Banking | Finance | Insurance & IT in BFSI

Omnichannel e-commerce emphasizes the integration of all channels. Retailers that use this strategy are present on multiple platforms, and they ensure these platforms work together to provide a consistent and unified customer experience. Their messaging, branding, shopping experience, and pricing are harmonized across all platforms. This way, when a customer switches from one platform to another or makes additional purchases, the experience feels consistent. Increase in traffic and sales through constant availability According to Google, 53% of shoppers say they consistently research before making a purchase to ensure an informed decision. Retailers are able to offer a seamless experience across all the feeds with the omnichannel method, helping them to find what they need. This ease and stability aid the consumers’ research for a product, increasing their chances of making a purchase and boosting sales. They effectively capture and engage customers at various stages of their buying jo...

Consumer credit is the debt taken to buy goods and services. It can be in the form of any kind of personal loan or credit card. In simple words, it is an unsecured debt taken to acquire various commodities. However, housing loans or debt taken to buy plots do not fall under this category. These credits are provided by banks or financial institutions to help borrowers purchase everyday merchandise instantly. The interest is charged over the period to repay the credited amount. In the case of consumer credit, there is no requirement to carry cash while shopping. Individuals can choose payment plans that deliver access to products and services quickly rather than saving to cover the amount of that particular product. Many credit card retailers and organizations give special offers, rewards, and perks on the purchase of large items. Sometimes they also offer cashback on it. Role of digitalization and AI in consumer credit Integrating technology into consumer lending is essential for buildi...