PYMNTS.com, a leading source for news and commentary on innovations in payments and commerce, and Vantiv, Inc., a payment processing solutions provider, partnered to release the first PYMNTS.com OmniReadi Index powered by Vantiv.
The new index is designed to measure the consistency of a merchant’s omnichannel strategies. This is determined by real shopping experiences, which help establish whether the mobile channel is helping, hurting or not affecting the consumer experience at all.
“We wanted to know how omnichannel strategies are evolving over time for different stores and what benefits they are providing to businesses in different verticals,” said Karen Webster, CEO of Market Platform Dynamics. “We found that merchants in the electronics and entertainment vertical have made the most progress, but every vertical really has some room to go to deliver a consistent and seamless experience to their customers.”
The OmniReadi Index contains in-depth research completed by analysts in Boston, Chicago, Los Angeles and Seattle, who shopped businesses across three channels; web, mobile app and in-store. These analysts collected data on 130 characteristics of over 100 retailers, representing almost half of the total U.S. retail sales in eight merchant categories such as, apparel, grocery, electronics and entertainment and sporting goods.
Merchants were scored based on two main components, the degree to which the online and in-store experience is consistent for shoppers and whether a merchant is adding value using mobile capabilities—an app, mobile website or mobile-optimized website.
Researchers found that the average score among merchants, which is measured on a scale from 1 (low) to 100 (high), was 64. The entertainment and electronics category scored 70.
“The Index shows there is definitely a difference in experience as merchants look for ways to deliver consistent experiences for customers, wherever and however they want to shop,” Stephanie Polen, Vantiv’s vice president of customer lifecycle products, explained. “Businesses need to consider these important trends and incorporate them when developing their overall strategy to serve their customers. Our expertise, technology, and solutions across the entire payments spectrum – mobile, ecommerce and POS – and a wide range of verticals can help merchants define and deliver a holistic and consistent omnichannel experience to their customers.”
The OmniReadi Index will be released quarterly, with the next to be published in early Fall 2015.