Oracle Study: Personalization, Easy Returns Among Emerging Retail Trends
October 11, 2017,
NEW YORK—How people currently shop continues to evolve, and a recent study from Oracle pinpoints six emerging trends, as well as three types of new shoppers, that highlight consumer behavior at retail.
Called “Retail in 4 Dimensions: Understanding Consumer Behavior in an Age of Relativity,” the study found personalized shopping experiences are trending, and people are now accepting and even expecting them in today’s fast-paced world, where time is limited. Consumers are fine with retailers using their loyalty data, purchase history and brand-relevant interactions to create a shopping experience that anticipates their needs, likes and dislikes, the survey found—though some more personal data regarding people’s lives, social media networks and browsing history are still considered off limits, for now.
Easy returns is another emerging trend, as 82 percent of shoppers want free shipping when returning online orders, and 73 percent want the option to return online purchases to the store, Oracle said. Thirty-four percent of consumers also want at least 30 days to make up one’s mind about keeping a purchase or returning it.
Other technologies gaining traction at retail, according to Oracle’s research, include faster, smarter payments; virtual reality and auto replenishment.
This new retail evolution has also brought about new types of consumers, which Oracle coined as the nomad, the player and the dealer. The nomad comfortably jumps across multiple retail channels when searching for products, while the player is less interested in visiting physical stores unless it has a high-tech experience. The dealer is motivated by finding the best offer or the lowest price.
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