Company News • 18.02.2016

Technology influences eight of the top 10 retail trends for 2016

Synchrony Financial examines changes empowering consumers and impacting shopping, payments and retail sales.

Photo: Technology influences eight of the top 10 retail trends for 2016...
Source: Synchrony Financial

The retail environment is constantly changing with every new style, product and season. While change is often retailer and consumer-driven, technology is shaping eight of the top 10 trends expected to have the greatest impact on retail sales in 2016 in a market brief1 released today by Synchrony Financial.

In analyzing the retail market, Synchrony Financial identified 26 trends, impacting retailers nationwide. The list was developed from ongoing retail and shopper research, and by tracking emerging and well established trends that continue to be important in the marketplace, as well as those impacting the payments space. Trends spanning multiple industries and categories relevant to its retail partners and cardholders were also reviewed.

Emerging from the research are 10 trends and retailer considerations compiled in Synchrony Financial’s latest brief, 10 Things to Know – the Top 10 Retail Trends for 2016. The increasing importance of technology in retail is reflected in most of the trends topping the list:

  1. Wearable Technology: From headsets and smartwatches to fitness and health devices, wearable technology is being embraced by shoppers for ease of accessing product and store information, offers, and speed of payment.
  2. New Retail Holidays: Looking beyond the standard calendar, retailers are linking sales to special observances and creating their own shopping holidays to attract new buyers and engage with existing customers to boost loyalty and repeat spending.
  3. 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, innovations in language recognition will give voice a bigger role in online commerce, retail search strategies, and shopper engagement.
  4. Virtual Reality (VR) in the Shopping Experience: Virtual reality immerses consumers in sensory and personalized experiences, empowering them to interact with products and services. With mobile devices capable of delivering rich VR experiences, shoppers can tour a store or try on a new fashion anywhere, at any time.
  5. 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.
  6. Internet of Things: Point-of-sale information is no longer the main source of data for merchants, as millions of devices are being deployed and connected in the retail environment to collect and send data that provides valuable, real-time insights.
  7. Mobile and Alternative Payments: Expected to increase three-fold this year, mobile payments are transforming commerce. As retailers transition terminals and develop eCommerce 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.
  8. Social Network Buy Buttons: Shopping and social media have been a natural fit, but are quickly becoming more commercial. 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.
  9. Increased Spending on Pets: Pet expenditures continue to rise as consumer demographics and mindsets toward pets change. Recognizing pets are considered a member of the family more than ever, many retailers and veterinarians are focusing on the increasing demand for products and services that meet the needs of pet owners.
  10. Personalization: All these trends intersect in the ability to deliver unique, personalized customer experiences. Data, tools and technology are making it possible to understand customer preferences and deliver personalized offerings, in addition to product selection and prices.

“As an innovation and technology driven company, Synchrony Financial continuously tracks consumer insights and trends as a way to help retailers monitor areas impacting their business this year and in the next three-to-five years,” said John P. Williams, Marketing Innovation leader, Synchrony Financial. “The pace of change is accelerating and we are working with our retail partners to create easier, faster, and more relevant and rewarding experiences for consumers.”

The Top 10 Retail Trends for 2016 brief can be downloaded at www.synchronyfinancial.com.

Source: Synchrony Financial

related articles:

popular articles:

Thumbnail-Photo: Innovative ICA store triples revenue
22.08.2019   #electronic shelf labels (ESL) #price labelling

Innovative ICA store triples revenue

Automatic price updates and product information at the shelf

Since ICA merchant, Jan Sikström, took over the ICA Ettan store in Sundsvall (Sweden) in 2016, he has almost tripled the turnover from SEK 15 million to SEK 40 million. Today, the store has 15 employees and approximately 5,000 different items ...

Thumbnail-Photo: POS machine market growth
27.08.2019   #epos systems #pos systems

POS machine market growth

Driver: Adoption of mobile devices for POS transaction

The number of POS machines has increased in the past four years following the introduction of chip-embedded payment cards & Personal Identification Number (PIN). Moreover, growth in the number of departmental and retail stores, which is fueling ...

Thumbnail-Photo: POS in the cloud: the networked checkout
13.09.2019   #epos software #digitization

POS in the cloud: the networked checkout

On the possibilities for a cloud-based point-of-sale-system

Everyone is talking about smart industry-specific cloud solutions. The cloud also offers the retail sector fresh possibilities for its day-to-day operations. So, it's no surprise that more and more companies are installing point-of-sale software ...

Thumbnail-Photo: Making Deeper Connections at ISE 2020
21.11.2019   #digital signage #video

Making Deeper Connections at ISE 2020

Visitor registration opens; exciting new features; most conferences ever; opening address confirmed

Visitor registration opens today for ISE 2020, which is set to be the most compelling Integrated Systems Europe show ever. Taking place at the RAI Amsterdam on 11-14 February 2020, ISE is the world’s leading event for the professional systems ...

Thumbnail-Photo: App creates personalised shopping experience...
26.08.2019   #mobile payment #app

App creates personalised shopping experience

The Swiss trading company Valora is opening its first cashless convenience store

The goods are chosen, scanned and paid for using the avec smartphone app. Mobile computer vision specialists Scandit’s scan engine is a key component of the customer-facing app. The future of shopping - whether online or offline - is ...

Thumbnail-Photo: Retail Asia Conference & Expo (RACE)
07.10.2019   #online trading #retail

Retail Asia Conference & Expo (RACE)

As the leading retail exhibition in Asia, RACE is taken place from 6 – 8 May 2020.

As the leading retail exhibition in Asia, RACE is recognised as the must-join event among the industry’s most influential retailers and customers. RACE features three focus areas: Retail technology, retail design & in-store marketing ...

Thumbnail-Photo: Nominate your company for the E-commerce Germany Awards 2020!...
21.11.2019   #online trading #e-commerce

Nominate your company for the E-commerce Germany Awards 2020!

Award ceremony as part of E-Commerce Berlin Expo

The E-commerce Germany Awards are officially accepting submissions as of the 4th  November, 2019. Companies within the e-commerce sector are able to apply to one of the ten categories. The annual awards are given out for the third time in ...

Thumbnail-Photo: The iXtenso editors tested self-scanning ......
30.09.2019   #mobile payment #self-checkout systems

The iXtenso editors tested self-scanning ...

... with an app of the Hobbymarkt Knauber in Bonn, Germany

Snabble has developed a payment app that allows customers to scan their purchases in retail stores and pay online. I wondered: How does it work?The app is in use in the Bonn DIY and hobby market Knauber, among other places. Let’s make a move ...

Thumbnail-Photo: Smart meters: Be proactive and reap the benefits...
12.08.2019   #energy optimization #electrical installation

Smart meters: Be proactive and reap the benefits

The Metering Point Operation Act calls for smart meter rollout

The black and analog electric meter box has become obsolete: The mandatory smart meter rollout will commence in a few months. What does the installation of digital, smart electric meters mean for retailers and chain stores? ...

Thumbnail-Photo: Retail analytics: Breaking down data silos and improving operational...
29.07.2019   #data management #data analysis

Retail analytics: Breaking down data silos and improving operational efficiency

How comprehensive data usage led to higher revenue at Heine

“As a business with heritage in mail order, we used to have access to detailed reports about product performance in our catalogues. Once our digital presence grew, we had very limited information available that combined the KPIs for both our ...

Supplier

Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Permaplay Media Solutions GmbH
Permaplay Media Solutions GmbH
Aschmattstr. 8
76532 Baden-Baden
Superdata GmbH
Superdata GmbH
Ruhrstr. 90
22761 Hamburg
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
iXtenso - Magazin für den Einzelhandel
iXtenso - Magazin für den Einzelhandel
Celsiusstraße 43
53125 Bonn