Is Mobile Really Helping Your Business?
Consumers are using their smartphones to access brands like never before - spurring merchants and financial institutions to adopt various omnichannel tactics to ensure their end-users receive a similar experience regardless of touchpoint.
A new quarterly index, however, will now - for the seemingly first time - measure the consistency of merchants' omnichannel strategies - measured by real shopping experiences, to determine if the mobile channel is helping, hurting or simply neutral to the overall consumer experience. Released by PYMNTS.com and Vantiv, Inc., the “PYMNTS.com OmniReadi Index powered by Vantiv" includes in-depth research done by analysts in Boston, Chicago, Los Angeles and Seattle who shopped businesses across three channels – Web, mobile app and in-store. According to the two companies, these analysts captured data on 130 attributes of more than 100 retailers, which represents almost 50 percent of the total U.S. retail sales in eight merchant segments, including apparel, grocery, electronics and entertainment and sporting goods.
These merchants were then scored based on two key components: 1) The degree the online and in-store experience is consistent for consumers, and 2) If a merchant is adding value through mobile – through an app, a mobile website, or mobile-optimized website.
What the index shows is that not all merchants are performing at a high "omnichannel" level, as the average score by each merchant measured on a scale of 1 (low) to 100 (high), was 64 (a failing grade by most measurements). The entertainment and electronics vertical scored among the highest at 70. Clearly, there is a lot of work to be done.
“The Index shows there is definitely a difference in experience as merchants look for ways to deliver consistent experiences for customers, wherever and however they want to shop,” said Stephanie Polen, vice president of customer lifecycle products at Vantiv. “Businesses need to consider these important trends and incorporate them when developing their overall strategy to serve their customers. Our expertise, technology, and solutions across the entire payments spectrum – mobile, ecommerce and POS – and a wide range of verticals can help merchants define and deliver a holistic and consistent omnichannel experience to their customers.”