Wednesday, September 01, 2021View Showroom
According to a new Carat Insights report released today by Fiserv, Inc. (NASDAQ: FISV), omnichannel commerce trends that emerged and accelerated during the Covid-19 pandemic are showing their staying power. Data shows commerce experiences that blend the physical and digital are increasingly popular among consumers, digital spending has increased across verticals throughout the pandemic, and in-store payments made digitally are gaining share.
Carat Insights represents a cross section of data measuring consumer perceptions toward emerging payment trends, and how actual consumer spend has evolved in market. The Carat Insights survey polled 2,200 U.S. adults to explore how the pandemic impacted consumer payment preferences. In addition, Carat Insights analyzed spending data from Q1 2020 through Q2 2021 at businesses leveraging Carat, the Fiserv omnichannel commerce ecosystem that processes more than one billion omnichannel transactions each year.
“The past 18 months have greatly accelerated consumer adoption of digital channels, making it imperative for businesses to build an omnicommerce strategy powering customer experiences that combine digital and physical settings,” said Nandan Sheth, head of Carat and Digital Commerce at Fiserv. “As consumers continue their shift to digital-first purchasing, businesses can create more commerce by enabling a unified experience across the entire customer journey.”
Omnichannel Spend Growing Across Industries
Industries like restaurant, grocery, and retail adapted during the pandemic by adopting new digital payment experiences that connect eCommerce to a retailer’s physical footprint, such as Buy Online Pick-up In-Store (BOPIS).
Evolving Payment Preferences
As consumers sought safer and more seamless ways to pay during the pandemic, they also shifted the manner in which they prefer to transact, with contactless payment, digital wallet, and debit usage all continuing to accelerate.
Buy Now Pay Later (BNPL) and QR Codes
Advanced payment methods like Buy Now Pay Later (BNPL) and QR codes are providing businesses and consumers new ways to think about payments. But awareness and usage don’t align to conventional expectations.
As omnichannel commerce increases in popularity, businesses are enabling multifaceted consumer journeys that span multiple channels, devices and payment options. For more information on the omnichannel commerce trends emerging during the pandemic, and recommendations businesses can follow to connect digital and physical commerce, download the full Carat Insights report at fisv.co/CaratInsights.
Fiserv, Inc. (NASDAQ:FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.