Omnicommerce

Generation Z And Omnicommerce

How will Generation Z shape the future of omnicommerce? Analysts say they, not the millennials, may be the driving force for how the on and offline worlds mash together in retail. That, and a peek inside one of the least likely merchant segments to go omni, is covered in June’s Omnicommerce Report.

Bringing Omni To The Market 

More merchants are adding omnichannel services to their offerings, eclipsing the need for physical currency and leaving many wondering what the future holds for old-fashioned, cash-based businesses – like mom-and-pop shops and farmers markets.

After all, if people aren’t carrying bills – or even cards – with them, how will traditionally non-digital retailers keep up?

This month’s edition of the tracker features an interview with Scott Reich and Michael Winik, co-founders of OurHarvest, a New York-based pop-up initiative that’s part farmers market, part online grocer.

Here’s a sneak peek: 

After noticing the inherent inefficiencies in the supply food chain for both farmers and consumers, Reich and Winik decided to utilize the power of an online marketplace to change it.  

On one end there are farmers who get paid very little and often struggle to make ends meet, while on the other side there are consumers who consistently pay a premium price for an inferior, less fresh product.

By cutting out the distributors and middlemen, OurHarvest is able to ensure farmers get a larger percentage of the retail price while also opening up an opportunity to reach outside of the traditional retail channels.

“Farmers typically don’t have access to a broad market either – a farm stand in a small town might only be able to serve their immediate community. We are able to open markets to these farmers, expanding their customer base,” Winik said.

 The Power Of Demand

Consumer demand is often the fuel of the omnichannel fire, which was at the forefront of the omnicommerce industry this month, as retailers, consumers and tech players continued to prepare for more integrated purchasing experiences. Ovum’s report “Future of E-Commerce – The Road to 2026” revealed that the behaviors of digital natives (largely millennials and Generation Z-ers) will be a major influence on the future of integrated shopping, as they seek more connected, seamless retail experiences.

The impact of consumer demand was evident throughout the omni space this month: Twitter scrapped a “buy button,” citing low user interest as its main reason for pausing development on the omnichannel solution. EBay launched a virtual reality shopping app with Australian store Myer, giving consumers the ability to browse merchandise and receive customer assistance from the comfort of their own homes. Amazon’s ever-expanding popularity led the eCommerce giant to open two new warehouses and a new fulfillment center. 

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To download the June edition of the Vantiv Omnicommerce TrackerTM, click the button below.

 omnicommerce_download_here

About The Tracker

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.

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PYMNTS LIVE VIRTUAL PANEL: WHY SWIFT GPI IS JUST THE BEGINNING 

On Tuesday, March 31, 2020 at 9:00 AM (ET) join PYMNTS CEO Karen Webster and panelists Vincent Kilcoyne and Roland Brandli of SmartStream for an in-depth discussion on the need to use transformative digital strategies to remain relevant in today’s challenging financial landscape. The discussion will cover strategies that will allow clients to improve operational control, reduce costs, build new revenue streams, mitigate risk and comply accurately with regulation.

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