In the analysis in our latest Future Of Retail Report, the PSFK Consulting team found that new services are empowering shoppers to set the price they are willing to pay for a product or service and give retailers the option to meet their request on an individual or group level. These services save shoppers time by eliminating the challenge of sifting through multiple retailers to pinpoint the best price. This new model allows customers to make purchases with confidence, knowing that they are getting the best available deal, and it allows brands to sell to an audience that has firmly declared purchase intent.

Five key manifestations of the Shopper Designed Deals trend include:

Group Buying Site Helps Customers Get The Best Deal

App Lets Retailers Compete To Supply Household Goods

Service Lets Consumers Tell Merchants Their Ideal Price

Website Gives Consumers Bulk Discounts On Popular Products

Site Lets Consumers Create Group Buying Deals

How can businesses leverage this Shopper Designed Deals trend? In PSFK’s Future Of Retail Report we feature a list of possible opportunities including:

• Create a marketplace that allows brands and retailers to tender for shoppers’ wishlists.
• Provide time-sensitive actions that allow brands to outbid each other for a shopper’s needs.
• Create a system that enables shoppers to guarantee a sale if a brand’s product becomes available at a set price, and then allow brands to meet that price.

A summary of the Future of Retail report is available to view for free - and a download of the full 100 page document can be ordered today.