Transactions are becoming easier using mobile payments and automated subscriptions for regularly consumed goods. Stores also are popping up in new and unexpected places, such as train, bus stations, and truck.
RILA report mentioned that:
- 60% of U.S. retail sales will use the internet by 2017. They will either buy a product online or use the internet to research it before purchasing it in a store.
- There is also augmented reality applications uses mobile or wearable technology to mediate a layer of rich audiovisual data between users and their environment, providing them with useful, context-specific information. Semico, a marketing and research firm, rating that revenues generated from augmented reality applications in the U.S. will exceed $600 billion by 2016.
- According to PwC, the demographics and wealth gaps between customer segments are expected to widen by 2020 and this may create customer segments with different expectations for product offerings and shopping experiences.
- New models of self- and community-reliance may flourish as a result of greater access to digital platforms and its impact will be fundamental to retail’s health over the next two decades.
- People are increasingly sharing or renting things like cars, bikes, power tools, clothes, housing, and even leftover food rather than buying new products to consume using digital, however, it is uncertain whether the barriers to the sharing economy will grow as well.
For more information, please download the “Trends Shaping the Future of Retail 2017” full report.