The holidays are nearly over, and so far, spending and shopping data have beat out industry expectations. But were omnichannel merchants able to come out on top? The December edition of the Vantiv Omnicommerce TrackerTM reveals how well prepared merchants really were for the holiday season rush and the lessons learned as they head into the new year.
HAPPY OMNI HOLIDAYS?
If the holiday season has taught us anything, it’s that the digital influence on shopping shows no sign of stopping. With more advanced and convenient technology on their side, omnishoppers have come to expect services like in-store pickup or same-day delivery to help ease the friction that can arise when shopping across channels — especially during the holiday shopping rush.
Though retailers are beginning to realize the benefits an omnichannel strategy can bring, such as increased sales and boosted growth, many merchants are still struggling with meeting the ever-changing demands of consumers.
Holiday shopping results thus far have shown mobile continuing to shine and in-store sales seeing a slump, however, it was the merchants who got omni right that were able to make the most of the holiday sales spike. Once again, sales and shopping data underpin the findings of the PYMNTS OmniReadi Index, powered by Vantiv, which shows that ensuring seamless movement between channels is critical to providing an exceptional shopping experience to omnishoppers.
THE DIGITAL WALLET MOVE
By the year 2019, mobile wallets are expected to become the more preferred way to pay, knocking plastic debit and credit cards out of the top spot. Data from Worldpay predicts eWallets will account for $647 billion, or 27 percent, of global turnover by 2019.
As payments continue the shift to mobile wallets, loyalty and reward offerings seem to be following closely behind. Merchants are starting to recognize mobile as a significant channel for not only payments but also reaching consumers while they shop and checkout.
From beacon-triggered messages to ensuring loyalty cards can be integrated into mobile wallets, merchants are finding new ways to make consumer engagement digital. These services have the ability to help drive in-store traffic, as well as increase the purchase size and frequency for consumers who are already engaged.
The Vantiv Omnicommerce TrackerTM, powered by PYMNTS.com, features industry-spanning research and insights that arm retailers with data to make smarter decisions for enabling omnichannel commerce.
To download the December Omnicommerce Tracker, click here.
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