Trends spotter 2019

The company which did the research 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 - 5 retail trends to watch in 2019

The main points of discussion in the survey:

1. To artificial intelligence … and beyond!

2. The emergence of Gen Z as a shopping force

3. Cashier-free checkout will grow beyond grocery to other retail entities

4. Social media is emerging as a purchase driver

5. Brick-and-mortar retail is still growing strong

Findings of the survey:

1. TO ARTIFICIAL INTELLIGENCE … AND BEYOND!

Chatbots are now used to answer questions efficiently and inexpensively. Machine learning programs suggest products that customers are most likely to buy and there’s no human activity involved! Most retailers feel that they haven’t even reached the maximum potential of AI. Seventy-two per cent of retailers think AI will be a competitive necessity in the next five years.

2. THE EMERGENCE OF GEN Z AS A SHOPPING FORCE-

1. 42 per cent of Gen Z’ers says they interact more with phones than with people.
2. 64 per cent of Gen Z’ers say they prefer to shop in-store vs online.
3. 45 per cent say the experience of buying something is more important than the product itself. They’re also highly motivated by sales, discounts, and freebies which mean more to them than loyalty points or reward coupons.

3. CASHIER-FREE CHECKOUT WILL GROW BEYOND GROCERY TO OTHER RETAIL ENTITIES

1. 37 per cent of consumers are comfortable making purchases at a checkout-free store with their mobile device.
2. 58 per cent fears the technology won’t charge them accurately, and 51 per cent say they worry someone may think they’re stealing.

4. SOCIAL MEDIA IS EMERGING AS A PURCHASE DRIVER

1. In 2018, 57 per cent said they bought something after seeing it on social media—up from 31 per cent only three years ago.
2. Retailers who are successful at social media have a laser-like focus on their target customer and the social media that they are likely to consume.
3. 77 per cent say they enjoy ones that introduce them to new retailers, and 76 per cent say they like to see items they can’t find elsewhere.

5. BRICK-AND-MORTAR RETAIL IS STILL GROWING STRONG

1. The 2018 holiday season showed strong in-store sales. While online holiday shopping approached $125 billion, 83 per cent was still done in-store.
2. Online has represented about 15-20 per cent of total purchases for the past five years— which means approximately 80 per cent of shopping is still done in the store.

AI gives retailers enhanced abilities in data collection and personalization. The Gen Z population prefers to shop in-store and is spending more than ever. As a result, the experience of going into the store for browsing and buying is not going away any time soon.

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. Ways of achieving financial goals
2. The race to save
3. Social media and its impact on retail
4. Trends spotter

3) What kind of service is provided by Synchrony?

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

4) How many retail trends are mentioned in the study?

1. 5
2. 4
3. 3
4. 2

5) When was the report done?

1. 2020
2. 2019
3. 2018
4. 2017

6) _____ are now used to answer questions efficiently and inexpensively?

1. Chatbots
2. Apps
3. Call centres
4. Genz

7) Most retailers feel that they_____ reached the maximum potential of AI.

1. have
2. haven’t
3. always have
4. will never have

8) What % of retailers thinks AI will be a competitive necessity in the next five years?

1. 85%
2. 38%
3. 72%
4. 48%

9) What % of Gen Z’ers say they interact more with phones than with people?

1. 64%
2. 42%
3. 27%
4. 75%

10) What % of Gen Z'ers says they prefer to shop in-store vs online?

1. 64%
2. 75%
3. 86%
4. 42%

11) What % say the experience of buying something is more important than the product itself?

1. 23%
2. 67%
3. 72%
4. 45%

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

1. 26%
2. 37%
3. 48%
4. 59%

13) What % fear the technology won’t charge them accurately?

1. 47%
2. 39%
3. 58%
4. 62%

14) In 2018, _____ said they bought something after seeing it on social media.

1. 46%
2. 62%
3. 38%
4. 57%

15) What % say they enjoy ones that introduce them to new retailers?

1. 77%
2. 62%
3. 59%
4. 86%

16) What % say they like to see items online they can’t find elsewhere?

1. 54%
2. 76%
3. 82%
4. 48%

17) ______ is emerging as a purchase driver.

1. GenZ
2. Cash-free checkout
3. Artificial intelligence
4. Social media

18) What % of shopping is still done in the store?

1. 80%
2. 75%
3. 59%
4. 45%

19) ____ gives retailers enhanced abilities in data collection and personalization.

1. Social media 
2. Cashier-free checkout
3. Artificial intelligence
4. GenZ

20) ____ will grow beyond grocery to other retail entities.

1. Cashier-free checkout
2. Artificial intelligence
3. GenZ
4. Social media