PYMNTS.com OmniReadi Index(TM) February 2016
The PYMNTS.com OmniReadi Index(TM) powered by Vantiv begins the new year with fresh results from research and shopping conducted through the holiday period. Seven months' tracking the nation's largest merchants on the road to all-channel readiness, continues to show how merchants are stretching to sell-on-demand, engaging, enabling and serving consumers wherever they are. Here's a quick look at the results from the February 2016 report.
The data for the latest quarter report shows that Index scores ranged from a (low) score of 15 to a (high) of 89. Overall, across all merchant categories, the average score is 71, a 10.9 percent improvement in the score over just 7 months, and a 4.4 percent improvement in the score compared to 4 months ago.
Considering the amount of time and how quickly the retail and payments landscape can change, the percentages say a lot in the OmniReadi IndexTM. For the Top 10 merchants analyzed, their collective Index scores increased from 81 last quarter to 87 this quarter.
Across retail segments, Sporting Goods retains the lead, with Mass Merchant just behind. The Grocery/Pharmacy category continues to lag.
After analyzing some 39,000 data points from 100 of the country’s leading retailers over the last 7 months, four things separate “omnireadi” retailers.
The Big Picture
These are the four attributes that OmniReadi leaders share:
- Enabling quick checkout—in-store and online
- Price matching—without question
- Enabling wish lists and sharing (including social sharing)
- Tracking purchase history
After 7 months and 3 reports, when it comes to attracting, enabling, empowering and serving consumers here are the key observations from this quarter’s report:
- Give consumers what they want: If you advertise it – online or in-store, you better have it available for consumers to buy. Convenience and reliability are key.
- Solve problems: Merchants are increasing their usage of guarantees or refunds, free shipping, live help, purchase history and wish lists as a way for merchants to reach and keep omnishoppers engaged – and loyal.
- Smart retailers make in-store offerings work for them, by integrating them into the digital consumer experience. At the checkout specifically, merchants are looking to meet consumers’ digital expectations by allowing them to update or create account profiles, access preferences and wish lists, and even save payment methods for later use.
Do you understand your own "omnireadiness"? How do you measure up against your competitive set? What more can you be doing? Vantiv can help you understand better the omni ecosystem. You can start by listening in on the conversation that Vantiv SVP Brett Narlinger has with Karen Webster at PYMNTS.com—Talking OmniReadi.
Download and read a complete copy of the latest OmniReadi Index here.