'Personal Utility' will be key strategy for retail success in 2020s, researchers predict & consumers agree
The Future Of Retail 2020 Report from researchers at PSFK explains the best way for retailers and brands to PLAY, MEET, SERVE, VALUE and KNOW their individual consumers.
NEW YORK, Dec. 18, 2019 /PRNewswire-PRWeb/ -- A new deep-dive report provides actionable insights for brands and retailers in search of future-proof strategies to build next-generation consumer experiences. PSFK, leading business intelligence platform and innovation consultancy, is today releasing its 10th annual flagship report: The Future Of Retail 2020: Retail As Personal Utility.
PSFK Founder and President, Piers Fawkes says, "As more brands and retailers understand the importance of establishing a direct relationship with consumers, we're starting to see a shift from an end-to-end experience that is owned by the brands and retailers to one that is directed by the consumers. For 2020 and beyond, we predict that the best brands and retailers will not just connect directly with consumers but serve them directly."
This report examines the 5 key pillars for creating a hyper-personalized retail experience through the lens of 10 macro-trends, which are supported by best-in-class case studies, statistical data and analysis. Quantitative research in this report was taken from a bespoke, original survey of 500 U.S consumers. Select findings include the following:
- 78% of surveyed consumers are interested in receiving personalized recommendations or coupons/offers that are relevant to their current needs while they are shopping in a store
- 76% will shop locally at different branches of the same retail chain if they provide different products and services
- 63% are interested in purchasing a product that comes with related services to help them get the most out of their purchase
- 90% are interested in being able to choose the types of rewards that they receive from a brand or retailer's loyalty program
- 70% expect a retailer to offer them the same level of personal service across destinations whether they are shopping in a physical store, online or on their mobile device
The report also provides three future concepts that present a vision of commerce in 2020 and beyond through speculative scenarios based on real-life emerging trends, detailing the future typology of shopping malls, grocery stores and luxury commerce.
PSFK Founder and President, Piers Fawkes says, "Everywhere the rules of retail seem to be being rewritten. By consequence, there never has been a better time to work in retail. As innovation frees the industry from the legacy rules, an exciting new decade beckons, one where the best retailers and brands serve their customers with personal service and true helpfulness—just as they always have, but now with many more tools."
The report is the 10th annual Future of Retail reports that PSFK has published. An 80+ page with the key results is available publicly and the full report is available to subscribers to the syndicated research offering, PSFK Membership.
For a downloadable copy of the presentation: https://www.slideshare.net/PSFK/psfks-future-of-retail-2020-report-summary-presentation-201919017
For more information about the full report, please visit: https://www.psfk.com/report/future-of-retail-2020
About PSFK
PSFK is a research company based in New York City that tracks the latest global innovation developing at the intersection of retail and customer experience. With a network of researchers around the world, their membership-style offering helps a mix of tech firms (Airbnb, Samsung) and lifestyle brands (adidas, Nike) understand the latest trends and how to deliver the best brand, customer and retail experiences. Over 10,000 retail and brand executives subscribe to PSFK's freely available weekly insights newsletter.
SOURCE PSFK
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