Visa: 2021 Was the Year of Expectations

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A year of increasingly blurred boundaries between the in-store and eCommerce shopping experience, fueled by a tailwind of installment plans and stunningly fast delivery and pick-up options, reflects a sweeping rise in commercial expectations. And if you thought 2021 was dynamic, Carleigh Jaques, senior vice president and global head of Acceptance Solutions at Visa's Cybersource, says that was only the set-up for what's to come in '22 in the PYMNTS eBook, "In a Word: 50 Thought Leaders Sum Up 2021."

COVID-19 fundamentally changed retail, redefining the boundaries between online and in-store shopping. eCommerce retail sales surged for merchants of every size and across all categories as consumers dove into online and mobile purchasing. The blurred boundaries between brick-and-mortar and online commerce increased the urgency of delivering seamless omnichannel experiences. Click-and-collect — whether buying online to pick up in-store, curbside or at a kiosk — is expected to grow at an annual rate of over 15% until 2024. Accepting digital payments — anywhere, anytime — became critical to meeting new consumer expectations that are here to stay.

Among the plot twists of the past two years, the supply chain constraints of 2021 compelled many shoppers to return to stores in order to be prepared for the holidays. And many of us rediscovered the joys of touching the merchandise and shopping as a social activity.

As these trends persist into 2022, delivering compelling digital experiences and recognizing consumers’ desire to engage in person — whether in restaurants, stores or entertainment — will be critical. Digital and in-person are no longer two separate things to consumers and merchants. Payments in 2022 will be about both.

Delivering a Frictionless Customer Experience

It’s no secret that the need for retailers to reduce friction throughout the customer experience is important. Shoppers have grown accustomed to being able to shop and make purchases on their own terms. Tools — like installments, which provide consumers with more purchasing flexibility, and click-and-collect options, giving shoppers the ability to shop online and pick up their purchases in-store — have emerged as crucial components of a frictionless shopping experience that can also drive loyalty and increase sales. Engaging in-store options run the gamut from loyalty programs at the countertop, to endless aisle experiences, to QR and self-checkout options.

Creating an Engaging Online Experience

With online and mobile shopping accelerating, retailers will need to make sure they’re creating an experience that connects with shoppers in new ways, capturing their attention amid a flurry of new options. Tools like prompts regarding abandoned baskets and curated recommendations — both powered by artificial intelligence (AI), online and in-store visualization tools — and social commerce all have the potential to engage customers in a compelling way.

And while social commerce is still in its early stages, it is a growing and increasingly important channel for retail businesses. In the U.S., social commerce sales are on track to represent 4.3% of all retail commerce sales in 2021 and to reach $36 billion, growing 34.8%.

Meeting In-Store Expectations

Over the course of the pandemic, brick-and-mortar retail saw a 10% decrease in consumer preference. But it doesn’t have to stay that way. Endless aisle experiences where the sales agent moves with the customer through the store are a win for both the consumer and the merchant, enabling better discovery of goods and increasing purchases. These models embed checkout in a multi-sensory shopping experience as opposed to making checkout purely transactional. After months of hibernation, shoppers are eager for tactile experiences, special invitation-only events and to be part of a community — including early product releases and promotions enabled via heavily personalized digital tools.

In a year defined by expectations, recognizing that those expectations can change on a dime has become an essential skill set. Adaptability and meeting buyers where they want to be is key, and might look different from one week — or one country — to the next. The good news is that the accelerated adoption of new digital technologies has laid the groundwork for real life today and for the future of the industry. The constant is that consumers are seeking choice — whether that is in-store, online or via digital shopping options — as part of their everyday routines. With a customer-first lens, the shaping of how buyers engage across all these highly dynamic environments and adjust quickly to them will be the difference between thriving or being left behind. Delighting these buyers will be crucial.

轉貼自： PYMNTS.com

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