The retail marketplace is changing rapidly, with consumers purchasing goods online, in the store, via mobile devices, over the phone and even using multiple channels to complete a single purchase. This idea of retailers engaging consumers across physical and online channels is sometimes referred to as omnicommerce.
Over the past few years, retailers, payers, and processors have been evaluating omnicommerce and how it will affect their future operations. How will stakeholders in the retail payments sector manage online and offline transactions in a way that is convenient, secure, consistent, reliable, and appealing to consumers?
Originally, omnicommerce referred to a combination of brick-and-mortar and online strategies used to promote sales and brand affinity. That definition has since expanded to include online and offline interactions that allow businesses to offer enhanced, consolidated, and on-demand consumer experiences across channels.
This is being driven, in part, by customer expectations. While retailers may treat their online, mobile, and physical store operations as separate units, consumers expect the same experience now matter how they interact with the merchant. Customers want retailers to be aware of their information, shopping history, orders, payment information, and rewards status whether they are buying online, in the store, via a mobile device, or over the phone.