As the adage goes, “The customer is always right,” and never have those words been truer than in recent years. New developments in the e-commerce world, the payments industry, and the shopping experience in general have resulted in an abundance of choices for consumers. Companies of all stripes are constantly trying to deliver the best possible products and services to meet the increasing demands of the marketplace. One way businesses can improve their customer experience (CX) is by delivering a true omni-channel experience—by facilitating smooth operations for wherever, whenever, and however consumers wish to make purchases and payments. 

To learn more about the expansion of the consumer landscape and how fintechs can use omni-channel solutions to address complex and evolving customer needs, PaymentsJournal sat down with Corey Young, CEO of Agile Financial Systems (AFS), and Don Apgar, Director of Merchant Advisory Practice at Mercator Advisory Group. 

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Consumer behavior is changing 

Along with so much else about our daily lives, the COVID-19 pandemic has dramatically altered the trajectory of consumer spending patterns. According to Mercator research, 48% of U.S. consumers who viewed potential purchases on their mobile phone ended up making the actual purchase via their mobile phone. Additionally, 40% of surveyed consumers said they use some sort of device (e.g. phone, computer, tablet) to research what they are going to buy prior to making a purchase. These statistics represent significant upticks from previous years, and while these changes are not necessarily wholly attributable to the pandemic, the bottom line is that consumers are always looking for the most efficient way to make their purchases.  

“When we talk web, mobile, and in store as the omni-channel experience, the lines are really starting to blur,” said Apgar. Consumers are not just making online purchases or checking out products to buy from their homes, they are also conducting research on their devices while they are shopping in-store. Yet another relevant statistic shows that 60% of consumers have used Buy Online, Pick-Up In Store (BOPIS) to make their purchases.