Top retail trends demonstrate tech-driven shifts
Retailers looking for evidence that technology has become a pre-eminent influencer on their industry need look no further.
A market brief from consumer financial services company Synchrony Financial, “10 Things to Know – the Top 10 Retail Trends for 2016,” identifies eight technology-driven developments on its list. In addition to the emergence of new retail holidays and increased spending on pets, the eight IT-focused trends are:
Wearable Technology: From headsets and smartwatches to fitness and health devices, shoppers are using wearable technology for ease of accessing product and store information, offers, and speed of payment.
Voice Technology: Up to four times faster than type-and-click, voice-enabled search signals a shift in how consumers find product and service information. At the same time, Synchrony predicts innovations in language recognition will give voice a bigger role in online commerce, retail search strategies, and shopper engagement.
Virtual Reality (VR) in the Shopping Experience: Virtual reality immerses consumers in sensory and personalized experiences, enabling them to interact with products and services. Mobile devices capable of delivering rich VR experiences can bring store experiences to the consumer in any location.
Video Streaming: Growing video-on-demand traffic and the higher likelihood of shoppers to purchase a product after watching a video provides opportunities for retailers to consider online streaming video for product demos, display or customer service.
Internet of Things: Millions of devices are being deployed and connected in the retail environment to collect and send data that provides valuable real-time insights.
Mobile and Alternative Payments: As retailers transition terminals and develop e-commerce platforms to engage with shoppers and accept new payment methods, consumers are adopting mobile wallet apps, branded wallets, and smartwatches and devices with payment capabilities.
Social Network Buy Buttons: Largely driven by growing mobile usage, retailers are providing shoppers with easier functionality to purchase within a social app by adding Buy buttons that allow users to shop directly on their sites.
Personalization: Data, tools and technology are making it possible to understand customer preferences and deliver personalized offerings, in addition to product selection and prices.
