You will prepare and submit a term paper on How Will Retail Look like in 2020. Your paper should be a minimum of 1000 words in length. Consumer changes, preferences, and tastes are constantly changing giving the retail sector a new look. By 2020, the retail sector will have more connected consumers, increased trust and transparency, buying will be frictionless, a change in-store experience, and will be more challenging to retailers.
Considering the ostensible fact that the 2020 consumers will be more tech-savvy than the present, they will be more connected through wearable technology. While laptops, tablets, and smartphones will undoubtedly have their place, digitally connected contact lenses, earpieces, and watches will imply that the consumers will be permanently connected. Consequently, customers will straightforwardly blunderbuss online marketing thus living in a world where their buying decisions will be influenced by personalized recommendations. The unwarranted staff costs attributable to property leasing and gratuitously lengthy trading hours will be eliminated as wholesalers and manufacturers will have recognized how lucrative and simple it is to make undeviating online sales. Apparently, this will bring consumers close to the manufacturers thus jettisoning the middlemen who often hike the prices of retail goods.
Additionally, buyers will buy by a single command without having to click severally. Chatting with retailers, choosing products, trying samples, and getting endorsements will be fast and proficient. This will also be bolstered by the mixture of frictionless imbursement systems and virtual currencies such as the Bitcoin Mark 5 that will be in circulation. More contactless technologies will be in existence particularly considering the speed at which the US and UK consumers are embracing the technologies. A good example is the NFC (Near Field Communications) technology which is presently making it a realistic to pay for a myriad of products ranging from bus tickets to chocolate with merely a tap of the credit card. The PayPal and Visa.me services will be extremely advanced. The 2020 customers will simply use their mobile phones to make and implement pay arrangements (Kare-Silver 72). Similarly, retailers will concentrate more on the use of social forums such as Twitter and Facebook plummeting street shopping. The number of retailers running ‘real’ shops will, thus, be enormously abridged. However, as the intrinsic need to touch and feel will still be high, consumers will still visit stores maintaining the resilient social component connected with shopping as asserted by Meng (N.p).