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: eBay’s management of payments begins scaling globally...
24.07.2020   #online trading #e-commerce

eBay’s management of payments begins scaling globally

Payments initiative reaches a milestone as the Operating Agreement with PayPal expires

Starting today (July 20th), eBay will begin expanding its management of payments around the globe. The company embarked on its journey to manage the end-to-end payments process on its marketplace platform in late 2018 and is already seeing success ...

Thumbnail-Photo: Interface for quick serial emulation and enhanced mPOS integration...
26.06.2020   #POS systems #software applications

Interface for quick serial emulation and enhanced mPOS integration

APG expands mobile interface portfolio to enhance connectivity options at the point of sale

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today the release of a new USB interface option: the 485 USBProLite™ USB to Serial Emulation Interface. This interface solution extends the ...

Thumbnail-Photo: POS TUNING tuned its pushfeed system
02.07.2020   #product presentation #product classification systems

POS TUNING tuned its pushfeed system

The supplier optimizes the compartment systems C60 and C90

Never change a running system?Who doesn't know this saying? Changing something well-tried always has something to do with risk. The danger that something suddenly doesn't run as well as before is always there. But standstill has never ...

Thumbnail-Photo: Digital access controls support distancing requirements in the era of...
06.07.2020   #brick and mortar retail #retail

Digital access controls support distancing requirements in the era of Corona

Essential staff are relieved and the risk of infection is reduced

Since the beginning of the pandemic, larger supermarkets and discounters have been imposing entrance restrictions to ensure that only a certain number of people are allowed within their Stores. Usually the access management is carried out by ...

Thumbnail-Photo: Reflexis successfully expands into Baltic region by signing Maxima Latvia...
08.07.2020   #POS communications #workforce deployment

Reflexis successfully expands into Baltic region by signing Maxima Latvia

Region’s leading retail chain chooses workforce management solution

Reflexis Systems, the leading provider of intelligent workforce management and execution solutions for multi-site businesses in retail, food service, hospitality and banking, today announced that Maxima, one of the largest Latvian retail chains, has ...

Thumbnail-Photo: World’s first convenience store retrofitted with AI technology...
14.08.2020   #video surveillance #video cameras

World’s first convenience store retrofitted with AI technology

Standard Cognition to provide Circle K with autonomous checkout

Standard (“Standard Cognition”) announced that Alimentation Couche-Tard, a company that operates close to 14,500 convenience stores worldwide, including under the global brand Circle K, has selected Standard to pilot touchless, ...

Thumbnail-Photo: RetailTech Lab opened a national test center in Denmark...
23.06.2020   #payment systems #marketing research

RetailTech Lab opened a national test center in Denmark

The store of the future has opened in Lyngby. One of the partners is the IT company Delfi Technologies.

On June 16, 2020, RetailTech Lab opened its doors to a national test center in the Danish mall “Lyngby Storcenter”. New technology for the retail industry will be tested in close interaction between entrepreneurs, retailers and ...

Thumbnail-Photo: Stay safe with VariPOS
11.05.2020   #cashpoints #terminals

Stay safe with VariPOS

How technology helps – Stay safe at the point of sale

Technologies for product identification and payment authentication are great for improving the customer experience with speed and accuracy, but these technologies are also being seen as beneficial in the wake of the Coronavirus Pandemic. ...

Thumbnail-Photo: Automated delivery services sprang up during China’s Covid-19 lockdown...
03.06.2020   #coronavirus #delivery

Automated delivery services sprang up during China’s Covid-19 lockdown

Retail technologies at Smart Retail Expo (SRE 2020)

In response to the Covid-19 outbreak, China’s retail giants JD.com and Meituan both deployed their smart deliver robots/vehicles in heavily locked down cities, such as Wuhan and Beijing. Insiders believe automated delivery technology will be ...

Thumbnail-Photo: COVID-19 accelerates adoption of contactless payments...
20.05.2020   #payment systems #coronavirus

COVID-19 accelerates adoption of contactless payments

Consumers around the world are switching to contactless to help with social distancing

RBR’s Global Payment Cards Data and Forecasts to 2024 reportreveals how increased contactless card issuance and acceptance combined with changes in consumer behaviour are driving growth in contactless payments. In 2018, the number of ...

Supplier

SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
Apostore GmbH
Apostore GmbH
Uferstraße 10
45881 Gelsenkirchen
CCV GmbH
CCV GmbH
Gewerbering 1
84072 Au i.d.Hallertau
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Poindus HQ - Taiwan
Poindus HQ - Taiwan
5F., No.59, Ln. 77, Xing-Ai Rd.,Neihu Dist.
Taipei City 114
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
Adasys GmbH – a Poindus Company
Adasys GmbH – a Poindus Company
Max-Planck-Straße 10
70806 Kornwestheim
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven