Additionally, total retail spending grew 4% year-on-year over Christmas 2015 and was driven entirely by online shopping which jumped 17.9%, with in-store spending growth almost static at 0.2%. Today, 75-80 percent of consumers buy across mediums this means they could be trying out products in-store, researching online, and purchasing on their mobile devices – all in the process of one single purchase. A recent survey from eMarketer predicts that mobile payments will triple in 2016, but mobile payments are only a portion of the equation for consumers. Today’s market data offers a lot of information about this trend and what we need to do to keep up. From research to purchase and even returns, every step of consumer interaction (and eventually purchase) is crucial for gaining and retaining new customers. The most critical aspect of this is providing a cohesive consumer experience operating across all channels – focusing more on customer engagement and experience than on how many channels merchants can offer.
What does this mean? It means that no matter which channel is the touch point of the moment to the consumer (payment terminal in a store, online storefront, retailer’s app, kiosk) their experience should be seamless, streamlined, secure and optimised for the needs of each channel.
These interactions through various mediums have brought up a topic and a new buzz word in many debates: omni-channel payments. As payments evolve, they’re including more forms of interactions with consumers.
The payments landscape continues to change at a rapid pace. This blog originally appeared on Payment Eye.
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