Jueves 21 de Febrero 2019

Synchrony Financial Looks Ahead to 2030 in Future of Retail Study

Converging channels, customization and constant connectivity to
impact the shopping sector

STAMFORD, Conn.–(BUSINESS WIRE)–Synchrony Financial (NYSE:SYF),
a premier consumer financial services company, today released findings
from its inaugural Future
of Retail: Insight and Influences Shaping Retail Innovation
examining consumer perspectives and shopping trends expected to change
the retail industry by 2030.

Building on input from retailers and industry experts, consumers were
asked what excites them about shopping in the future and their
expectations of the evolving retail environment. Findings from the
multiphase research is organized into six core themes:

Do-It-Yourself Retail: The Evolution of Self-Service

Technology will bring a new era of DIY shopping – changing how shoppers
access, select and pay. The self-serve retail model, 24/7 stores with
robot-assisted drive-thru windows, and interactive mirrors will become
mainstream. Nearly half (47%) of consumers surveyed ranked interactive
touchscreen mirrors in dressing rooms among the top three most exciting
innovations of the future.

“Findings show shoppers seek self- and on-demand service, increased
customization, and seamless home and in-store integration,” said Whit
Goodrich, CMO Retail Card, Synchrony Financial. “By having a pulse on
the evolving desires of the American consumer, we’re able to pioneer new
solutions to help retailers deliver a better shopping experience with
tailored loyalty benefits and rewards.”

Automation Nation: Using Smart Data to Deliver Customization

Consumers will expect retailers to tap into the personal information
they willingly provide to deliver better customized products and offers.
From RFID in phones and wearables to biometrics such as finger and palm
scanners, retailers will know shoppers well enough to direct them to
preferred in-store items and send immediate and individualized sales
offers. In-home chat bot devices and unbiased experts within “digital
assistants” will become popular.

“One of the biggest disrupters in retail in the future could be 3D
printing – footprints to create shoes and ways to produce many things
faster and more inexpensively in a manner we never could before. It’s
mass customization,” said Courtney Gentleman, CMO, Payment Solutions,
Synchrony Financial.

Retail On-Demand: We Want It Now

Increasingly, technology will give rise to a more demanding shopper base
– one that expects what they purchase to be instantly available or
returned. Among consumers surveyed, 77% anticipate better ways of making
returns from online purchases in the future. Instant gratification will
be an important part of the shopping experience offered in the form of
stores on wheels, trunk stores, pop-up shops and subscription services;
return buttons in retailer apps that re-package and pick-up items; and
real-time inventory views and better ship-to-store options.

Retail Comes to You: Bridging the Gap Between Home and Store

The confluence of channels and high-definition camera technology will
enable shoppers to access an interface through virtual or augmented
reality to see how a new sofa, fabric and paint, garage door, flooring
or other items will look in their house. Consumers will be able to
secure in-home retailer services, purchase on demand using smart labels
or QR codes, shop in 3D and use instant try-on features.

“Why have anything altered again?” said Bart Schaller, CMO, Synchrony
Financial. “Shoppers will be able to take a perfectly dimensioned
picture of a person’s body, type and form and upload it to retailer
apps. Without moving from the sofa, a pair of pants will arrive at their
doorstep ready to go.”

Brick-and-Mortar’s Reason for Being: Entertainment and Engagement

Brick-and-mortar stores of the future will focus on delivering genuine
brand experiences to build both trust and loyalty – tapping into
consumer desires. More than half of study participants (55%) are excited
about blended in-store and entertaining experiences such as coffee
shops, cafés, music, bars, or complimentary samplings of products or

Less is More: Streamlining of Brands

Instead of appealing to everyone, 57% of consumers agree that retailers
must streamline and focus on doing one or two things well. Specialty
retailers will remain a go-to in high-involvement categories, while
online and automated reordering will reduce the need for as many
one-stop-shop stores. Regardless of category, brands of the future must
have a strong reason for being.

Adds Goodrich, “The future of retail will look dramatically different in
2030 than it does today. We’re urging retailers to begin planning for
that future now, and our emerging trends analysis is just the start.”

Study Methodology

The Future of Retail report was developed from multiple research phases
conducted January-February 2017 on behalf of Synchrony Financial with
consumers and industry experts including:

  • Consumers A quantitative study with 1,016 consumers
    and online discussions and half-day workshops in two U.S cities
    spanned generational groups 18 years and older; ethnic and
    socio-economic backgrounds; and online and in-store shoppers.
  • Retail Experts Input contributed from Synchrony retail
    partners across different industries, representing online only, mass
    merchandisers and middle market businesses. One-on-one interviews with
    a retail futurist; in-store and digital retail technology
    professionals; and Synchrony business leaders in strategy and
    innovation, marketing and IT.

The Future of Retail brief can be downloaded and viewed, along with
forthcoming insights and videos on this topic and other research at http://synchronyfinancial.com
through the “Insights” link under the “News” tab. For more information
about how Synchrony Financial can help grow business, go to www.synchronyconnect.com
or email synchronyconnect@synchronyfinancial.com.

About Synchrony Financial

Synchrony Financial (NYSE:SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.* We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
350,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial offers private label and co-branded Dual Card
credit cards, promotional financing and installment lending, loyalty
programs and FDIC-insured savings products through Synchrony Bank. More
information can be found at www.synchronyfinancial.com,
and twitter.com/SYFNews.

*Source: The Nilson Report (May 2016, Issue # 1087) – based
on 2015 data.

©2017 Synchrony Bank/Synchrony Financial. All rights reserved.


For Synchrony Financial