Consulting firms Kantar Retail and PwC Network recently released the “Retailing 2020” report that looks at key factors for retailers and suppliers in an age of technological advancements, globalization and hyper-competition.
According to an article on startribune.com, the report forecasts that in the next five to eight years, consumers can look forward to disappearing checkouts, shrinking stores and hovering holograms with product information. As more people move to urban areas where quick trips to the store are the norm, consumers will shop more often and retailers will need to capitalize on impulse needs.
“People used to make shopping lists,” said Tina Wilcox, CEO and creative director at Black, a retail branding company in Minneapolis, in the article. “But now they buy something because they got an e-mail with a coupon attached, or because a retailer has faster checkout lines with handheld point-of-sale devices.”
Overall, shopping will become more frequent, with people picking up goods as needed on a daily basis at nearby stores, instead of weekly stock-up trips to a less convenient location, the article reported.