Some novel forms of shopping are among the new trends shaping the Australian commerce landscape, according to research published by Afterpay.
The report “Afterpay 2030: Solving The Consumer Equation”, produced independently by research firm The Future Laboratory, pointed out that retailers and brands must find ways to connect meaningfully with consumers in order to stand out.
For some brands, this might mean creating branded experiences or leaning into live retail or “shoppertainment”, which is currently gaining traction across Asia. For others, it will involve treating consumers more like members than customers and giving them a more active role in the shopping journey. Another route will be to forge deeper connections with consumers by helping them bridge the gap between their values and their behaviour. For small businesses, these immersive or ‘experiential’ experiences can be low-cost ways to incentivise customers in.
The report also highlighted the need for retailers to consider how to support and enable spending while also addressing economic challenges, especially among younger generations.
In terms of technology, security remains the highest priority brands and retailers should focus on. In addition, they are also urged to keep themselves abreast of new payment and credit services that offer visibility, choice and flexibility, amid a potential increase in accessible customer-centric tools and metrics within the fintech sector.
The report also stated that retailers must consider embracing next-gen currencies, like cryptocurrency, which provide new ways for people to transact. On top of this, the report highlighted theto potential of utilising artificial intelligence in today’s retail landscape which has largely settled into a hybrid model that blends online and in-person shopping.
Afterpay says that AI is a critical tool in creating hyper-personalised experiences, or what Afterpay calls “smartsumption”, through sophisticated AI-powered chatbots, as well as products that leverage sentimental analysis to deliver personalised experiences, and virtual flagship stores that offer immersive experiences.
Katrina Konstas, EVP and country manager for Afterpay APAC, stated about the report, “The report looks at how to inspire connection with customers through the fusion of retail, technology and finance, and it reinforces the importance of driving value, nurturing brand culture and creating new paths to purchase.”
