New Index Evaluates Omni Success by Channel Consistency

7/28/2015
PYMNTS.com, an online resource dedicated to payments innovation and commerce, and Vantiv, Inc., a payment processing services provider, released the first "PYMNTS.com OmniReadi Index powered by Vantiv."

The new index, which will be released quarterly, is designed to measure the consistency of merchant's omnichannel strategies – measured by real shopping experiences, to determine if the mobile channel is helping, hurting or simply neutral to the overall consumer experience.

"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," explained 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."

According to the OmniReadi Index, the average score by each merchant measured on a scale of 1 (low) to 100 (high), was 64. The entertainment and electronics vertical scored among the highest at 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," said Stephanie Polen, vice president of customer lifecycle products at Vantiv. "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, e-commerce 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 includes in-depth research done by analysts in Boston, Chicago, Los Angeles and Seattle who shopped businesses across three channels – web, mobile app and in-store. They captured data on 130 attributes of more than 100 retailers, which represents close to 50 percent of the total U.S. retail sales in eight merchant segments, including apparel, grocery, electronics and entertainment and sporting goods.

These merchants were then scored based on two key components: 1) The degree to which the online and in-store experiences are consistent for consumers, and 2) If a merchant is adding value through mobile – through an app, a mobile website or mobile-optimized website. The full research paper can be found at PYMNTS.com. The next OmniReadi Index will be released in early Fall 2015.

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