In the digital age, consumers interact with brands through multiple physical and digital channels. The integration of these interactions, known as omnichannel strategies, has become crucial in shaping purchase decisions, according to a study conducted by the Mexican Online Sales Association (AMVO).
"Omnichannel goes beyond the division between physical and digital channels, aiming to create a seamless user experience. It focuses on satisfying customer needs at every stage of their buying journey, regardless of their chosen channel," says AMVO. Additionally, the association revealed that digital buyers value both the convenience of online research and the tactile experience of physical stores. "The majority of consumers prefer a combination of physical and digital channels in their purchasing process," according to the study. Among the surveyed consumers, an overwhelming 97% emphasized the importance of the tactile experience when making purchase decisions.
Despite the prevalence of online research, 96% of consumers indicated that they still prefer to make actual purchases in a physical store. "While the internet is used to gather information, buyers value the opportunity to experience the product firsthand before committing," reads the study. Furthermore, 86% of respondents acknowledged researching online, inspecting product features in a physical store and subsequently purchasing online. To address the changing preferences of digital buyers, businesses are increasingly adopting omnichannel strategies. By offering a seamless omnichannel experience, businesses can enhance customer satisfaction and increase sales opportunities.
Meanwhile, a recent report by global payment technology company Adyen, in collaboration with the Centre for Economic and Business Research (CEBR), underscored the significance of technology investment in the retail sector. "Consumer behavior has evolved in recent years, and the decisions businesses make regarding technology investment are more critical than ever," says Roelant Prins, Chief Commercial Officer, Adyen. The report revealed that 67% of global buyers demand more rewarding experiences, prioritizing value, affordability and convenience. As the current crisis impacts purchasing power, 78% of consumers spend more time searching for the best deals and prices.
The report highlighted the importance of unified commerce to cater to these demands, where all payment data is consolidated into a single system. "Unified commerce offers a powerful overview of customers, allowing businesses to meet their expectations when making purchases," explains Prins. According to the report, 55% of consumers abandon purchases if they cannot pay with their preferred in-store or online methods. Additionally, 61% of customers are more loyal to retailers offering in-store returns for online purchases.
As retailers face considerable costs related to fraud and chargebacks, the report emphasized the need for robust technology solutions. About 44% of retailers suffered significant losses due to fraudulent transactions and chargebacks, while 23% of consumers experienced payment fraud, losing an average of US$242 each in 2022. In Mexico, 36% of businesses reported increased payment fraud attempts in the past year. Furthermore, one in four consumers fell victim to payment fraud, losing an average of MX$3,374 (US$193.92).
As the retail landscape continues evolving, Mexican businesses recognize the value of omnichannel strategies and technology investments. By understanding and adapting to the changing behavior of digital buyers, businesses can thrive in the digital era.