increasing the protection of customer data
- Reducing the risk of negative effects on cash flow
Would you like to learn more? Please feel free to contact us.
The one word to best describe retail is, change. The transformation of retail industry is constantly taking place with the rise of department stores to the birth of Retail 4.0: Omnichannel, ubiquitous retailing, and the players in this industry continuously face new challenges to keep abreast of competitors. The pandemic, global events and other unforeseen events have even accelerated these obstacles at a great speed. New opportunities have been created for retailers and consumers due to the dramatic shift in consumer behavior, however, not all retailers experience the same adversity. The strive to adapt to ever-changing needs and macroeconomic uncertainties add to the complexity of the challenge.
Many studies have notably mentioned that understanding consumer buying behavior remains the toughest retail obstacle. According to a survey by ShopperTrak of nearly 200 retailers, executives, financial analysts, industry analysts and university academics, 44% of attendees reported that understanding consumer behavior in-store is currently their biggest challenge faced by retailers, followed by using big data to make business decisions, omnichannel pressure, keeping up with technology and so on.
What makes consumer buying behavior such a difficult yet an important hurdle to tackle? The reason being, understanding customer behavior is a complex process as it is not simply a study on how people make decisions when buying a product or service as there is so much more to it. Other related factors such as customers’ decisions to select, purchase, consume and dispose of goods or services over time shall also be taken into consideration in a comprehensive approach. Everyone has a buying persona. We go through our own unique ways to arrive at final buying decisions which are influenced by countless small and large consumer behaviors, and this consumer insight is what makes it valuable and crucial to be understood, defined and leveraged upon. Of course, it is not something that is impossible to achieve.
In coping with the swift changing consumer behavior and demands, another new normal in retail industry is the urge for retailers to keep up with advancing technology. Conversely, innovation is also the drive to evolving consumer behavior and expectation. A study conducted by RSR mentioned that 63% of retailers with sales outperforming the average have major redesigns on the way, while 52% of retailers are planning to replace existing stores with new formats. Well, that’s quite a “bit” of innovation that is taking over. Truly, there is no one-size-fits-all solution at present. Not every innovation suits the retailer’s needs and taking the wrong turn could cost a heap amount of business loss, energy, and time.
It is essential that retailers leverage the challenges of unpredictability, digitalization and volatility and turn them into business advantages to successfully operate in a highly competitive and dynamic customer-driven market with the right technology, or risk failing behind the competition. As quoted by Michael Jaszczyk, Chief Digital Transformation Officer of GK Software SE, CEO of GK Software USA, Inc. in RetailToday, “In 2023, retailers need to take a leap of faith and turn their customer data into action with new technology. The retailers that prioritize strategic pricing, organizational efficiency and great customer experiences will reach new heights in 2023 and position themselves well for the future”.
Here’s how, there is no crystal ball to predict the future, but GK is here to provide the most comprehensive retail software to address your business needs.
In a nutshell, GK offers GK CLOUD4RETAIL, a unified cloud platform that is customer-centric and powered by AI for omnichannel retailing. It offers maximum flexibility for optimized and seamless omnichannel processes to engage with customers at every touchpoint and in every sales channel. GK CLOUD4RETAIL as an open platform enabling it to be integrated cost-efficiently into any IT landscape. The benefit of scalability makes it easy for deployment by retailers of all size and is also a completely internationalized solution.
Interested? Talk to us today and learn more about GK CLOUD4RETAIL platform.
Loyalty programs have been a long-standing part of the shopping experience. From physical tokens and coupons to keychain loyalty tags and emails – everyone has taken part in a loyalty program of some kind. As the industry advanced, these programs shifted to reflect the latest customer trends and preferences.
Today, retail loyalty programs are more sophisticated than ever. With personalized promotions that come directly to a consumer's chosen digital touchpoints, we're rounding the corner into a new era of loyalty.
Let's dive into how far loyalty programs have come and where they're headed next.
How Have Loyalty Programs Evolved?
According to a New York Times article, the first reported loyalty program came about in New Hampshire in 1793, when a merchant gave out "copper tokens" that could be collected and used in future visits. This bare bones approach is similar to modern loyalty programs in that its sole purpose was to encourage repeat visits from shoppers.
Fast forward to 1921. Betty Crocker implemented a rewards program in which consumers could find coupons for silverware in the bottom of their cereal boxes. The program incentivized consumers to buy enough cereal to collect the coupons for an entire matching set of silverware.
And finally, in 1981, American Airlines launched the first ever frequent flyer program, which provided loyal customers with free or discounted flights in exchange for accrued miles flown. Other hospitality brands followed suit. Hyatt, Marriott, Southwest Airlines and more developed their own loyalty programs soon after.
While we've come a long way from copper tokens, these loyalty program examples set the foundation for the experiences we know and love today.
Loyalty Programs Today
Loyalty programs are even more important than ever. In fact, Mintel found that 90% of U.S. adults belong to at least one loyalty program. Meanwhile, Bond reported that the average consumer has 14.8 loyalty cards.
Loyalty programs create a lot of value for shoppers – especially during difficult economic periods. These programs are designed to help strengthen the customer's relationship with their favorite brands and retailers, but they also increase a shopper's number of visits and basket sizes.
In recent years, personalization has begun to play a role in loyalty programs. This helps ensure relevancy on promotions and discounts that improve redemption rates. But this "introduction" to personalization in loyalty is just the beginning.
What's Next for Loyalty Programs?
The loyalty programs of the future will focus more on true loyalty, as opposed to financial loyalty. The key difference here is that true loyalty is derived by a real connection to the brand or retailer whereas financial loyalty is driven by the extrinsic rewards.
AI-driven personalization, available in GK's latest solution, GK Engage, is the key to taking loyalty programs to the next level. This technology can automatically analyze customer behavior and determine the right coupons, recommendations and outreach to connect with each shopper.
For example, one shopper might respond well to a buy-one-get-one deal. Another might be more pleased by a reminder notification that they forgot to buy jelly to go with the peanut butter in their cart. In the first example, the shopper's loyalty cost the retailer a portion of their margins. In the second, the value was purely relationship-building. Both types of outreach were delivered instantly by AI, meaning that marketers can spend time strategically improving their shopper relationships instead of managing individual transactions.
By incorporating personalization, retailers and brands can develop true loyalty. And, as retailers and brands explore the vast amounts customer and transaction data and robust analytics they now have, loyalty programs can grow to become more relevant for shoppers and more profitable for the business.
How Will You Transform Your Loyalty Program?
With GK, retailers and brands can use their data to create relevant loyalty programs based on highly contextualized and personalized connections, which enable the business to increase customer lifetime value.
Click here to learn more about GK Engage and contact us if you're ready to personalize your loyalty program with GK.
