OmnyPay Introduces Contextual Commerce Platform That is Powering Kohl’s Pay

In today’s changing landscape, retailers realize the need to raise the bar in mobile app experiences. To stay competitive, retailers have to deliver their own branded app that provides better utility to their shoppers than Amazon. Using a great retailer app, a repeat customer should enjoy a personalized and contextual shopping experience, where the customer receives the most relevant information, offers and recommendations based on the type of products they want, the type of environments they are in, the personal preferences as well as past purchasing patters with the retailer.

One of the more interesting announcements at Money 2020 was from San Francisco-based OmnyPay. The company announced a contextual commerce platform that helps retailers digitally personalize the entire in-store customer shopping experience.

Today, shoppers should not be forced to fumble with paper clips, text messages or emails at the time of purchase to track down the offers they received from a retailer. Nor should they be forced to go to another online site to redeem loyalty points. All of this should happen digitally as part of the retailer mobile app pay experience -- at the time of checkout, resulting in more business and long-term loyalty for retailers from customers.

During a panel on frictionless payments in retail this morning at Money2020, Kohl’s discussed its recent introduction of Kohl’s Pay, noting that it implemented OmnyPay’s contextual commerce platform, and how the national retailer enhanced its checkout with integrated loyalty, offers, as well as Kohl's Cash, Yes2You Rewards and payment.

OmnyPay’s Contextual Commerce Platform offers some very unique capabilities that will appeal to large retailers.

By moving the point of interaction to the mobile device vs. the POS, using OmnyPay’s platform, retailers can let consumers use their smartphone to tap into a much richer environment that the retailer can deliver with personalized offers. This is very different from Walmart Pay or CVS Pay, which only uses the mobile device as an identifier but falls short of leveraging the power of mobile interface and interactions.

Kohl's Pay is now able to default users to the Kohl's charge card, which is the preferred payment that it wants shoppers to use. The leading retailer has so far issued 25 million Kohl's charge cards, all of which are eligible to use Kohl's Pay immediately. Signup is just one opt-in click and the Kohl's charge card on file is added to a customer’s in-store shopping experience and Kohl's Pay.

According to Ashok Narasimhan, CEO of OmnyPay, We’re proud to help retailers better serve their customers by combining payments, rewards, loyalty, and offers through a single scan. This extends transaction control to the consumer’s mobile device. Now retailers can use the smartphone as a digital shopping tool to inform, educate, influence and reward customers in relevant ways across all channels, leading to gains in long-term customer loyalty and sales, lower operational costs and the ability to compete more effectively with online-only competitors.

Smartphones Take Center Stage In recent years, consumer behavior has changed with most relying on their mobile phone while shopping in-store. Most shoppers use Google and Amazon for search, recommendations, reviews and price comparison – all while standing in the aisle of a physical retailer. OmnyPay’s expanded SaaS platform addresses this behavior directly, enabling multiple utilities in a retailer’s own branded app to make it more appealing and useful to consumers while they shop in-store.

"As retailers raise the curtain on mobile-first transaction solutions, more and more are looking to their own branded app to play a lead role, said Kent Allen, Principal of The Research Trust. These previously underutilized apps are now being tapped to touch shoppers at every point of their buying journey, giving retailers a powerful tool to engage loyal customers, streamline discovery and checkout and reduce transaction costs by steering shoppers toward low-cost payment methods.

A retailer app, powered by OmnyPay, enables merchants to augment the physical store shopping experience with the personalization, flexibility and power of digital commerce. So shoppers can be more engaged with contextual personalized offers, pricing, rewards or recommendations. They can also select products available in-store, online or directly from brands, and then complete the purchase through a frictionless checkout at point-of-sale (POS), or even through a digital self-checkout.

Tender Steering to Preferred Payment Methods Leveraging the platform, retailers can incentivize shoppers during checkout to use retailer-preferred payment options like store-branded cards, co-branded cards, debit cards, or soon, real-time ACH. By driving more traffic to these low-cost payment options, retailers reduce transaction fees, deliver frictionless checkout, enhance customer loyalty and increase card revenue share.

Rich Checkout The OmnyPay platform sets up a real-time connection between the shopper’s mobile device, the retailer back-end and the retailer in-store, POS system. This allows the retailer to correctly identify the shopper before the point of payment. It also lets retailers automatically and digitally combine any offers, coupons and promotions available to the shopper into the checkout process, streamlining the flow. The entire transaction takes place in the cloud while the shopper only needs a POS identifier to initiate the checkout, which is enabled using a simple QR code.

Anywhere Commerce Once a user is multifactor authenticated via OmnyPay’s platform, any surface can become a point of commerce. This paves the way to let retailers begin offering secure in-aisle, self-checkout service to their customers, resulting in significant cost savings. As stores are reconfigured away from massive checkout areas, shoppers and retailers can benefit by reduced wait times, decreased cart abandonment, and increased customer satisfaction.

Retailer Custody of Customer Data With retailer-branded apps on the rise, retailers need to gain access to a broader set of data pertaining to customer shopping behavior and marketing program success. OmnyPay supports this data aggregation, as well as user credentials and personal identifiable information, via a PCI-compliant, secured system. By moving the entire data stream to the cloud, this ensures there is no exchange of unprotected identity data within the physical store environment, mobile device or on public data networks.

Plug-and-Play Integration with an API-driven Platform OmnyPay’s white-label, open API-driven cloud platform augments legacy store systems. It easily integrates with leading vendors to deliver loyalty, payments and coupons, as well as location-based services (LBS), CRM and social messaging features. Its API makes new features a simple plug-and-play add-on. Retailers can also add features and functionality to daily operations and customer experiences without requiring massive infrastructure investments. The platform can co-exist with existing legacy systems and can be integrated and launched in a matter of weeks.

OmnyPay’s digital commerce platform is available immediately to large retailers looking for a mobile-first approach to increase engagement, reduce costs and enhance experiential commerce.