Top 3 trends in Omnichannel commerce to watch out for in 2021

By Pavithra R

In 2020, merchants of every size shifted quickly to digital business models and accelerated their e-commerce strategies. In the socially distanced world, consumers started insisting on omnichannel digital experiences, including contactless payments, online ordering, curbside pickup. But a true omnichannel experience, where every touchpoint is connected on every device, is exceedingly difficult. However, the shift to digital continues as merchants accelerate e-commerce strategies.

Fiserv, a leading global provider of financial services technology solutions, has outlined three key 2021 trends to watch in Omnichannel Commerce. The key trends pointed out are:

1, Strategic use of Data Analytics and AI: Consumers are getting increasingly used to curated, personalized experiences. They are looking forward to seeing only suggestions of what interests them and, in a few clicks, purchase a featured item. 

Strategic use of data and analytics will help merchants to better understand customer preferences, their shopping patterns, and interests, and make intelligent recommendations and predict future purchases so as to meet their high expectations. Identifying patterns in payment data can also help merchants to better understand the types of shoppers who are coming to their store, how and where they’re making purchases, and how best to market to those consumers, including those who aren’t in a loyalty program.

Monitoring and understanding data can aid companies to improve their chargeback performance. Analyzing data and employing intelligent retry logic can help optimize authorization rates and reduce false positives.

2, Next-Generation experiences: Today’s commerce experience is all about meeting people where they are and making lives easier. Even though it’s a new technology, the QR code is having its moment in the pandemic. The technology’s ease and accessibility have attracted diverse industry verticals to leverage it and gain lucrative benefits. Retailers are also using QR codes, often to combine payments, loyalty programs and discounts. Another technology that is moving to the mainstream is Connected commerce.

3, Simplifying the Commerce experience: Today, Merchants are not just concentrating on selling commodities. They are in the payments, logistics, and financing business, too. Making complex processes work while also providing a seamless consumer experience can be difficult.

Consumers are looking to mimic the online experience they are used to in their offline experience. While shopping in a store, they expect to use an app on their phone to locate items, apply discounts and pay at a kiosk or with scan-and-go technology. And irrespective of online or offline, consumers expect their experience to be personalized and customized.

In 2020, merchants’ fates rose and fell on their resiliency, their ability to think differently. 2021 will surely bring more of the same. As companies unveil new products and services, they’re thinking beyond single channels. Getting that omnichannel experience right is expected to be the industry’s highest priority in the coming year.

Also read: US Financial Services Technology Market Report