Firm releases report on the trends that are effecting the retail industry
PSFK Consulting, the market research and consultancy arm of PSFK, has released a new study concerning the trends that may direct the course of the retail industry in the future. The report, named Future of Retail, is the third in the firm’s annual survey of retail trends. The latest report suggests that technologies such as NFC and augmented reality are poised to have a major impact on the industry as a whole, especially as mobile commerce expands.
Mobile technology beginning to break the bond between consumers and physical retailers
According to the report, large retail companies like Best Buy and Walmart are beginning to feel the pressure of the growing prevalence of e-commerce. These retailers have been losing ground, in terms of consumers, against companies like Amazon who deal solely in the digital realm. As a result, retailers are beginning to turn to technologies that may be able to assist them in capturing the favor of consumers.
Mobile technology continues to show its power with new generation of consumers
Mobile technology has proven quite popular with a new generation of consumer. These consumers are tethered to mobile devices and spend a great deal of time on the Internet. Mobile technology has allowed these consumers to avoid being sedentary and allowed them to access online stores from wherever they may be, as long as they have wireless access to the Internet. This same technology could help retail companies draw in the support of these consumers.
The future of retail may be determined through the use of mobile technology
The PSFK report suggests that the use of augmented reality and NFC-based marketing and commerce systems will continue to grow in popularity throughout the retail industry. These technologies could help physical retailers remain relevant to tech-savvy consumers who are more apt to respond to technological engagements rather than traditional forms of commerce and marketing.
