Insights: The Omnishopper Has Arrived

People around the world shop in a variety of ways, through an increasing number of channels and destinations. Today’s connected consumer is faced with more choice and more opportunity than ever before and this choice isn’t an “either/or” situation but an “and/and” experience. The days of single channel shopping are long since over and the challenge and opportunity ahead of us is how we understand and navigate in this new normal.

We all know that the simpler the experience the more we will engage with it but simplicity alone is not the key. Personal, relevant, safe and cost effective are all important drivers for turning a potential buyer into a loyal, returning customer. The need to understand what drives people to a particular retail experience is the challenge.

This starts with throwing out channel-specific strategies and truly embracing the customer of today—complex, multifaceted and connected. Shifting our focus from “channel only”—whether mobile, online or in-store – to “channel + customer + experience”.

Our ability to drive meaningful change and innovation at point of purchase isn’t driven by sensational headlines but by combining insights from 43 billion transactions with innovative payment technologies. Through this MasterCard is helping retailers of all sizes understand their customers, drive growth and customer engagement across physical and digital channels. We’re powering frictionless, personalised innovations to enable consumers to pay securely anywhere and on any device, including contactless payments, mobile wallets and other technologies that create more seamless user experiences for shoppers and efficiencies for retailers.

Ultimately, our technologies provide safe, convenient and easy ways for shoppers to pay and for merchants to be paid. We know that how people pay and shop is changing; roughly two-thirds of consumers say they carry less cash than they did five years ago, so it’s no surprise that 30% of consumers say they spend 30% less in stores that don’t accept payment cards.

As new and exciting payment methods emerge, it’s essential that they are built on a solid foundation of security. Fraud remains a major concern for consumers and merchants alike. Our mission is to stay at least one step ahead and we do this by investing heavily in security innovations which use a host of new technologies including biometric authentication because secure payments need to be simple to use and constantly evolving to stay ahead of the fraudsters. The ability of MasterCard and electronic payments to enable safe and secure transactions across devices extends to merchants of all sizes.

With the broad adoption of mobile devices around the world, mobile technologies have emerged as a powerful tool for shop owners of all sizes. As a fast, easy and inexpensive point-of-sale device that can be used literally anywhere, mobile technologies have the potential to open up new channels of economic growth for merchants and enable them to meet the demands of consumers. We’re committed to making this possible for any merchant, from the largest big box retailer to the smallest street vendor, around the globe.

At this year’s World Retail Congress MasterCard experts shared a user data, insights and expertise to foster the conversations and actions that will help all those who operate in the dynamic and fast moving retail ecosystem to build successful, secure and simple retail experiences for today, tomorrow and beyond.

Please find the full report by clicking here:

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