Corp America March 2017

4 CORP AMERICA / MARCH 2017 NEWS , Synchrony Financial Looks Ahead to 2030 in Future of Retail Study K Synchrony Financial, a premier consumer financial services company, recently released findings from its inaugural Future of Retail: Insight and Influences Shaping Retail Innovation report, examining consumer perspectives and shopping trends expected to change the retail industry by 2030. Building on input from retailers and industry experts, con- sumers were asked what excites them about shopping in the future and their expectations of the evolving retail environment. Findings from the multiphase research is organ- ized into six core themes: Do-it-yourself retail: the evolution of self-service Technology will bring a new era of DIY shopping – changing how shoppers access, select and pay. The self-serve retail model, 24/7 stores with robot-assisted drive- thru windows, and interactive mirrors will become mainstream. Nearly half (47%) of consumers surveyed ranked interactive touchscreen mirrors in dressing rooms among the top three most exciting innovations of the future. “Findings show shoppers seek self- and on-demand service, increased customization, and seamless home and in-store integration,” said Whit Goodrich, CMO Retail Card, Synchrony Financial. “By having a pulse on the evolving desires of the American consumer, we’re able to pioneer new solutions to help retailers deliver a better shopping experience with tailored loyalty benefits and rewards.” Automation nation: using smart data to deliver customization Consumers will expect retailers to tap into the personal informa- tion they willingly provide to de- liver better customized products and offers. From RFID in phones and wearables to biometrics such as finger and palm scanners, retailers will know shoppers well enough to direct them to preferred in-store items and send immediate and individualized sales offers. In-home chat bot devices and unbiased experts within “digital assistants” will become popular. “One of the biggest disrupters in retail in the future could be 3D printing – footprints to create shoes and ways to produce many things faster and more inexpensively in a manner we never could before. It’s mass