Synchrony, the consumer financial services company, released results from its Future of Shopping study on Monday that showed a consumer propensity for seeking personalized shopping experiences that also simplify choice while being flexible.
Researchers at the company found that more than 80 percent of shoppers polled “will expect experiences curated just for them by 2030. The research determined that retailers who prioritize an experience-driven shopping strategy will prevail if they continue to innovate and differentiate themselves with new technologies.”
The research also revealed a transformed landscape where how and where consumers shop has been fragmented, thereby creating stress for retailers and shoppers. “Moving forward, the focus will be on developing more connected experiences across channels, brands, online and in-store,” the report’s authors said. “Outstanding customer service and brand ambassadors are key to helping consumers gain insights and drive loyalty.”
The survey was developed by polling 1,000 consumers. Other key findings include that 67 percent of those polled “believed a world where multiple brands created joint offers would enhance their experiences across channels.” It also found that 42 percent of respondents would be likely to register or participate “in future experiences, where brands offer a range of connected shopping options such as an app that connects a concert ticket purchase to a customer’s calendar and suggests an outfit for the event and where to buy it.”
There is also demand for more robust product recommendations. Synchrony found that 52 percent of those polled said they would be interested “in an in-store engagement where the associate leverages crowdsourced ratings combined with customer preferences to deliver recommendations in real time to their phone.”
There was a demand for more curation. The research showed that 62 percent of shoppers polled “believe that their shopping experience would be simpler if stores offered fewer choices.” It also showed that 81 percent “expect to see a world where hyper-personalization or ‘just for me’ is rolled out by 2030.”