How to Ensure Retail Tech Labs are Successful

Tesco, Marks & Spencer and John Lewis have all announced the creation of technology laboratories. From the technology vendor perspective, here’s my ten recommendations to retailers to ensure success.

Be clear on your rationale. Are you looking to for a place to pilot new ideas you’ve already decided to roll-out? Or a demonstration facility to help convince senior management to invest more in technology? Or even skunk works for your own technology teams to showcase new ideas? Whichever, make sure you know what success looks like and wrap this up in a Charter which you can share with suppliers, technology vendors and your own staff.

Build your own use cases. You know your customers better than anyone else so get your teams to set challenges for the lab, such as improving certain processes or finding cheaper or more exciting ways of reaching customers. Resist the temptation to ask your vendors for new ideas or you may just get recycled innovation from their other customers.

Give your existing suppliers first crack. There are plenty of sexy start-ups in retail technology but your own vendors know you best. Give them first chance to show you what they can do.

Don’t be greedy. You’re probably asking vendors into your lab and expecting them to work for free so as to make you (and them) look good. There’s a temptation to charge an additional fee for access to your brand and customers. One retailer even once asked me for a royalty on all future sales. Don’t give in. Make sure you’re working with the right vendors, not jut the ones prepared to pay.

The value of investments can go down as well as up. The vendors you bring into the lab may pitch you an opportunity to buy equity. Just say no. You’re expert in buying technology. Investing in it is quite a different game and best left to the professionals.

Spread the love. Labs are hard work and suck up resource from your vendors as well as other teams in your own business. Be generous with praise and reflected glory. Put videos on YouTube with name checks for the people involved, enter awards and give testimonials. You want the best and brightest to work with you rather than your competitors so show them you care.

Get a high traffic location. The lab needs a wide audience so it’s best located at head office or a major store near a railway station. If PR is what it’s about, then London has overwhelming advantages.

Be clear what you’re testing. However tempting it may be to replicate a fully functional store, think carefully about integrating demonstrations to your live systems. Often, there’ll be a cheaper, quicker and less risky way of proving the same point.

Local tech support. Wherever you put it, the lab will need onsite support from technicians that know what they’re doing. Innovative stuff goes wrong more often and your integrations will be pretty basic and unreliable. You don’t want everything failing when the CEO comes to visit. It’s happened to me and it’s not pretty.

Guard your staff. Technology vendors pay better than retailers. Make sure your best people are happy or in the heady and innovative laboratory mix of business and technology, your suppliers may pinch them.

An edited version of this blog first appeared in Retail Week (££).

Call yourself a marketing director?

B2B marketers are fragile things, always fretting that their CEO doesn’t understand them and perennially downcast that they don’t have a seat at the top table in their organisation. B2B conferences often turn into group therapy sessions searching for ways to “make marketing relevant” or “show the value of marketing.”

Trust me. If you were really doing marketing, you wouldn’t be asking these questions.

Peter Druker rather pithily said: “There are only two things in a business that make money – innovation and marketing, everything else is cost,” but what he means by marketing and what many B2B marketing directors do for a living are often two rather different things.

Leafing though a pile of job specifications for marketing directors underlines that in many businesses the most important marketing tasks are actually done by someone else in the company.

  • The most important P is product. Who decides which new products are developed and launched? Most likely it’s the product director not the marketing director.


  • Next comes price. Well, I’ve been through a dozen job specs for B2B marketing director roles and I’ve not seen price mentioned once. Who compiles and signs-off the price list? Probably the product director in conjunction with finance and sales.


  • Place. Who decides the distribution strategy, the channel mix or the overall business model? That’ll be the sales director although the marketing director may be told to recruit and retain a partner network.


  • Promotion.  Absolutely.  A core task for any B2B marketing director is to take a given product, a price list and a distribution strategy and go generate some demand.

Frankly, if you don’t decide product, pricing and distribution, you’re not actually in charge of marketing for your company. In which case, your title shouldn’t be marketing director but rather head of communications and campaigns or similar.

Chances are, your boss is taking the big marketing decisions. And your boss is typically either sales and marketing director (almost always a sales professional) or a product and marketing director (usually from a technical or consulting background).

My conclusion. Stop whinging that you’re not being taken seriously by your CEO and start thinking how to get your boss’s job. That probably means taking a step sideways first of all, either into sales or product. Then you can step up and start taking the big marketing decisions.

Meanwhile, as David Packard said, “marketing is too important to be left to the marketers.”

Clover opens a new field for First Data

An unexpected delight at yesterday’s Retail Expo was the debut of Clover – a new EPOS product for SME’s. Clover was acquired by First Data – the world’s largest payment processor – in 2013.

The SME EPOS market looks large at first sight; there are over 140.000 retailers in the UK and a number of large technology companies have tried to exploit the lucrative potential of a “shop in a box.” But each has failed in the face of stiff competition from a  Darwinian array of niche EPOS vendors specialising in everything from dry cleaning to funeral parlours. These businesses (often set up by ex-retailers) have spent years honing their software to an exact fit of their customers needs which, up until now, has made the provision of a “shop in a box” pretty much impossible. Retail sounds to management consultants like a single customer set but it’s not.

This may be about to change.

The roaring success of Square in the US has drawn a number of big players into the market for in-store technology. The idea? Provide a generic EPOS system that includes hardware, payments and a basic stock/table management with a set of open API’s. Then get the Darwinian niche guys to rewrite their software as applications provisioned through an app store. The retailer gets the right software for their business but with the advantage of service delivery from a global giant. And the niche software vendors can focus on their customers’ needs and not worry about operating systems, cash drawers, payment service integration and all the annoying, low margin stuff they have to supply to make their software work.

Even better for the retailers, this model will encourage 3rd parties to integrate their services with the core EPOS and payments processes. These could be loyalty schemes such as Nectar, mobile wallets, tax free shopping services, people counting systems, table booking applications and so on.

EPOS integration is really hard right now. There are thousands (yes, thousands) of EPOS vendors in the field. Most want to get paid for writing integrations and don’t publish API’s. Worse, even when you pay them money, integration to 3rd parties is often so far down the development queue that nothing ever gets done. I know this from bitter experience, having sat on both sides of this particular fence.

So, turning EPOS into a cloud-based app delivered by a large player committed to open API’s should be a winning strategy. How does Clover measure up?

What I like

  • This is a good bit of big company innovation from First Data. Its core business of payment processing is low growth with declining margins so it makes a lot of sense to find other products that would be attractive to its customers. EPOS is one and the strong linkage with payments gives First Data a right to play. It was the only merchant acquirer exhibiting at the Retail Expo. Clover makes First Data relevant to the sector.
  • I also like that they have bought rather than built the capability. There’s no shortage of start-ups focusing on retail technology so there’s no sense in writing your own code.

Clover EPOS

  • The Clover package looks lovely. It’s a very sleek, Apple-style, white with beveled edges and a very attractive sleekness. The package includes touchscreen tablet, cash drawer, scanner, printer and even weighing scales. The UK version features a desktop or mobile chip & PIN machines.

Clover EPOS Screenshot

  • The touch screen tablet is proprietary and runs Android. Out of the box, it comes with a fully featured EPOS system with basic inventory management, employee clock in/out and table management. I visited one triallist, Café Vergnano in London. The staff were delighted with the system although they were adamant that Clover worked on an iPad. Such is the power of branding.
  • Set up is really easy. You just need to plug it in and turn it on. No gold build.
  • It is resilient. If it can’t get an Internet connection, you can still trade although you won’t be able to authorise card payments.
  • Clover is properly built for the mobile age. Running the apps on Android means that they should be able to run on other devices, liberating the staff from the tyranny of the till point. Elements of functionality could be decoupled and run on the customers’ phones too.
  • The analytics look good and are accessible from any device and (again) are built to look good on a mobile.
  • The app store is still in beta so not offering much yet but strategically it absolutely the right route.

But there are some challenges…..

  • Firstly, Clover is commercialised by First Data, a company that knows a lot about payments but very little about retail or hospitality compared with the established players. To succeed, there will need to be clear, consistent and long lasting commitment to this proposition; not just a quick sales and marketing campaign.
  • The UK proposition will need to be managed in the UK with its own development budget. Retail is a local industry everywhere and EPOS doesn’t cross borders. Localising product management is often a challenge for US based multinationals.
  • Payment services typically represents a fraction of the lifetime revenue of an EPOS deal. The business value is in the software and that is what customers will pay for. If First Data goes into this market with a primary focus on pulling though payment business rather than delighting its customers with the best EPOS in the UK, it will fail.  It will need to start thinking like an EPOS vendor, not a payments company. A good start would be to cease referring to its customers as merchants.
  • First Data will need to retrain its sales team. I understand that it currently has 8 sales reps working on Clover in the UK but has plans to ramp up significantly. Shifting card machines is about negotiating around a price list; selling EPOS requires an often-lengthy discussion about the client’s business processes. It’s different and the existing sales team may not have the right consultative skills.
  • First Data needs to get to scale rapidly. If only 20 customers in the UK use Clover, developers will ignore the app store, if 20.000 get on board, there will be a stampede. The more customers, the more apps, the more value created for everyone.
  • There’s no e-commerce option at launch. This may soon come through the app store but is a major gap in Clover’s capability right now.
  • The plan is to integrate a chip & PIN reader into the touch screen unit. In the meantime, First Data is spoiling the beauty of the solution by connecting it to a not-very-attractive card machine. At least the payment device is branded First Data not Clover so putting some emotional distance between the cool and not cool elements of the solution.
  • Clover will retail at  about £1000 one-off or £90/month. This includes all the hardware and basic EPOS apps but merchant services are extra. The one-off fee compares favourably with a typical £1200 – £1500 charged by an established EPOS vendor but the monthly charge out of line. The subscription model should be the preferred option for First Data so I would bring that down a notch.
  • I worry about whether the white will keep clean in a typical retail environment. A fashion boutique will wipe it clean but in a busy café Clove will quickly attract the grime.
  • Finally, it’s not clear that there is a First Data sized pot of gold in this market. Cybertill – the pioneer of cloud based EPOS in the UK– is a dynamic, well run company with an excellent product set.  Cybertill has been at this since 2001 and has just reached £6m turnover. That’s not enough to keep First Data in biscuits.

Sorry Angela, crowdsourcing school language options means Spanish not German

We all agree that modern languages are important subjects at school even if the British notoriously lack the motivation to remember anything they are taught.

At secondary school in London, my daughter has some choice in which languages she learns. French is compulsory. So is Latin.  But she now needs to decide between German and Spanish for a second modern language. She can’t do both.

How’s a girl to make up her mind? The wisdom of crowds seemed useful so we asked Twitter/ Facebook/ LinkedIn .

Angela Merkel may be in London this week but the response (even from the Germans) was overwhelmingly to recommend Spanish. We did also get a couple of helpful suggestions of Chinese and a less helpful one for woodwork.

My daughter will make her own mind up but thanks everyone for your advice.  I’ve posted all 29 comments below so as to help anyone else facing a similar dilemma.

  • Spanish – more broadly used across Europe, parts of North and South America. I studied Latin and it ties in well with learning Spanish, not so much with German. Better holiday/food options too!
  • German is beautiful, and can help you through central and Eastern Europe. And having nobody to talk to in Minsk or Kaliningrad is a bit rough. But Spanish will take you across Latin America. Buenos Aires is warmer than Minsk.  And the rum tastes much better on the beach in Mexico than on the beach in Kaliningrad. Plus: with Latin and French, Spanish will be a doddle. Leaving more time to do the washing-up and ironing.
  • Chinese
  • Spanish =heart, German = head!! ??
  • Spanish for both heart and head. It marries well with French and is massively in demand in business I am told (my daughter is reading French but has kept up Spanish)… But it also depends which she enjoys more…
  • Spanish. Coz German boys just aren’t as attractive.
  • Spanish. German *was* useful, but Spanish just sounds nicer… sorry…
  • Maori. She could come out to NZ and try it for a year or two. Not much use in the northern hemisphere (or anywhere but NZ really!). I enjoyed German and did use it to order beer and that was about it!
  • I did Spanish which hasn’t been that useful but on top of French and Latin was easy to learn, no trouble to pronounce and when I did use it I was understood.
  • If going by number of speakers, then Spanish, but you can learn Spanish on the plane there. Spanish is closer to French/Latin so your choice is between breadth vs simplicity.
  • Spanish is easier to learn & many kids choose that. I had German first  & also lived there. Today I would perhaps pick Spanish first.
  • Spanish… and this comes from a man with a German degree. Problem is that most German professionals are so good at Eng that there is limited value add if you’re British.
  • Drop Latin. Do business studies/computing/woodwork.
  • For international trading it surely has to be Spanish.
  • German. Makes you think harder.
  • If she’s doing Latin, there’s no need to duplicate it with Spanish. German would add to her “Modern” Language bag.
  • German, she’ll be able to pick up Spanish anytime
  • “My daughter had the similar dilemma.She was marginally better at Spanish but had visited France and enjoyed it more French. She decided to go with her heart and is now studying French A level. She has just now returned from a weeks trip to France learning the language.  She loves it and really works hard at it. So follow the heart. Life is long and winding path.
  • Given changing demographics and how economic power is shifting I would choose Spanish but only if Chinese is not available.
  • In my view as a German speaker, I think she’ll find Spanish a lot easier if she’s doing French and Latin already, Latin is the base for all three whereas German is totally different. German is also really tough to learn the basics of thanks to the grammar structure. Hope that helps
  • Official vote from the Point-Blank office: SPANISH denn, wer spricht denn schon deutsch ausser uns? ;-) cheers from Berlin
  • Mandarin instead if taking into account population proportions!
  • 10 plus years ago there was a huge demand in City for German speakers but I honestly think Spanish is of more use nowadays and easier to learn. Not sure what SHHS German department is like.
  • As a German speaker who is currently learning Spanish I would probably go for the latter especially as she is also studying French and probably Latin. Would make more language sense and whilst I love German, Spanish is spoken by many more people than German therefore more useful in that sense and also means not only visits to Spain but also the adventures of South America
  • Spanish. Rather useful in South America for one thing
  • Why not try both? It all depends on her interests. If she wants to be an enterpreneur, Mandarin might be the way to go, but perhaps she is more oriented towards a creative career, ending up mastering in Modern Western Literature for example, in which case it would be wise to learn a bit of both. Hard to tell of course at her age. Good luck with your/her decision!
  • What about getting curious about who she wants to become? What could you create with her so she could go on a fulfilling path either way? Maybe she will need both or none and still be grateful for you having wanted the best for her… Bon courage!
  •  I studied German at school and later at University, later while working I took a break and studied Spanish in Argentina (although it was only beginners course). As I have not met her it is difficult to give meaningful advice but would say: pick German if she is up for a challenge; as she already speaks French and studies Latin she can learn Spanish on the side/later. On the other hand, as I think she will find studying Spanish a lot easier which could be good for confidence and her grades / freeing up time for other studies.
  • I would say Spanish. More countries to visit and more opportunities to practice the language.

Greggs? GREGGS!!

There’s a clear case for high frequency/low ticket value retailers to offer customers a pre-pay mobile wallet. Starbucks has blazed the trail but a few eyebrows were raised when Greggs (not normally an early adopter) announced that it would be next.

Greggs is a UK based traditional retail bakery chain. It is so ubiquitous on every high street that it’s become the subject of a Barraclough family game. The first person who sees a Greggs, says “Greggs.” Everyone else then shouts “GREGGS.” That’s it. We make our own fun.

There’s no longer any money in bread  so Greggs is repositioning itself within the the “food on the go” market. Stores are being relocated/refitted with the product mix moving  to sandwiches, pizza and warm beverages. Opening hours have been extended to catch breakfast traffic and seating areas  introduced.  You can read the detail in Greggs’ results deck.

A key thrust of the new strategy is to introduce a loyalty scheme. Greggs has chosen to bypass plastic and paper and move straight to a modern mobile-based system which combines payment and loyalty in a single app. I sneaked a VIP invitation to the programme and was one of the first to try it out.

The app is available on iPhone and Android. The home screen looks nice and friendly although is a bit difficult to navigate around. To register you hit the Account button,  to pay, you hit the Rewards button. Not obvious.


Registering is quite straightforward and Greggs very cleverly hits you with a great offer before you begin. Load £20 in your wallet and you get a free breakfast.


Fired up with enthusiasm about the free breakfast, you then need to create an account complete with email and password. Heaven knows why Greggs needs to know my date of birth. It also asks for your address which is necessary if you want to put a payment card in the wallet but superfluous  if you choose the Paypal option.


At this point, you have two options for loading your wallet. Either the traditional card route – enter your 16 digit PAN, CVV etc – or set up an auto-load with Paypal. Greggs is offering a £5 bonus if you use Paypal. For the shopper, that’s what Kevin Bacon would describe as a no-brainer. Whether it makes so much sense for Paypal (who are presumably funding this) is a different matter.  Assuming they make 1% margin on transactions, Paypal would need to clear £500 in purchases to break even on the offer. That’s a lot for a typical Greggs customer.




With £25 in my wallet, I was now ready to find the nearest Greggs. That’s not normally a challenge as there are more Greggs in the UK than you can shake a stick at. But the app does have a helpful store locator.


The Great Portland Street store is a re-fitted Greggs, complete with strip wood floor and seating area. I picked my lunch, approached the counter and asked if I could pay with the app. The staff had never come across the app before but I explained that the app produced a barcode and then it was pretty straight forward.  They rang up the transaction. I hit the Rewards button on the app.


The app then produces a one-time use barcode. I can’t be certain, but I suspect the barcode is actually a gift card and the transaction runs on the same rails as Greggs’ existing gift card scheme. Very sensible, if true.


The barcode scanned first time and the transaction was completed. I wasn’t offered a receipt but I’m sure the till could have produced one of I’d asked. I asked the staff what they thought. They were pretty excited and thought this way of paying felt like the future.

The app recorded the purchase immediately, updated my balance and reminded me about the free breakfast.


Within the Account tab, my puchase history had been updated including basket details. This is one of the key advantages of retailers investing in their own loyalty apps rather than using a third party solution which doesn’t offer integration with the EPOS transaction log.

Greggs App

Greggs has given some thought to the point of sale experience and the technology is well laid out, neat, tidy and clearly signed for the customers. There’s a contactless option too.


I then sat down to eat my lunch.



Credit to Greggs for being so early to introduce a mobile loyalty/payment app. The initiative is strategic for Greggs and supports its need to learn more about its customers. The retailer is clearly willing to invest in the technology and in the offers necessary to make this a success.

Setting up the app requires shoppers to do some work but £5 + a free breakfast is fair recompense.  Paypal integration works well and the point of sale experience is well thought through. The only area to work on is the wording on the app home screen which often isn’t intuitive.

It will be interesting to see what the take-up is like. Starbucks customers love its payment app despite the relatively unexciting offers. Greggs brand is not as strong so it will need to work harder to maintain the reasons to use the app. Contactless remains the quickest, least hassle payment option for the shopper and customers will revert to cash/cards if the momentum of offers and communications is not maintained.


The nice folks at Greggs got in touch to say that there is a very good reason why they collect the date of birth. I’m not going to tell you why as that would spoil the surprise.

Zapp – a crazy idea that will probably work

Early risers will have heard Peter Keenan on the Today programme yesterday pitching Zapp – the new payment venture from Vocalink. Payment start-ups are everywhere right now but it takes boundless self-confidence to take on Visa head-on. Zapp has plenty of challenges but will very probably succeed.

You can read the detail about how it works on the Zapp website.

Essentially, it’s a new debit scheme in which the transaction is directed straight from the merchant to your current account and you approve the payment in your banking app. No need for Visa, Mastercard, 15 digit card numbers, CVV, 3D secure etc.

What’s better about Zapp?

The mobile payment experience is the best I’ve yet seen. You’ll see a Zapp button on at the checkout next to the Visa, Mastercard and Paypal ones. You hit the Zapp button, your banking app opens and you approve the transaction.

The bill payment experience is also pretty good. The gas bill arrives, you scan the QR code on the bottom and are taken straight to your banking app to approve the payment. This is so much quicker than sitting down at the PC and making an internet banking transfer.

You get to see your bank balance before pressing “confirm.” This is a big advantage for many cash-strapped shoppers today.

It’s fundamentally secure. Digitising the plastic card payment systems while locking down security has impacted customer experience. 3D secure. Enough said.  Zapp works with one-time tokens so can offer a great user experience without imposing a disproportionate security burden on acquirers and merchants.

Why should Zapp succeed?

Zapp is very well funded by Vocalink. I nearly fell off my chair when I saw the marketing budgets. It’s safe to say there’s enough to ensure all UK consumers and merchants will know why Zapp is good for them.

The Zapp management team is experienced but, more importantly, have the right attitude. They have set out from the beginning to work with the grain of the ecosystem and clearly understand that success requires consumers, acquirers and merchants all to benefit. The Zapp team have actively listened to feedback and modified the proposition accordingly.

The Zapp proposition is well researched. Unusually for a payment start-up, Zapp began with a major piece of qualitative and quantitative field work. It’s nice to see best practice consumer marketing applied to a technology play.

Zapp is the most bank-friendly payment option. It puts the banking app to the front of shoppers’ digital worlds and give the opportunity to add additional current account related services such as credit products or insurance at point of sale. And it gives UK banks an option in case Visa becomes too independently minded.

There are still plenty of challenges

Yesterday’s announcement of five banks committed to Zapp is a solid start and represents about one in three UK current accounts. But there’s a long way to go to reach the ubiquity required to make the payment type attractive to merchants. In particular, Zapp needs Lloyds (30% share) and RBS (16%).

Barclays is still doing its own thing with PingIt and related products. Barclays isn’t big enough to move the market on its own but having a major player with a unique perspective is causing confusion among the retailers and giving some of them an excuse to delay investments.

Consumers don’t seem overenthused on banking apps. Mobile banking has been around for some years but WorldPay research showed just 20% of people are regular users. Zapp may be the service that finally gets the public downloading and activating banking apps but it’s a risk.

Zapp’s overall user experience is hostage to the user experience of the banking app. You hit the Zapp button and then have to pass security to enter your banking app. This can be very elegant or painful. But that’s up to the bank, not Zapp.

Banks move slowly and yesterday’s news release omitted firm dates for launch. Zapp requires deep integration to banking apps and will involve technical and strategic decisions within the banks. These are large organisations and can’t move quickly. This problem is is not unique to Zapp; the same issues have slowed down

The competition is moving quickly. Paypal has rediscovered its self-confidence and Visa seems finally to have unstuck the programme.

80% of transactions are still made face to face. There is a Zapp use case for payment at point of sale but it’s not compelling. No disrespect to them. Nobody’s cracked this yet. Chip & PIN works fine in Tesco and this limits the potential market for any online-only payment type.

Consumer protection is still a grey area. The public knows that paying with credit cards is advantageous and know that Visa debit gives enhanced safeguards. Zapp is still working on its scheme rules but will need Martin Lewis, Moneysaving Expert, to give his seal of approval.

Six things we’ve learned from the Target data breach

Target, the US retail giant, suffered a major data breach in the run-up to the festive season with 40m card details said to be at risk. This is the largest data breach since TK Maxx was hacked in 2007 at a cost of  $256m in fines, legal settlements and IT upgrades.

Target has given a textbook example of crisis communications. It has been clear and open with its customers. There is a comprehensive and regularly updated website with much detail, even including lists of each state’s law enforcement policies. Target is also paying for its customers to have a free credit check.

Payment card theft is still huge business. In a remarkably candid blog, security expert Brian Krebs showed how the card details stolen from Target were on open sale for $20 – $100 each, with foreign cards particularly in demand.

US retailers will now be even keener on mobile wallets. Relations between US retail and the card schemes remain frosty despite the apparent ending of the “swipe wars.” Rather than invest in estate-wide point of sale upgrades to Chip & PIN or EMV as it’s more correctly known, many US retailers are looking to mobile payment concepts, such as the Wal-Mart inspired MCX wallet to leap a generation and make plastic cards redundant.

Direct Implications to the UK are limited. Target’s data breach was caused by malware on the point of sale systems that was intercepting the card details from the magnetic stripe.  The incident is big news in the US but the rest of the world uses EMV which is much harder both to hack and clone.

UK retailers still need to check the security on their till and payment systems. Fraudsters are getting cleverer and, given the awful financial and reputational implications of a data breach, it’s a false economy not to invest in the latest and most secure payment services.

You are only as strong as your suppliers. Target hasn’t revealed what involvement, if any, its technology partners may have but retailers should always undertake due diligence regarding their suppliers accordance with Payment Card Industry (PCI) standards. Remediation should be available in case of non-compliance.

This was underlined before Christmas by the data breach at Loyalty Builder, an Irish supplier of white label loyalty programmes to Supervalu and Clearlys and others. 376.000 customer records were stolen including CVV codes. These are the three numbers on the back of the card and should never be stored. The Irish data commissioner was swiftly involved and Affinion (LoyaltyBuilder’s US owner) has already agreed a settlement of €22m – equivalent to 5 times Loyalty Builder’s annual profits.


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