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New Retail Frontier Requires Omnichannel Strategies Centered on Experiences

Consumers aren’t going easy on retailers. In efforts to grasp the latest shifts in preferences and expectations, Nielsen partnered with Stripe, an online payment platform to collect covetable consumer data. For example, the research discovered that 51 percent of consumers will abandon a web site if it takes too long — typically three seconds or longer. What’s more, it confirmed that e-commerce marketplaces aren’t going anywhere, anytime soon. Sixty-eight percent of Millennials confirmed they had shopped on an online marketplace in the past year. But retailers and brands have a huge opportunity to maximize on this preference, especially on mobile — according to the research, only 29 percent of participants have used their mobile device to shop e-commerce marketplaces, compared to 53 percent sharing they had used their smartphone or alternative device to make restaurant reservations. Here, Richard Alfonsi, head of global revenue and growth at Stripe discusses the landscape further and how retailers can gleam best practices from hospitality and other industries. WWD: What are key features that will help capture and maintain shoppers on a retailer/brand’s e-commerce site? Richard Alfonsi: According to a recent study, more than half of mobile site visitors will leave a page if it takes longer than three

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