In our annual Future of Retail reports, PSFK explores the most important topics in retail and the customer experience. In our 2019 report, we forecast that direct-to-consumer (DTC) would become an imperative, as growing consumer demand for greater quality and convenience meant that it was becoming more important than ever for both retailers and brands to own the entire retail life cycle.
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.
PSFK's Future Of Retail 2020: Retail As Personal Utility report examines the 5 key pillars for creating these hyper-personalized retail experiences to optimally serve the unique needs of each consumer. These pillars are explained through the lens of 10 macro-trends, which are supported by best-in-class case studies, statistical data and analysis.
This report also features future-forward retail concepts developed in partnership with renowned experiential design agency YourStudio. These concepts outline 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. They project a landscape so personalized and on-demand, consumers themselves will become the store, being able to generate a full retail experience at any time, in any place.
Quantitative research in this report was taken from the PSFK x Suzy Future Of Retail 2020 Survey, a bespoke, original survey of 500 U.S. consumers, conducted in partnership Suzy, the real-time consumer polling platform. Highlights include the following:
•70% of surveyed consumers expect a retailer to offer them the same level of personal service whether they are shopping in a physical store, online or on their mobile device
•76% will shop locally at different branches of the same retail chain if they provide different products and services
•90% are interested in being able to choose the types of rewards that they receive from a brand or retailer’s loyalty program
The Future Of Retail 2020: Retail As Personal Utility report by business intelligence service PSFK provides brands and retailers with a strategic roadmap for the next decade of customer experience, enabling them to play to, meet with, expect, serve and reward each of their customers.
For a copy of this report, please visit: https://www.psfk.com/report/future-of-retail-2020