August 24, 2016
Report: Omnichannel is ‘Future of Retail’
June 14, 2016
Despite rising costs associated with e- and m-commerce , consumers are demanding that retailers meet them where they want. As a result, according to a new report, retailers are investing in technology that will help them meet those expectations. The Walker Sands 2016 Future of Retail Study found that more than 30 percent of U.S. consumers now shop online at least once a week, up from 22 percent last year and nearly three quarters do so at least once a month. More importantly, though, the study found integrated in-store experiences are increasingly important to consumers and logistics and supply-chain issues are vital as well, pointing to the importance of getting omnichannel commerce—and the payments plumbing behind it—right.
“Our findings indicate that the future of retail isn’t in pure e-commerce, but rather in omnichannel solutions bringing technology in store,” said Erin Jordan, account director and lead of the retail technology team at Walker Sands. Those finding echo the results of a recent study from CardNotPresent.com and Vesta Corporation . That report detailed the importance companies attach to omnichannel and the challenges that have kept adoption low to this point.
The Walker Sands report found the top drivers of more frequent online shopping are free shipping (88 percent), one-day shipping (69 percent), free returns or exchanges (68 percent) and easier online returns (58 percent). But, consumers still express a clear preference for in-store shopping, the report said, and a willingness to engage both online and in stores.