Consumers continue making the majority of their purchases at the physical store. However, their constant connectivity to the cloud through smartphones, laptops, tablets—and even watches—combined with the popularity of e-commerce is redefining their expectations of the ideal in-store experience. Today, they want the same convenience, personalization and simplicity they’ve grown accustomed to online.
Rather than trips to buy more “stuff,” shoppers are drawn to in-store experiences that are digitally-connected events. They want to use their favorite apps. They want store associates to know who they are — even if they normally shop online. They want to be rewarded for their loyalty — not with generic offers — but with personalized incentives that are relevant to them. And, they want to use their payment method of choice, without spending an eternity in the checkout line.
These expectations are shared by consumers of all ages, but they’re especially prevalent among millennials and other new generations that have likely never known a world without the advanced technologies embedded in society today. More and more millennials are entering the workforce every year, and by 2020, they’ll represent more than 40% of consumers in the U.S.
To meet the demands of the modern consumer, retailers must tear down the silos between their online and physical storefronts. Connecting both channels can provide retailers with access to the advanced consumer data and analytics needed for better targeting, consumer insights and personalization across all customer touchpoints. Navigating this new and ever-changing landscape presents an incredibly valuable opportunity for ISOs, acquirers and other service providers to help merchants—especially smaller merchants with limited IT resources.
At TRANSACT 2017 in Las Vegas, Verifone (Booth #510) is showcasing its latest payment and commerce solutions that can enable service providers and other industry stakeholders to help merchants tear down silos—providing the experiences their customers want while maintaining the flexibility to keep up with the furious pace of future consumer and technology change.