‘Unified Experience’ Key to Retailer Survival

As retailers struggle under the weight of store closings in the brick-and-mortar world and profitability in the card-not-present world, new research shows 63 percent of consumers will shop more online and in store if retailers adopt a “preferred shopping experience.” Of the key findings included in the report conducted by Morar Consulting for online payments provider Adyen, a unified experience that blends online and in-store facets is important to a significant majority of consumers. An overwhelming 86 percent want to go to the store to manage exchanges or returns of items purchased online. At the same time, 78 percent want to buy or reserve items online before they go to the store. More than half (53 percent) of shoppers expect virtual reality and augmented reality online showrooms to be the norm in five years. And a third said, in the next 12 months, they want the Amazon Go experience of walking out with an item that is automatically charged to an online account.

Despite the challenges, consumer demands of retailers are changing and how retailers react will dictate their survival, according to Roelant Prins, chief commercial officer at Adyen.

“There are things that people enjoy about shopping in stores, and brick-and-mortar retail isn’t going anywhere,” said Prins. “There are also things that people enjoy about shopping online though, and it’s not as simple as just taking what works online and applying it to the physical world. It’s about creating a unified experience, where the best parts of online are merged with the best parts of in-store to give shoppers exactly what they’re looking for. We’ve seen first-hand that retailers are rolling out these solutions, and our goal at Adyen is to help these retailers deliver on the promise of unified commerce and set an example about what it will take to succeed going forward.”

Learn more about this topic at these CNP Expo Education Sessions in Orlando, FL from May 22-25, 2017.

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