According to a new study by ACI Worldwide and Ovum, today's retail space, an omni-channel payment strategy is a key to the customer's experience to be as seamless as possible. Over 79 percent of merchants and retailers are willing to adopt an omni-channel approach, while 80 percent of respondents in the EMEA region agree that the technology advancements in payments will add to the benefits of their organization. 66 percent are even willing to spend more to receive a broader range of payment services conditioned upon the services adding to their business value. 89 percent of merchants and retailers say that they expect an increase in operational efficiency with the addition of new means of payment while 88 percent say that the investment has further enhanced their customers' experiences.
The rapid digitization of commerce and payment technology is a critical aspect of improving customer engagement while reducing costs at the same time. The EMV payment method that used to be a pain-point for in-store retail fraud has now reduced, according to 82 percent of merchants in the U.S., however, the fraudulent activity has now shifted online. In the Asian region, however, cards continue to dominate the retail and merchant sales figures, accounting for 52 percent of payments. For retailers and merchants to remain competitive in the ever-changing market, they will need to foster stronger partnerships with payment companies that, both, understand their market and improve the omni-channel capabilities to reach new markets.
