Synchrony Financial examines changes empowering consumers and
impacting shopping, payments and retail sales
STAMFORD, Conn.–(BUSINESS WIRE)–The retail environment is constantly changing with every new style,
product and season. While change is often retailer and consumer-driven,
technology is shaping eight of the top 10 trends expected to have the
greatest impact on retail sales in 2016 in a market
brief1 released today by Synchrony Financial.
In analyzing the retail market, Synchrony Financial identified 26
trends, impacting retailers nationwide. The list was developed from
ongoing retail and shopper research, and by tracking emerging and well
established trends that continue to be important in the marketplace, as
well as those impacting the payments space. Trends spanning multiple
industries and categories relevant to its retail partners and
cardholders were also reviewed.
Emerging from the research are 10 trends and retailer considerations
compiled in Synchrony Financial’s latest brief, 10 Things to Know –
the Top 10 Retail Trends for 2016. The increasing importance of
technology in retail is reflected in most of the trends topping the list:
1. Wearable Technology: From headsets and smartwatches to fitness
and health devices, wearable technology is being embraced by shoppers
for ease of accessing product and store information, offers, and speed
2. New Retail Holidays: Looking beyond the standard calendar,
retailers are linking sales to special observances and creating their
own shopping holidays to attract new buyers and engage with existing
customers to boost loyalty and repeat spending.
3. Voice Technology: Up to four times faster than type-and-click,
voice-enabled search signals a shift in how consumers find product and
service information. At the same time, innovations in language
recognition will give voice a bigger role in online commerce, retail
search strategies, and shopper engagement.
4. Virtual Reality (VR) in the Shopping Experience: Virtual
reality immerses consumers in sensory and personalized experiences,
empowering them to interact with products and services. With mobile
devices capable of delivering rich VR experiences, shoppers can tour a
store or try on a new fashion anywhere, at any time.
5. Video Streaming: Growing video-on-demand traffic and the
higher likelihood of shoppers to purchase a product after watching a
video, provides opportunities for retailers to consider online streaming
video for product demos, display or customer service.
6. Internet of Things: Point-of-sale information is no longer the
main source of data for merchants, as millions of devices are being
deployed and connected in the retail environment to collect and send
data that provides valuable, real-time insights.
7. Mobile and Alternative Payments: Expected to increase
three-fold this year, mobile payments are transforming commerce. As
retailers transition terminals and develop eCommerce platforms to engage
with shoppers and accept new payment methods, consumers are adopting
mobile wallet apps, branded wallets, and smartwatches and devices with
8. Social Network Buy Buttons: Shopping and social media have
been a natural fit, but are quickly becoming more commercial. Largely
driven by growing mobile usage, retailers are providing shoppers with
easier functionality to purchase within a social app by adding Buy
buttons that allow users to shop directly on their sites.
9. Increased Spending on Pets: Pet expenditures continue to rise
as consumer demographics and mindsets toward pets change. Recognizing
pets are considered a member of the family more than ever, many
retailers and veterinarians are focusing on the increasing demand for
products and services that meet the needs of pet owners.
10. Personalization: All these trends intersect in the ability to
deliver unique, personalized customer experiences. Data, tools and
technology are making it possible to understand customer preferences and
deliver personalized offerings, in addition to product selection and
“As an innovation and technology driven company, Synchrony Financial
continuously tracks consumer insights and trends as a way to help
retailers monitor areas impacting their business this year and in the
next three-to-five years,” said John P. Williams, Marketing Innovation
leader, Synchrony Financial. “The pace of change is accelerating and we
are working with our retail partners to create easier, faster, and more
relevant and rewarding experiences for consumers.”
The Top 10 Retail Trends for 2016 brief can be downloaded and
viewed, along with other retail and shopper insights at http://synchronyfinancial.com
through the “Insights” link under the “News” tab. For more
information about how Synchrony Financial can help grow your business,
go to www.synchronyconnect.com
or email firstname.lastname@example.org
110 Things to Know – the Top 10 Retail Trends for 2016,
retail market brief compiled by Synchrony Financial
About Synchrony Financial
Synchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.* We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
300,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial (formerly GE Capital Retail Finance) offers private label and
co-branded Dual Card™ credit cards, promotional financing and
installment lending, loyalty programs and FDIC-insured savings products
through Synchrony Bank. More information can be found at http://www.synchronyfinancial.com,
*Source: The Nilson Report (April, 2015, Issue # 1062) –
based on 2014 data.
©2016 Synchrony Bank/Synchrony Financial, All rights reserved.
For Synchrony Financial