CNP Expo: Omnichallenge
May 21, 2015
A seamless shopping experience is the goal for retailers who want to leverage the power of omnichannel commerce, but payments schemes are not easy to establish, even though shoppers have grown to expect everything to be easy, according to panelists at a session on the final day of the 2015 CNP Expo.
“We all expect to have everything the way we want it, when we want it,” said moderator Beth Horowitz Steel, global payments executive with innoburst.
Despite difficulties, getting the online shopping experience straight is a crucial component of an effective omnichannel strategy. Horowitz noted that online efforts drive consumers into physical stores.
For small merchants, the efforts of larger competitors requires they step up their game to keep up, according to Will Brooks, CFO at Shoe Gallery.
“The big players have set high expectations, with overnight shipping and low prices,” he said.
One challenge for merchants will be related to a card-present technology being implemented to provide protection from counterfeit fraud. Omnichannel retailers will have an interesting perspective as fraud moves from one channel to the other—fraud from physical stores to online stores after the migration to EMV in October.
“Fraud always migrates to the least secure channel,” said Chester Ritchie, senior vice president and head of strategy for WorldPay.