How will we shop in the future?

Lately, it's become a real struggle for retailers to keep up with and anticipate consumer demands. Gone are the days when brick-and-mortar stores and malls satisfied grocery shoppers and trendsetters alike, but what is less clear is how they are being replaced. In today's lightning-fast environment, retailers looking to keep up might feel as though they are playing an endless game of whack-a-mole. But, a few key emerging themes may define the tastes and preferences of the customer of tomorrow. To find out more, Synchrony Financial conducted a research study in January and February of over 1,000 consumers ages 18 and up to understand which future retail shopping ideas they felt could best solve problems, and which ideas for the future are most compelling.¹ Here is an overview of what the customer of 2030 may look like:

Portable technology will likely continue to dominate, as tablets, apps and smartphones become even more of a one-stop shop. Human interaction may change entirely as customers forego traditional storefronts and increase their demand for cashier-less retail models. This concept aims to provide customers with items that, once selected, can be paid for with a phone or fingerprint, and allows the customer to leave with zero human interaction.

Other sought-after DIY services include innovations like the dressing room touchscreen mirror. This function outfits dressing rooms with touch screens that offer conveniences once found on a traditional sales floor: information about the item, availability of sizes and the ability to order and buy from the dressing room. This service has generated plenty of buzz. Forty-seven percent of consumers surveyed said the dressing room touchscreen mirror was one of three ideas they were most excited about for the future of retail.

The very concept of loyalty has evolved over time. That evolution is only expected to ramp up in the coming years. When customers share more information, they anticipate better, smarter incentives that will determine the course of the consumer-retail relationship. Through the use of mobile devices, retailers of the future will have access to a deeper pocket of customer information, allowing them to better select the optimal consumer credit card to generate the best rewards.

While first instinct might be to bulldoze the brick-and-mortar concept, or trade it in for a total digital experience, it's best to put that machine back in park. Although digital and mobile experiences likely will reign supreme, brick-and-mortar shops still can have their place on the shopper of tomorrow's radar through interactive, hands-on experiences. Whether it's a real-time demonstration using the latest 3D printer, or fashioning clothing and accessories in an on-demand manner, customers are expected to continue to recognize and appreciate the personal boutique-like nature of being in-store and the social aspect of traditional shopping. Of those surveyed, over half, or fifty-five percent of consumers, picked "an in-store experience that entertains me" as one of their Top 3 most exciting ideas for the future of retail.

The customers of the future will seek out shopping opportunities with businesses that mirror their ethical values, while maintaining simplicity and clarity. Through transparent sourcing and manufacturing processes, and easily searchable ingredients and materials, retailers large and small will have the conscious of the consumer at the forefront of production.

Similarly, traditional jack-of-all-trade shops will focus on specialization and being a master of one truly good product. Fifty-seven percent of consumers surveyed agreed that "in the future, successful retailers will be those that focus on doing one or two things well, not trying to be everything to everyone."

It's undeniable that same-day and overnight delivery are still somewhat of a novelty in some markets, but those days are numbered, depending upon who you ask. The future is expected to be bright for stores-on-wheels, and trunk and pop up shops. The ability to test drive items and receive deliveries within a 24-hour window will become standard practice. Consumers will also challenge retailers on their return practices, as seventy-seven percent of consumers surveyed agreed that "in the future, I hope there is a better way to make a return from my online purchase."