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.
The Mobile Push
New research shows how quickly the mobile shopping landscape is heating up, and merchants are moving swiftly to ensure their mobile platforms and offerings are up to the challenge.
Retailers are making significant investments in omnichannel strategies, with a particular focus on enhancing mobile technologies and capabilities for consumers. From enabling mobile payments to bringing loyalty and rewards to the mobile platform, merchants are driving innovation to keep up with the booming growth of the mobile channel.
As a recent white paper from Innovative Retail Technologies suggested, mobile is now the “digital glue” that binds the shopping experience together, specifically when it comes to transitioning from channel to channel.
What Omnishoppers Really Want
According to MasterCard’s “The Retail CMO’s Guide to the Omnishopper” report, consumers are the new channel, rendering the idea of “omnichannel marketing” as obsolete. Consumers are equipped with more information and digital tools than ever before, which means retailers must dramatically change the way they engage with omnishoppers.
- Eight out of 10 global shoppers’ purchase decisions are informed by a digital device, transforming the average consumer into a skilled, value-seeking commerce powerhouse.
- 80 percent of respondents said they are better shoppers than they were previously, with 70 percent confirming they get more value out of their retail purchases than they did five years ago.
- Omnishoppers prioritize value, track record and convenience over loyalty rewards.
- Only 18 percent of respondents consider product promotions important. Instead, well-informed shoppers find value at the intersection of price and quality.
Consistency Is Key
Determining the best practices for delivering a truly impactful omnichannel experience can be challenging, due to mounting complexities such as the number of players increasing, technologies rapidly advancing and the evolving demands of consumers. But some interesting research from L2 identifies who consumers consider to be omnichannel leaders and breaks down their strategies to see exactly what they are doing right.
“Successful omnichannel brands synchronize their view of the customer across online, in-store, and mobile channels in order to drive higher customer satisfaction, order values and shopping frequency,” L2 explained in the report. Removing organizational and technological barriers to offer a seamless experience for consumers could be the key to winning at omnichannel, according to L2’s research.
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