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Retail experience expected to change dramatically in coming years

October 31, 2012 Author by NorthPay

The payment processing experience is expected to change over the next few years.

A recently released study by Kantar Retail and PricewaterhouseCoopers called "Retail 2020," which expands on the findings from a 2007 report that predicts upcoming shopping trends. In particular, this new version anticipates that stores will rapidly change in the next few years as technology improves and is deployed to improve customers' shopping experiences.

The report makes several predictions, including a decreasing dependence on traditional retail technology as checkout lines are replaced with new wireless point-of-sale terminals that allow shoppers to complete transactions more conveniently. In time, many industry analysts also expect current payment methods, such as credit and debit cards, will be replaced with digital accounts that can be accessed with smartphones. Mobile payments cut back on transactions traction, which makes it easier and perhaps more enjoyable for consumers to pay for products and services.

"People used to make shopping lists," said Tina Wilcox, CEO and creative director at retail branding company Black, as quoted by The Star Tribune. "But now they buy something because they got an email with a coupon attached, or because a retailer has faster checkout lines with handheld point-of-sale devices."

Stores can set themselves apart from competitors by deploying new retail technologies sooner. Early adoption can help brands earn reputations as leaders in their industries, but can also provide additional time during installation to work through issues.

  

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