Survey Finds More Than 43 Percent of Merchants Do Not Currently Offer Omnichannel Capabilities
ATLANTA, May 25, 2016 — Vesta Corporation, a global leader in the field of card-not-present (CNP) transactions, has released the 2016 Omnichannel Payments Survey in partnership with CardNotPresent.com, the independent source for original CNP news. The survey, which was conducted online, asked more than 200 merchants in nearly 20 retail verticals about their current omnichannel capabilities, the technological challenges they face and their plans for a future omnichannel strategy.
The survey found that nearly all merchants acknowledge a migration to an omnichannel model is coming to match the seismic shift in consumer shopping preferences, but the landscape remains fragmented. Everyone agrees an omnichannel strategy is important and most companies are taking their first steps, but uncertainty around priorities, costs and who will be in charge are confounding adoption.
The clear need for an omnichannel strategy is echoed by consumer shopping preferences. Online mobile payment capabilities (mobile web and in-app) increased by 160 percent in the last five years while payment acceptance through other channels averaged 16 to 17 percent growth over the same time.
“It’s clear that the retail landscape is becoming increasingly dominated by buyers who are driven by the belief that they should be able to purchase what they want, when they want, and where they want using whatever device they have available,” said Chris Uriarte, chief strategy and payments officer at Vesta. “The survey reveals that retailers aren’t adapting to consumer preferences as quickly as they probably should, leaving those retailers that are slower to adjust vulnerable to losing valuable customers.”
Additional key findings from the report include:
- More than 43% of merchants surveyed do not offer any omnichannel capabilities and, of those that do, no one capability has more than 32% adoption.
- Of merchants currently offering some form of omnichannel shopping, 65% said that it made them more competitive than having a multichannel approach.
- 82% of merchants think that omnichannel will be either very or somewhat important in the next two years.
“Although we may be in the early stages of real-world adoption of omnichannel, merchants need to be thinking about how they will adapt their technology and strategy to allow consumers to transact the way they want,” said DJ Murphy, editor-in-chief and partner at CardNotPresent.com.
Uriarte and Murphy will share additional insight around the challenges of omnichannel payments at the 2016 CNP Expo on Wednesday, May 25 at 4:15pm.
To download and read the complete 2016 Omnichannel Payments Survey visit http://bit.ly/1TFEHAs.
About Vesta Corporation:
Vesta Corporation is the global leader of revenue-generating payment solutions for enterprise partners in the telecommunications, media, financial, and digital sectors. The company’s patented fraud protection technology is proven to increase conversion and acceptance while eliminating fraudulent transactions and merchant liability. Vesta has been recognized as a leading innovator in payments technologies, holds multiple patents, and has won numerous awards as one of America’s fastest growing companies. Founded in 1995 and headquartered in Portland, OR, Vesta’s operations span the Americas, Europe and Asia.
Communications Strategy Group, on behalf of Vesta Corporation