Top 10 Trends in Retail

What’s hot in retail? For payments technology companies, knowing, understanding, and providing solutions to trends impacting retail is more important than ever. Here’s a review of Synchrony Financial’s recently released roundup of the Top 10 Retail Trends for 2016

• Wearable Technology – Synchrony quotes eMarketer data, finding that 8 in 10 shoppers would like to utilize wearables to “enhance their in-store experience.” Payments companies are leading the wearables market, creating frictionless, functional and beautiful wearables: watches, bracelets, rings, and even temporary tattoos.
• New Retail Holidays – Retailers are creating new demand through inventing new shopping occasions like singles day!
• Voice Technology – voice driven searches for products, locations and solutions is catching on. Payments technology companies have been developing Pay-By-Voice verification options for more than a decade.
• Virtual Reality in the Shopping Experience – new sensory experiences can include interactive, virtual store fronts or virtual try on and beyond.
• Video Streaming – with millennials leading the charge, video streaming is expected to increase double by 2019, according to Synchrony.
• Internet of Things – The IoT is a booming segment of payments: just imagine the convenience of ordering groceries direct from your refrigerator! Retailers can also leverage IoT data to create better consumer experiences.
• Mobile and Alternative Payments – mobile, e-wallets, wearables and beyond have truly arrived! Representing only 1.6% of total retail sales for 2015, that number is expected to triple in 2016.
• Social Network Buy Buttons – The ability to buy with just a click while browsing social networks will make it easier for consumers to access the goods they desire, instantly.
• Increased Spending on Pets – 7 million U.S. household are pet owners, and 42% own more than one pet. Those pet-owners have increased their pet-related spending 25% over the past five years.
• Personalization – Payments companies are providing much more than just payments, offering services to retailers that can personalize their customers’ shopping experience. Investing in tailor-made shopping and leveraging payments data creates loyalty and brand enthusiasm.