We’re so excited to feature Emilie Kroner, senior vice president, retail and commerce, Mastercard, in this week’s Inner Circle Q&A. In her role, Emilie leads the global retail and commerce segment. Her team of industry experts is responsible for developing strategies, products and capabilities that drive profitable growth and customer engagement for Mastercard’s clients. Her commercial organization helps bring the best of Mastercard’s products and solutions to new partners to help them navigate the complexities of today’s retail and commerce environment.

In this Q&A, Emilie discusses retail payment trends she’s tracking at Mastercard, the key challenges the company’s retail customers are facing, how she leads her team, and more.

Inner Circle: Let’s start by talking a bit about your role at Mastercard. What are you tasked with?
Emillie Kroner: I lead Mastercard’s global retail and commerce segment and commercial team within services. There are a ton of industries under our retail and commerce umbrella — retail, restaurants, CPG, travel, and telecom (to name a few!) — but our mission across all of them is the same: To help our customers make smarter, data-driven decisions that drive better outcomes and deepen relationships with their consumers. In practice, this means I spend a lot of time speaking with customers, understanding how they derive value from our data and analytic services and platforms, and identifying emerging needs and trends to help determine the next big bet for Mastercard in this space.

IC: What do you love most about your job?
EK: I love that the dynamics within the retail and commerce space are constantly evolving. Because there’s so much variety within the segment and how those businesses meet consumer needs, I’m constantly on my toes, working in partnership with our clients to ensure they can be agile and responsive. Having started my professional journey in change management and strategy consulting, I’m well-practiced in navigating the relentless pace of change and am so grateful to have the opportunity to grow and learn every day. And a great deal of that is due to good company — working with exceptionally talented professionals, leveraging cutting-edge technology and services, and fostering partnerships with market leaders worldwide keeps me waking up each morning enjoying the work I do!

IC: What key challenges do Mastercard’s retail customers face, and how does Mastercard provide solutions to address them?
EK: We’re hearing from retailers that while they face similar challenges as in years past — attracting new customers, enhancing customer insights — the market is tougher than ever. Many retailers are finding it harder to keep pace with consumer expectations and offer the right products and experiences to meet their needs.

As a result, retailers are increasingly testing different strategies and ideas, from new partnerships to enhanced shopping experiences that cut across online and in-store. However, many are also finding it difficult to measure the impact of new initiatives they’re piloting. Our multipatented business experimentation platform, Test & Learn®, helps retailers crack the code here. With its scientific test-and-control matching, we’re able to help retailers cut through the noise and accurately assess new product launches, marketing campaigns, in-store investments and more.

One of the other challenges we’re seeing with our retail partners is successfully driving loyalty. The average U.S. consumer is in more than a dozen loyalty programs, which makes it hard to be fully engaged with each program. Retailers want to better engage their loyalty program members, so many of them are actually rebooting their loyalty strategies and shifting away from purely transactional, points-based programs. We’re partnering with retailers in this space to develop cutting-edge loyalty programs, using tactics like gamification and experiential benefits to better engage customers. Through loyalty services, we offer a range of end-to-end solutions to support retailers in this pursuit, from loyalty program design to implementation.

IC: What are some retail payment trends you’re currently tracking?
EK: It will come as no surprise that we’re very on top of the payment trends in the retail industry. We’re seeing a focus on expanding payment optionality for shoppers to increase flexibility and convenience. Consumers today are no longer paying exclusively with cash or traditional credit cards; many are tapping into new payment methods. To give two examples:

First, we’re seeing more retailers offer buy now, pay later (BNPL) at checkout. More and more frequently, consumers are opting to pay in installments, particularly for big-ticket items. As installments become more common, retailers will want to ensure that their installment products are well-managed so that consumers make responsible spending decisions.

Second, we’re seeing retailers increasingly adopt biometrics. Biometrics includes technology like using your face to unlock your phone and access a payment method in your mobile wallet. It’s secure and easy to use, making it a popular payment method for consumers and promising for retailers. Because biometric authentication is a quicker way to pay from your virtual wallet, retailers may find that it helps reduce cart abandonment.

IC: What’s next for Mastercard? Any new products, services or initiatives you would like to mention?
EK: We have some exciting new capabilities in the works at Mastercard that we’re looking forward to launching soon. First, we’re continuing to enhance Test & Learn®, our business experimentation platform. We’re also working to identify more marketing opportunities for retailers with our enhanced customer data enhancement platform. This platform categorizes a retailer’s high-value, growth, and dormant customers, and recommends tactics to engage each segment. As retailers look to get more data-driven in their decision making, this tool will offer valuable cross-category spend insights and help retailers better understand their customer base and areas of opportunity.

Finally, we’re looking forward to deepening our personalization efforts. We recently unveiled Shopping Muse, which is an advanced generative artificial intelligence tool that transforms how consumers search for and discover items in a retailer’s digital catalog. Consumers can ask the tool direct questions (“Can you show me options to wear to a summer wedding?”) and receive recommendations tailored to their unique profile, intent and affinity. This is just the start of technology that improves the digital shopping experience, and it underlines how important personalization is to the future of interactive commerce.

IC: Let’s switch gears a bit: I would love to hear more about your leadership style. How would you describe it?
EK: Early in my career — and with the help of incredible leaders and mentors over the years — I developed a core belief that everyone has their strengths and it’s the role of leaders to help them 1.) recognize these strengths 2.) create opportunities to deepen these strengths to grow their careers and 3.) leverage these strengths to be incredible at their job. This principle forms the cornerstone of my leadership approach, anchored in three core values:

  1. Trusted autonomy: I believe in empowering my team members by recognizing their unique strengths and areas for growth. Providing a supportive environment where they feel safe to innovate, entrusted to deliver, and empowered to take ownership fosters a culture of accountability and creativity.
  2. Collaboration with results: I aim to create an environment conducive to open dialogue and constructive feedback, valuing diverse perspectives and ideas. By prioritizing the end consumer or our Mastercard partners in all discussions, we ensure that collaboration reaches the desired outcome —  achievement of shared goals and results.
  3. Willingness to transform: Embracing a mindset of continuous improvement, I believe in a culture that encourages individuals to operate at their full potential while recognizing that change is both inevitable and essential for growth. Embracing discomfort associated with learning new technologies, processes and ideas is integral to driving meaningful transformation and staying ahead in a dynamic business landscape.

IC: What are your personal and professional goals for the remainder of 2024?
EK: 2024 has shaped up to be a pretty incredible year both professionally and personally and I’m excited about the opportunities to come in the latter half of the year. Professionally, my focus remains on showcasing the various ways in which Mastercard can power growth. Whether it’s our integral role in powering some of the world’s most esteemed loyalty programs; facilitating data-driven decision making in areas such as merchandising, marketing and network planning; or driving personalized experiences for consumers, I’m excited about the opportunity to change the ”no ideas” to “wows” this year across our global markets.

On a personal note, my most important role is that of a mother to my two teenage daughters. Guiding them to recognize the power of their voices, their opportunity to be a part of the future of women leaders, and to raise them to be genuinely good people while doing so is my biggest goal (that and surviving middle school and the start of high school!). Additionally, I’m trying my hand at learning golf thanks to the Mother’s Day gift from my husband and girls. While I may currently hold the title of the worst golfer in the family, I’m determined to hold my own on the course later this year!