Consultancy firm Futurice has predicted five ways retail will change by 2020, in its latest retail trends report.
1. Consumers will become VIPs
Digital services are allowing mass consumers to access luxurious experiences at the click of a button, which were previously the preserve of the rich and famous, says Futurice. In short, services are going to broaden and consumers’ expectations are going to continue to rise.
2. Time will impact the buying decision more
Consumers will be more focused on time and convenience. According to Futurice, “retailers must offer flexible delivery services and instant purchase apps. Free time will become a luxury purchase with the rise of micro task services that allow consumers to outsource tedious jobs and buy themselves more leisure time.”
3. New transaction methods will emerge
From Bitcoin to contactless, and Paypal to credit card, there are more ways than ever to pay for goods. New transaction methods are spawning new forms of currency, with mobile payments leading the way.
4. Rise of the robots
Expect more robots at retail — increased automation in the form of robotics could take care of self-service checkouts to warehouse logistics.
5. Collaboration, not competition
“Collaboration not competition is the new order of things, as businesses join forces to create new ways to meet consumers’ fast changing expectations,” Futurice added.