How Will Retail Look like in 2020 Essay Example | Topics and Well Written Essays - 1000 words - 2

How Will Retail Look like in 2020 - Essay ExampleConsumer changes, preferences, and tastes are constantly changing bighearted the retail sector a new look. By 2020, the retail sector provide have more(prenominal) connected consumers, increased trust and transparency, buying provide 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 supply costs attributable to property leasing and gratuitously lengthy trad ing hours will be eliminated as wholesalers and manufacturers will have recognized how lucrative and simple it is to chip in 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 imbue 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 discover 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 exclusivel y 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 obtain. 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).