Worldpay from FIS Helps British Brand HMV Expand and Innovate with New, Enhanced Omni-Channel Solution
HMV (NYSE: FIS) partners with Worldpay from FIS to expand its European presence through an enhanced omni-channel strategy. The partnership aims to provide HMV with greater flexibility and choice in improving their omni-channel strategy across 34 geographic markets. Worldpay Omnichannel, developed in partnership with FreedomPay, allows merchants to operate across borders and Point of Sale (POS) providers, supporting both major and local card schemes, alongside local payment methods. The solution enables synchronization and tokenization across multiple channels, allowing merchants to operate more efficiently and innovate to better meet shoppers’ expectations and changing payment habits. The solution is currently live in HMV’s Dublin and Antwerp stores and will be rolled out across Europe in the coming months.
Examining the partnership between HMV and Worldpay from FIS , alongside FreedomPay , reveals a strategic move to enhance the retailer's omni-channel capabilities as part of its European expansion. The integration of a unified commerce platform is a significant step for HMV, as it addresses the evolving consumer preference for a seamless shopping experience across multiple channels.
From an industry perspective, the move aligns with the broader retail trend towards omni-channel strategies, which have been shown to increase customer loyalty and sales. The ability to synchronize and tokenize transactions across various channels could potentially streamline operations and reduce friction in the payment process, which is crucial in a highly competitive retail landscape.
However, the success of such a strategy hinges on the effective implementation and customer adoption. While the long-term benefits may include increased market share and customer satisfaction, the short-term challenges could involve technical integrations and the complexity of managing a consistent experience across different markets and payment systems.
The report's findings that a majority of consumers, including older demographics, are seeking checkout-free experiences, suggest that HMV's investment in omni-channel solutions could meet these expectations and position them favorably against competitors.
The financial implications of HMV's deployment of Worldpay's omni-channel solution are multifaceted. Initially, there may be significant capital expenditures associated with the technological upgrade and expansion efforts. However, the investment is likely to be justified if it results in increased sales volumes and customer retention, particularly given the consumer trends highlighted in the Next Level Retail Report.
For stakeholders, including investors and partners, the strategic partnership indicates a proactive approach to growth and innovation. The anticipation of a smoother expansion into European markets could positively influence HMV's stock performance in the mid to long term, assuming successful execution and market penetration.
It's important to note that while omni-channel strategies are increasingly common, not all implementations yield equal results. The effectiveness of HMV's approach will depend on its ability to leverage the data-driven insights and secure commerce technology provided by the partnership to tailor the shopping experience to consumer preferences in each market.
The integration of Worldpay Omnichannel into HMV's payment systems is a clear indicator of the retailer's commitment to enhancing the customer experience in the digital age. As e-commerce continues to grow, retailers are recognizing the importance of a seamless transition between online and offline channels.
This solution's focus on a single integration that supports cross-border operations and various payment methods is particularly relevant in the European context, where diverse payment preferences can often complicate cross-market strategies. The ability to maintain relationships with multiple POS providers while streamlining the payment process is a significant advantage in today's retail environment.
While the technological aspect is a critical component, the ultimate measure of success will be the customer experience. The ability to innovate and meet shopper expectations, as mentioned by HMV's Head of IT, will likely be a determining factor in the retailer's ability to capture and maintain a loyal customer base.
12/20/2023 - 03:00 AM
Key facts
Music and entertainment retailer HMV is utilizing Worldpay from FIS’ enhanced omni-channel solution to aid European expansion.
Worldpay Omnichannel has been created through a partnership between Worldpay and FreedomPay.
Executing an omni-channel retail strategy is now key for merchants, with research finding that half of all consumers used three or more channels to shop in the last 12 months.
JACKSONVILLE, Fla. --(BUSINESS WIRE)--
Worldpay from FIS , the merchant solutions business of global financial technology leader FIS ® (NYSE: FIS), is expanding its relationship with music and entertainment retailer HMV to support the iconic British entertainment retailer with its European expansion through an enhanced omni-channel strategy.
Worldpay Omnichannel will give HMV greater flexibility and choice when it comes to improving their omni-channel strategy, across 34 geographic markets. Developed in partnership with FreedomPay, the solution brings together Worldpay’s leading Global eCommerce capabilities with FreedomPay’s commerce platform.
Through a single integration, Worldpay Omnichannel allows merchants to operate across borders and Point of Sale (POS) providers, supporting both major and local card schemes, alongside local payment methods. The solution covers many of consumer’s preferred payment methods and enables merchants to deliver a more consistent omnichannel experience across the retail landscape.
The solution will allow for synchronization and tokenization across multiple channels, enabling merchants to operate more efficiently, as well as innovate to better meet shoppers’ expectations and changing payment habits. The solution also enables access to multiple POS providers allowing merchants to maintain their preferred relationships with partner ecosystems, while supporting simpler and faster implementation through a single integration.
Worldpay Omnichannel is now live in HMV’s Dublin and Antwerp stores and will be rolled out across Europe in the coming months.
Pete Wickes, General Manager, Worldpay Enterprise, EMEA at FIS said: “We’re pleased to extend our relationship with HMV to provide them with the next generation of omni-channel solutions and support their expansion across Europe . Our enhanced capabilities will help HMV future-proof their business and accelerate growth. We will connect HMV fully with their shoppers across the digital and physical worlds, enriching their purchasing journey across multiple channels.”
Darren Houghton, Head of IT at HMV said: “We needed a solution that would enable us to provide our customers with a seamless journey across multiple channels, as well as bring us into new markets simply and efficiently. Worldpay is a trusted partner that understands our business. Our new capabilities will speed our ability to innovate and better help our customers as we expand across Europe.”
“Together Worldpay and FreedomPay are transforming payments across the globe, bringing more functionality and innovation to enterprise businesses and their customers”, said Chris Kronenthal, President at FreedomPay. “By coupling FreedomPay’s data-driven, secure commerce technology platform and Worldpay’s leading Global eCommerce platform, we can provide merchants with enhanced omni-channel experiences for them and their shoppers.”
The Next Level Retail Report
This new solution comes at the right time for HMV, with new research demonstrating why merchants need to prioritize their omni-channel strategy as shopping habits continue to converge across channels. The Next Level Retail Report, a joint research project between Worldpay and FreedomPay, found that over the past 12 months:
50 percent of consumers have used more than three shopping channels to purchase something, rising to 60 percent of millennials.
Use of marketplaces (77 percent) is now on par with physical shopping (78 percent).
69 percent of consumers want to shop in checkout-free stores, including 59 percent of those aged 59+.
About the Data
For the full report visit The Next Level Retail Report
About FIS
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida , FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com . Follow FIS on Facebook , LinkedIn and Twitter (@FISGlobal ).
View source version on businesswire.com: https://www.businesswire.com/news/home/20231220779577/en/
For More Information
kim.snider@fisglobal.com
Source: Fidelity National Information Services
What is HMV's ticker symbol and who is the partner for their omni-channel strategy?
HMV's ticker symbol is FIS. The partner for their omni-channel strategy is Worldpay from FIS, the merchant solutions business of global financial technology leader FIS.
What are the key features of Worldpay Omnichannel?
Worldpay Omnichannel allows merchants to operate across borders and Point of Sale (POS) providers, supporting both major and local card schemes, alongside local payment methods. It enables synchronization and tokenization across multiple channels, allowing merchants to operate more efficiently and innovate to better meet shoppers’ expectations and changing payment habits.
Where is the Worldpay Omnichannel solution currently live and where will it be rolled out next?
The Worldpay Omnichannel solution is currently live in HMV’s Dublin and Antwerp stores and will be rolled out across Europe in the coming months.
What research findings support the need for an omni-channel strategy?
The Next Level Retail Report, a joint research project between Worldpay and FreedomPay, found that over the past 12 months, 50 percent of consumers have used more than three shopping channels to purchase something, rising to 60 percent of millennials. Use of marketplaces (77 percent) is now on par with physical shopping (78 percent). 69 percent of consumers want to shop in checkout-free stores, including 59 percent of those aged 59+.
What are the benefits of Worldpay Omnichannel for HMV's European expansion?
The enhanced omni-channel strategy aims to provide HMV with greater flexibility and choice in improving their omni-channel strategy across 34 geographic markets. It allows for synchronization and tokenization across multiple channels, enabling merchants to operate more efficiently and innovate to better meet shoppers’ expectations and changing payment habits.
