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Retailers Recognize Immense Potential in Technology-driven Next Generation Shopping

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Published on : Jul 13, 2017

Albany, New York, July 13, 2017: The 34-page publication delves into the emerging concept of next-generation shopping and offers a detailed assessment of the impact this growing trend has been having on retailers, consumers, and suppliers alike. Supported by expertise in the field and consumer insight, this report acts as a blueprint for those looking to make the most of the opportunities presented by next-generation shopping.

The FMCG retail sector has been primarily driven by ongoing technological changes and evolving consumer demands. This has given rise to the emergence of concepts such as contactless payment and self-service checkout, providing costumers a seamless shopping experience. The one challenge for online commerce is overcoming the lack of immersive shopping experiences as offered by brick and mortar retailers. However, the main advantage that digital retail offers is convenience. Nevertheless, existing, traditional stores are looking to revamp their format to keep up with the demands of the digital age. 

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The report finds that most customers in developed markets have benefited from this transformation. For instance, consumers today are increasingly empowered thanks to the advantages of contactless payment, self-checkout systems, price comparison tools, and online delivery. The millennial generation has also gained much from the advent of the latest technologies. This is primarily owing to the fact that the younger customer base is already comfortable with various digital platforms and can easily integrate the latest technologies into their daily lifestyle. Keeping this in mind, retailers who offer customers a seamless multi-channel experience stand to gain the most. 

The coming decade is said to immensely crucial for brick and mortar retailers, analysts say. They will look to balance varying consumer demands to ensure improved and convenient in-store experiences. In order to do so, retailers will need to first identify their weaknesses and make necessary changes to existing stores. The key is to combine the authentic in-store experience of shopping in brick and mortar outlets with the efficiency and convenience of online shopping. It is extremely vital that retailers make a note of the consumption and purchasing habits of the next generation and make sincere efforts to find a common meeting ground with these experience seeking and digitally driven consumers. Indulgence is something they value and retailers need to figure out how to make profit in such opportunities. 

The companies profiled in the report on next-generation shopping are Sainsbury’s, Amazon Go, UberEATS, Sephora, Hiku, Chop Chop, Target, Carlo Ratti Associati, Fitbit, and Amazon. The study takes a closer look at the many steps these players are taking in order to cater to the evolving demands of the next-generation shopper. 

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