Fiserv: 2021 was the year of true omnichannel
The momentum has been building for years, but we finally live in a truly omnichannel world. Customers expect to seamlessly switch between offline and online experiences, says Nandan Sheth, head of Carat and global digital commerce at Fiserv. Read his thoughts in PYMNTS Ebook, “In a nutshell: 50 opinion leaders sum up 2021.”
A seamless experience that mixes physical and digital shopping journeys is now expected by consumers. The recent increase in demand for online ordering and delivery, curbside pickup and online shopping, in-store pickup (BOPIS) has accelerated the shift to a true omnichannel.
Enterprise retailers who were stuck in an endless cycle of “contemplate, test and drive” regarding new technologies and execution models were suddenly pushed into “do it” mode to implement solutions in just a few minutes. weeks or even a few days. Retailers have enabled contactless payments and in-store mobile wallet payments and BNPL (buy now, pay later) payment choices online. Grocery and discount stores reconfigured for curbside pickup. Restaurants added payment at the table with QR codes
It’s time to optimize omnichannel payments
With all of these changes, it is clear that the old way of doing things has to change. Rapid acceleration broke the “tinker, test and delay” cycle. Policymakers have learned the value of being able to mobilize and innovate faster and better so that all payments can be available across all channels.
Merchants must now make all payment types available online and offline, not only traditional card payments but also new emerging payments, from BNPL to bank payment and EBT for grocers.
Merchants Simplify Omnichannel Technology
Merchants can save time and resources by consolidating systems, data, implementation and support for all channels – physical, digital and mobile. Putting all of this together not only gives merchants a competitive advantage, but also allows customers to quickly identify and interact with brands.
Blending digital and in-store experiences begins with a robust set of developer-friendly tools. Merchants can reduce development cycle iterations with a self-service portal and omnichannel APIs. Pre-certified connectivity to multiple vendors, value-added solutions, and processing endpoints through a centralized commerce hub can help consolidate vendor access, reduce development time, and accelerate time to market.
Challenges remain on the road to omnichannel commerce Nirvana
The need for speed in response to changing consumer demands has led to the development of technology that blends physical and digital experiences. In order to support BOPIS ‘continued growth and innovation, advance ordering, integrated delivery and even social commerce, it is not enough to rely on short-term solutions.
Smart retailers are examining how to consolidate and optimize systems and processes to deliver true personalized and relevant omnichannel experiences.
To do this, merchants look to supplier partners who can deliver not only omnichannel payments from a single platform, but also orchestrated and extensive. experiences. For example, quick service restaurants are adding delivery as part of their online ordering experience in advance, and retailers are using data to improve consumer personalization for BOPIS experiences.
Finally, a true omnichannel has been achieved. Now it’s time to optimize.