From the Wires
Payments Platform Leader Adyen Releases Global Retail Predictions For 2018
Efficiency, Voice Technology and Personalization Are Must-Haves for Savvy Shoppers
Dec. 12, 2017 07:01 AM
SAN FRANCISCO, Dec. 12, 2017 /PRNewswire/ -- Adyen, the payments platform of choice for the world's leading companies, today released its global retail predictions for 2018. Based on Adyen data, market research and anecdotes from hundreds of merchants, the company found early cues as to what savvy shoppers and retailers should expect next year.
Last year, Adyen predicted that mobile shopping and personalized customer experiences would make 2017 the year of ultra-convenience. This year, different themes have emerged, with the most prominent being efficiency. Millennial and Gen Z shoppers in particular want a shopping experience that offers the best of both the online and brick-and-mortar worlds. They also don't want to waste their time in either place.
"As consumer confidence and spending in the U.S. continues to grow, shoppers are demanding more seamless ways to shop and pay, and retailers are catering to their needs," said Roelant Prins, chief commercial officer, Adyen. "Adyen's retail predictions indicate customer satisfaction is top of mind and that voice technology and AI will take center stage in 2018."
Adyen's top 10 retail predictions for 2018:
- Unified commerce becomes the norm: Queue-busting and more ways to pay are key. Adyen found that shoppers of all ages would shop more often if they could avoid lines and do things like return items in a store that they bought online.
- Predicting customer preferences with big data: Retailers will use AI and machine learning to forecast product preferences, habits and the way clothing fits.
- Rise of the permanent pop-up: Pop-ups add exclusivity to an already exclusive experience. Fendi, Chanel and Louis Vuitton have already rolled out imaginative pop-ups, a trend that will continue as the pop-up becomes a bigger, more permanent part of marketing budgets.
- Chinese tourists – the new global power shoppers: Well-to-do Chinese millennials want iconic brands, and they have about $8,000 to spend on them, according to Adyen research. Chinese tourists will by far outspend American tourists next year, a trend that will continue until 2025, when Chinese tourists are projected to spend $255 billion.
- Ordering more than pizza on Messenger: As consumers get more comfortable spending money via Facebook Messenger and WeChat, they're plunking down larger amounts for high-end luxury goods and clothing.
- Real-world examples boost efforts to fight fraud: After the Equifax hack and other breaches, cybersecurity will be top of mind. Retailers will start syncing up data from all channels to know exactly what to block.
- Augmented shopping: Shopping using the technology behind Pokemon Go gained traction in 2017, but in 2018, you'll notice it everywhere from Amazon to Saks Fifth Avenue.
- Voice shopping goes mainstream: Voice shopping efforts are ramping up too, as Target, Walmart, and Alibaba recently got into the game.
- Physical stores become town squares: The fate of the brick-and-mortar store has been unclear for years. But a new vision has bubbled up after big announcements from Apple and others, describing stores as "town squares," places for experiences like eating, drinking and watching entertainment.
- The disappearing sales associate: The next generation of shoppers can do their own product research. Adyen found that only 7 percent of Gen Z'ers want sales associates readily available to make recommendations in-store. Combined with self-service and "just walk out" checkouts, the role of the sales associate will diminish or radically shift in 2018.
For more information please visit: www.adyen.com.
Adyen is the payments platform of choice for the world's leading companies. The only provider of a modern end-to-end infrastructure connecting directly to Visa, MasterCard, and consumers' globally preferred payment methods, Adyen delivers frictionless payments across online, mobile, and in-store. With offices all around the world, Adyen serves more than 4,500 businesses, including 8 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Netflix, Spotify, Casper, Bonobos and L'Oreal.
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