This is a repost of Steve Faktor’s original Forbes article

My business is helping companies speed up innovation – often by partnering with tech startups. A wilder ride compared to my days leading innovation at Fortune 100 companies. But lately, I’ve experienced enough déjà vu to get a platinum medical marijuana card. Maybe you’ve heard of “multiple discovery”. The theory says that similar inventions happen simultaneously because of converging technologies and common problems. Among mobile payments and loyalty startups, easy money is fueling what I call “marginal discovery” – slight variations on similar ideas. For every truly outstanding startup, five or six have a faulty premise, fail to solve a problem, or choose “cool” over simple. To protect the innocent, I’ve turned my list of frustrations into a set of “rules” to help budding entrepreneurs and experienced executives steer clear of the weed dispensary…
This is a repost of Steve Faktor’s original article on Forbes

To many men, shopping for clothes is like doing your own brain surgery – you’re in no condition to know when you’ve screwed up. Sure, single men must dress up to attract mates. Those poor, unsuspecting women have no clue what fashion nightmares await them. Marriage does to men’s fashion what irritable bowels do to romance. Things get even worse at work. The more casual the office, the more likely we are to see mangled toes and bloated bellies. Even billionaires wear outfits that scream “I sleep in a box.” Of course, it’s the rest of us who need to keep trying. Unfortunately, men’s clothing stores have failed miserably. The shopping experience is hardly painless, especially at department stores. They have the most resources, space, and selection, but they’re packed with men wandering aimlessly like an exiled Judaic tribe.
When I was at MasterCard, I led a project called Total Shopping Solution. Eventually, we commercialized it as two very successful services, Commerce Intelligence and Commerce Coalition. Over the years, I’ve thought a lot about intra-store shopping experiences, especially during all those wasted hours looking for clothes to fit my beefy frame. With today’s technology and some low-tech ingenuity, department stores can reinvent the men’s shopping experience. (After reading this article, I hope they’ll also reimburse me for the the years I’ve lost trying on ill-fitting pants.)

Having led innovation at Amex, MasterCard and Citi, I know where the bodies are buried. I also know that payment wars aren’t just about fees anymore. That’s so 1990′s. Years ago, when Walmart threatened to enter payments and banking, incumbents nearly soiled their Hanes. After a little sword-fighting, providers slashed their margins so thin, big merchants had no incentive to do their own thing. This time it’s different. Payments companies are not the real threat.
Today’s war is about data and its power to shift loyalties. In the arms race to probe customers’ deepest, darkest desires, card companies and merchants find themselves bringing spitballs to a gunfight. So, I’m not surprised to see Walmart, Target and others are starting their own 99% movement. Big retailers are launching their own mobile payments system. This is the first of many moves you can expect by merchants to liberate themselves of increasingly omnipotent middlemen. Below are three reasons retailers’ strategy makes sense


