Several experts have recently posted insights on the future of shopping, and their predictions support the 14 Transformations Defining the Future of Shopping by 2020 and Today’s Top 10 Shopping Innovations that we covered in September. Here are a few of the expert highlights.
Todd Hale, SVP Retail and Shopper Insights, at Nielsen recently shared their 10 Predictions for 2015. The 5 predictions in bold directly support what we shared in September:
- Mass supercenters and e-commerce will be the big winners.
- Low and high-end grocery stores will grow share.
- Pet stores and dollar stores will grow.
- Retail consolidation: the big will get bigger.
- Smart phones will be the primary enabler of shopper engagements.
- Store formats will evolve: new formats, smaller stores, pop-up retailing to accelerate.
- Anywhere in-store check outs to replace self check-out and open floor space.
- In-store kiosks, digital media and holograms to interact with shoppers.
- Demise of traditional consumer age and gender targets as technology enables seamless view across languages and ethnic/generational groups with links to purchase and usage behavior
- Evolving U.S. demographics have major impacts
Stores.org recently stated that the U.S. has the opportunity to leap past other countries by enabling the mobile wallet with near field communication (NFC) mobile payment technology. Mohammad Khan, president of ViVOtech, a developer of mobile payment technology, stated that, “Based on the chip orders we see now, we expect to see 50 million NFC-capable phones worldwide by the end of 2011.”
Gigya.com recently covered two major events that focused on the future of retail: Shop.org’s Annual Summit and the Altimeter Group’s Rise of Social Commerce and had 4 key takeaways that directly correlate to 14 Transformations By 2020 and Today’s Top 10 Innovations:
- Seamless experiences across platforms “While some of these technologies are early stage, enabling people to use an existing social identity on any device will be a key element of unifying the retail experience across platforms, giving retailers a powerful way to link data and systems.”
- Personalization “Tapping into customer social profile and social graph data – technology available today – will be a key competitive advantage for retailers in the coming year.”
- Game mechanics driving loyalty and rewards programs “Online retailers should begin to “gamify” by rewarding desired social behaviors today. They can identify their own key influencers (who is sharing the most, who is driving the most referral traffic) and treat those people in a way the benefits both customer and retailer.”
- Optimization “Just as retailers apply web analytics to optimize their site user experience, they need to apply social analytics to drive value from the social elements that are integrated into the shopping experience.”
If you want more details on Shop.org’s Annual Summit, check out Citi Group’s pdf with similar highlights.
Another proof point, Tesco has updated its shopping app to include a number of items like barcode scanning, check out payment and shopping lists. CEO of tesco.com, Laura Wade-Gery stated, “We’re always looking for ways to make life easier for customers and for busy mums in particular. The barcode scanner will make online ordering much quicker for those that have an iPhone. Customers can simply scan the barcode of grocery products stocked by Tesco whilst on the go and add them into their online shopping basket.”
While experts agree with our vision on where shopping is going today and into 2020, not everyone understands who today’s customers are. Below is a short text/animation video from Resource Interactive that may help get the point across on how quickly things are changing. It was not included in previous articles, but it may help put you into a day-in-the-life stream to see how younger consumers are embracing the future.
As always, feel free to contact experience rethink if you need to assess current strategy or build a holistic roadmap to the future for your brand or shopping experience.
- 14 Transformations Driving the Future of Shopping in 2020 (experiencerethink.com)
- Today’s Top 10 Shopping Innovations (experiencerethink.com)
- Tesco Hits Mobile Strategy Milestone with New Launch (prweb.com)
- Gigya 5 Debuts iRank Key Influencer Analytics, Mobile SDKs, New Community Features, and Open Platform Partner Program (prweb.com)
- Tesco iPhone app adds barcode scanner (computeractive.co.uk)
- ShopSavvy – Blog | iPhone and Android Barcode Scanning & Shopping Tool (shopsavvy.mobi)