5 Emerging Technologies Impacting Retail

The company which conducted the report - Synchrony

About the company -  Synchrony is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel, and home, along with award-winning consumer banking products.

Area of research- Emerging technologies impacting retail.

Name of the organization which did the survey - Synchrony

Participants of the survey  - 1203 respondents (online) with data weighted to census data on age and gender of ages 18, who shopped with major US retailers in the past 6 months.

Duration of the research survey - April 30, 2018 - May 16, 2018

The main points of discussion in the survey:

1. Wearable devices
2. Augmented reality applications
3. Cashless/card-less
4. Checkout – free store
5. Connected cars

Findings of the survey: 

1. The main benefits of emerging shopping and payment technology are convenience and simplicity.
2. The factors delaying consumer adaption are concerns regarding safety and security.
3. Once the consumer gets familiar with the new form factor and their security concerns are addressed, the technology is sure to take off quickly.
4. Wearable-

1. 55% feel it's convenient.
2. 37% feel it's safe.
3. 25% of the US population has used wearable devices to make payments.
4. 43% say they could see it happening in the next 3 years.

   5) Augmented reality-

1. 72% are aware of the augmented reality applications.
2. 37% use it.
3. 64% say augmented reality -

• for furniture placement would make furniture shopping much easier.
• Retailers in the entertainment and home categories should be exploring AR as a way to engage and delight customers.

    6) Cashless/ card-less

1. 74% of the US population says that they don’t want to be forced to use a digital wallet.
2. 68% believe it would be inconvenient if they could not use cash or cards for small purchases
3. Flexibility is the key. The payment and retail industries must keep payment options open.

   7) Checkout – free store

1. 37% of the US population is comfortable purchasing at a checkout-free store with their mobile device.
2. 58% would not trust the technology to charge them accurately.
3. 51% would be uncomfortable because someone may think they are stealing.
4. 66% of consumer feels comfortable buying convenience store items while 61% feel comfortable buying apparel and accessories with cashier-free shopping. 
5. Retailers considering opening a cash-free experience must ensure they address the safety of the technology as well as the convenience.

   8) Connected car-

Higher interest among the younger generation and top uses are drive-thru related.

1. 36% are interested in buying connected cars overall.
2. 54% of millennials show interest.
3. 57% feel comfortable using connected cars to receive a notification when a particular store is nearby.
4. 54% would use connected cars to order food in advance and payment is processed with drive-throughs.

As a result, retailers who invest in the following technologies will be the ones who have a competitive advantage in the years ahead.

Questions : 

1. The report was done by?

1. Standard chartered
2. Global markets
3. Societe generale
4. Synchrony

2.  What is the title of the study report?

1. 5 ways of achieving financial goals
2. The race to save
3. 5 emerging technologies impacting retail
4. 5 ways of economic growth

3) What kind of services are provided by Synchrony?

1. Auditing
2. Human resource
3. consumer financial services
4.  Investment policies

4) Who did the survey?

1. Standard chartered
2. Global markets
3. Societe generale
4. Synchrony

5) When was the report conducted?

a) 2020

b) 2016

c) 2018

d) 2017

6) How many participants were included?

1. 5234
2. 1203
3. 1234
4. 4321

7) Where were the participants from?

1. India
2. China
3. US
4. Asia

8) The main benefits of emerging shopping and payment technology are?

1. Convenience and simplicity
2. Safety and simplicity
3. Safety and security
4. Convenience and security

9) The factors delaying consumer adaption are concerns about?

1. Convenience and simplicity
2. Safety and simplicity
3.  Safety and security
4. Convenience and security

10) How many % feel wearables are convenient?

1. 23%
2. 55%
3. 455
4. 52%

11) How many % feel wearables are safe?

1. 37%
2. 52%
3. 67%
4. 77%

12) What % of customers are aware of the augmented reality applications?

1. 55%
2. 62%
3. 72%
4. 88%

13) What % of customers use augmented reality applications?

1. 37%
2. 56%
3. 45%
4. 76%

14) What % of customers say that they don’t want to be forced to use a digital wallet?

1. 45%
2. 35%
3. 67%
4. 74%

15) What % of customers believe it would be inconvenient if they could not use cash or cards for small purchases?

1. 68%
2. 72%
3. 34%
4. 83%

16) What % of consumers are comfortable in making purchases at a checkout-free store with their mobile device?

1. 455
2. 55%
3. 37%
4. 67%

17) What % of customers would not trust the technology to charge them accurately?

1. 555
2. 58%
3. 62%
4. 97%

18) What % of customers are interested in buying connected cars overall?

1. 36%
2. 47%
3. 58%
4. 25%

19) What % of millennials show interest?

1. 54%
2. 76%
3. 43%
4. 87%

20) What % of customer feel comfortable using connected cars to receive a notification when a particular store is nearby?

1. 24%
2. 79%
3. 46%
4. 57%