The Other ‘P’ In Omnichannel

Having a payments experience that follows the consumer across shopping channels is only as good as the consumer’s ability to buy products that merchants have in stock and can deliver to them. This month’s Vantiv Omnicommerce Tracker^TM explores the role of product inventory management and fulfillment in delivering merchants’ omnichannel strategies and consumers’ omnichannel ambitions.  

The Vantiv Omnicommerce Tracker^TM, powered by PYMNTS.com, features industry-spanning research and insights that arm retailers with data to make smarter decisions for enabling omnichannel commerce.

OMNISHOPPER EMPOWERMENT

Giving consumers the ability to pay for something across every one of their shopping channels is only as good as their ability to buy what they want. And, since consumers today are equipped with an expanding amount of shopping-related information, they aren’t afraid to use it to help them decide what to buy and where to buy it. In this month’s cover story, we discuss that while omnishoppers maintain the power of choice, it is still up to merchants to ensure they have the offerings and product availability that will help them to stand out against the competition.

Here’s a sneak peek at the January PYMNTS’ Viewpoint:

“Knowledge is a powerful thing, and consumers today have plenty to go around. From the proliferation of smartphones and other mobile devices to rapidly advancing information technologies, consumers have all the tools necessary to make succinct, well-informed decisions about when, where and how they want to shop. 

In many cases, shoppers walk into most shopping experiences – whether it be in-store or digitally – armed with research and information about what they want to purchase and where and how they can find the product that best suits their needs.

According to the “Great Omnichannel Expectations” report released by iVend Retail, roughly 49 percent of the 1,000 consumers surveyed said they do prior research on an item before making any intention to purchase, while 44 percent admit to researching products online multiple times.

As consumers become increasingly more educated and digitally connected on their shopping journeys, omnichannel retailers must rise to the challenge and ensure they are offering the convenient and seamless experiences that will keep omnishoppers coming back for more.”

JANUARY HIGHLIGHTS

Loyalty and rewards are on the move – with companies applying the same omnichannel strategies they use for commerce to the customer engagement offerings used to bring in and retain shoppers. Merchants’ gift cards are now being made available within digital wallets, enabling consumers to take loyalty and rewards capabilities everywhere they take their payments. Merchants are also allowing their customers to redeem loyalty points and rewards in-store using digital wallets in addition to accepting physical cards.

A recent study from Deloitte shows that the mobile usage of the “always-connected consumer” is on the rise, and over the last year smartphones have been used nearly four times more often to make in-store purchases. It’s no surprise that millennials are driving the use of mobile payments in-store, but security concerns and a lack of understanding about the benefits of mobile payments are still impacting adoption.

Some major retailers are taking a more direct approach to mobile payments by creating their own platforms, rather than just simply accepting digital wallets on the market such as Apple Pay and Samsung Pay. These retailer-specific mobile wallets are similar to those in the market that allow consumers to pay with their smartphones at the POS, but allow the merchant to have yet another connection point to customers during the shopping experience.

To download the January Omnicommerce Tracker, click here.

For more updates from Vantiv, click here.