Understanding that omni-channel is fast becoming table stakes for any customer facing organization, financial institutions, back office operational vendors and payment processors hoping to retain their position as valued business partners will seek out ways to aid their respective client organizations in detangling the web of cross-border transactions and payment mores and customs.
While some retailers are doing very well in enabling omni-channel functions – and have already begun to reap the many rewards that go along with them – many have only just begun to embrace them, and are at risk of falling behind the curve. In order to keep pace with this rising trend, retailers need to deploy the right range of technologies, which ranges from radio frequency identification (RFID) to wearable tech, and they must do so as soon as possible.
By doing so, they can quickly achieve a global view of their stock, enabling them to operate down any channel they have. Failure to do so will severely limit sales, placing retailers in the queue behind other big names that have already been declared redundant by consumers accustomed to quick or even instant fulfilment. In order to achieve omni-channel excellence, and the many benefits that go along with it, retailers must enable an agile and seamless connection between all of their digital channels and physical outlets.
Mercator Advisory Group expects the payment service providers with knowledge of ERP and CRM systems and how they may be leveraged will hold an advantage in winning clients and enhancing wallet share with existing customers as vertical integration in supply-chains in support of omni-channel operational models takes hold.
Overview by Joseph Walent, Senior Analysts, Emerging Technologies Advisory Service at Mercator Advisory Group
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