Options! The new wave of omnicommerce consumers are increasingly demanding integrated “omnichannel” bill payment experiences online, in-store and through their mobile devices. The term omnichannel is used to describe how people interact in a multifaceted way, with retailers, billers and other various institutions.
3 Characteristics of the evolution of omnicommerce:
- It’s people powered
- It requires intelligent communication
- It offers the user a seamless experience
The days where consumers shop only in-store, pay bills only online or bank only over-the-phone are over. With options comes choice, but consumers aren’t just selecting one and sticking to it. In fact, 83 percent of consumers are using two or more channels to pay their bills each month, with the average American using over three different channels to pay, and as more Gen Y households take on bill payment responsibility the demand for multiple, timely payment options is growing. People value convenience, time and ease of use when it comes to completing tasks such as paying bills, so it’s understandable that the bill payment channel that best offers this can be based on circumstance.
For example, let’s say a customer forgets to pay his utility bill until he is on his way to work the night shift. On a time crunch to meet the payment deadline, this customer would value using a mobile bill pay app in order to make his payment on time, to avoid service disconnection, and/or costly late fees. In this particular situation, the ability to make a payment from anywhere, at anytime is what’s most important. Next month the same customer has to pay his bill in cash, so he makes his bill pay transaction at a payment kiosk. The following month he remembers to pay his bill while in line at the grocery store, and uses the clerk-assisted bill pay option to make a payment. This is an example of one customer using three different channels to pay, and this is the norm. Circumstance dictates what is most convenient, and today’s consumer demands that these options are not only available when and how they need them, but also seamlessly integrated to provide a consistent user experience.
As we move forward into the future, we will see a complete convergence of physical, digital and social, where consumer experiences will conform to buyer behaviors and be entirely seamless, says Alex Craddock Senior Vice President of Marketing at Visa. In the omnichannel payment environment it isn’t just about securing funds and collection of bill payment, but about customer service and building loyalty. The challenge that exists is to ensure that the appropriate payment channels are made available and successfully integrated, so that it offers your customer a consistent, and positive user experience.
Click here to learn about how TIO can help you execute an integrated full suite of payment options to serve your customers better!