Omnichannel Consumer Payment Transformations

Feb 26, 2020, 654 views

Learn what "livelihood-fit means" versus "livelihood-fit way" means. FIS, a leading provider of payment and loyalty solutions, evaluates omnichannel tactics and how payments drive the connection between channels and their customers.

The omnichannel concept promises ubiquitous commitments to your consumers, regardless of how and where they buy or how they pay. In a time of massive digitization, retail is creating a unique space where sales and communication channels interact to deliver a complete and personalized experience.

To be in tune with these new uses, brands are changing their marketing approach by focusing on the consumer experience. Most make good use of multichannel retail, ie developing new points of sale with customers: physical store, website, apps, etc. In the first step of online retail, channels are used in parallel individually, independently of each other.

Shoppers can learn more about a product by scanning the barcode with their smartphone, having instant actions available, and ordering home delivery. At omni, retail channels communicate with each other, giving retailers a 360 ° view of the consumer, thereby establishing a real long-term retail relationship.

Practices such as in-store payments using just one mobile device are common, simply by typing in an item's barcode or mapping customers in and out of stores. This opens the prospect of personalized loyalty offers, automated product purchase registration and digital payments without the need to checkout at a physical cash register.

With the help of the digital revolution, the old payment format is receiving a renewal. MPOS (mobile point of sale) is a disruptive solution that challenges the traditional point of sale and enhances the Omni channel puzzle. And this is just the beginning ...

Trade digitization and increased consumer connectivity drive a digital transformation that will provide continuous payment choices. Brand identity begins with a new brand and develops into a holistic design system that will bring advanced, sophisticated and inclusive brand expression to every touchpoint around the world.

An appropriate omnichannel payment instrument stores all payment information, including details of the payment method used, shipping information, and payment preferences in one convenient and secure place. It is thus possible to verify online or in commercial applications simply by clicking a button and authenticating to complete the transaction. At the store, just tap to pay for contactless merchandise. Payment methods available today are increasingly advanced, including network “tokenization” that ensures that information is protected.

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