What is omnicommerce?
Omnicommerce is a buzzword that brands and retailers have been talking about for some time now. But what does it really mean? Omnicommerce can be defined as a retailing strategy that spread across multiple omnichannel payment points and delivers a seamless customer experience. Let’s explore the who, what, and why of omnicommerce.
Who’s embracing omnicommerce?
According to research from Vantiv, young adults aged 18-34 are more likely than average to own a smartphone and are more likely to use mobile devices to cross traditional channel boundaries when shopping. The spending power of Millenials is growing as they enter their peak earning years, meaning that cross-channel interactions from these consumers are expected to grow as well.
But it’s not just Millenials that are crossing traditional channel boundaries. The research also identifies that a significant number of older consumers are also adopting the attitudes and expectations of omniconsumers. There are pockets of older consumers that have a youthful enthusiasm for mobile payments, while higher-income consumers are also more likely than average to be interested in cross-channel behaviors. As consumers become more comfortable using their smartphones and tablets, they will become increasingly comfortable interacting with your brand on their devices. Are you prepared?
What does this mean for payments?
The lines between brick-and-mortar, online, and catalog channels are blurring. In an omnicommerce environment, a payment isn’t simply about securing the funds to pay for your good or service. It’s about customer experience, speed of checkout, and building loyalty. Omnichannel will mean different things for different types of businesses. It will be up to you to deliver the right payment experience for your customers.
Why do you need to be prepared?
Consumers are ready to interact with brands in an omnichannel fashion. Consumer expectations are rising and the shopping experience is becoming increasingly dynamic, complex, and customized. If you can’t deliver the experience that omnicomsumers require when, where, and how they want it, you may miss out.
Learn more about omnicommerce payment processing and what it can do for your business.