Have you heard about the new, eye-opening study from Synchrony titled The Future of Shopping? According to their research, consumers are beginning to seek highly personalized shopping experiences that simplify choice and flexibility! They found that retailers who focus on shopping as an experience rather than an isolated event, will find success if they continue to innovate and differentiate themselves through unique promotions, physical connections and new technology.
Connecting with Shoppers Through Personalization
After surveying 1,000 U.S.-based consumers, the study indicates that an increase of retail channels and other platforms have shifted the shopping landscape over recent years. They found that outstanding customer service along with brand ambassadors can be key to helping consumers find what they’re looking for and even become more loyal! Moving forward, retailers will need to focus on creating more connected experiences for customers—both online and in store to connect with these evolving shoppers.
- 67% of shoppers surveyed agreed that the concept of brands creating joint offers would enhance their experience.
- 68% believed interacting with staff members followed by getting customized recommendations would enhance their life and make their shopping experience easier
Curation Beats out Competition
In the past, providing a range of products and options to customers typically benefitted retailers, but the explosion of more choices with an extended reach has led to an increased need for collecting and customizing. Shoppers are frequently turning to influencers and specialists to help guide their purchase decisions and narrow down their choices, which can ultimately have a negative impact on some brands, because not all will make it through these filters.
- 62% of shoppers surveyed believe that their shopping experience would be simpler if stores offered fewer choices.
- 81% expect to see a world where hyper-personalization or “just for me” is rolled out by 2030.
- The study suggests that if retailers shift their focus on specific categories, needs and consumer trends to create engaging experiences, it can help drive customer loyalty and repeat sales.
Convenience On The Go
In the past, shoppers have always cared about convenience and comparing their options, but today’s shoppers are more concerned with the simplicity and speed of their experience. It’s predicted that the act of shopping may continue to move away from being a separate activity and begin to be sprinkled into other actions such as scrolling through social media, gaming or going for a walk.
Florin Arghirescu, Synchrony’s senior vice president and chief product officer stated, “Synchrony is working with partners to offer curated, convenient consumer experiences whether that’s enabling choice and flexibility in financing in store, online or mobile wallet provisioning for purchases on the go.”
Prepare for the Future of Retail With Synchrony
Larger customer networks, new technologies and enhanced experiences can make the future of retail feel like it’s already here! Although these subjects are necessary to keep up with and practice, it’s important to incorporate them into your business correctly to build success.
Synchrony encourages you to form deep connections with customers, use specific technology tailored to your business, and explore the fun moments of shopping that people enjoy to help your business thrive no matter what the future holds.
To download a copy of Synchrony’s Future of Shopping study, please visit here.
We’re a premier consumer financial services company delivering one of the industry’s most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice.