Synchrony Study Reveals Future Shoppers Seek Connected, Curated and Convenient Shopping Experiences

Rhea-AI Summary

Synchrony (NYSE: SYF) published its Future of Shopping study, revealing that over 80% of consumers expect hyper-curated in-store experiences by 2030. The survey, which included 1,000 U.S. shoppers, indicates a growing desire for personalized shopping experiences that reduce choice overload. Key findings show that 67% of shoppers believe joint offers from multiple brands would enhance their experience, while 81% expect increased hyper-personalization. Retailers are urged to adopt experience-driven strategies and integrate technology to meet these evolving customer expectations, enhancing loyalty and sales.

Positive

• Over 80% of consumers expect hyper-curated shopping experiences by 2030.
• 67% of shoppers favor joint offers from multiple brands, enhancing their experiences.
• Retailers adopting experience-driven strategies are likely to prevail.

Negative

• None.

More than 80 Percent of Shoppers Expect Hyper-Curated In-Store Experiences by 2030

Retailers Must Find Appropriate Balance of Online and In-Store Experience and Integrated Technologies to Attract Loyal Customers

STAMFORD, Conn., March 27, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, today announced that its new Future of Shopping study reveals that consumers seek highly personalized experiences that simplify choice and flexibility, where more than 80 percent of shoppers will expect experiences curated just for them by 2030. The research determined that retailers who prioritize an experience-driven shopping strategy will prevail if they continue to innovate and differentiate themselves with new technologies. 

Meaningful Shopping Experiences

Retailers who prioritize an experience-driven shopping strategy will prevail

Based on Synchrony's survey of 1,000 U.S.-based consumers, the study indicates that the proliferation of retail channels, formats, platforms, and intermediaries has fragmented the shopping landscape over the past few years, creating stress for both shoppers and retail strategists. Moving forward, the focus will be on developing more connected experiences across channels, brands, online and in-store. Outstanding customer service and brand ambassadors are key to helping consumers gain insights and drive loyalty. 

Of the shoppers surveyed by Synchrony:

• 67 percent believed a world where multiple brands created joint offers would enhance their experiences across channels
• 42 percent of shoppers would be likely to register or participate in future experiences, where brands offer a range of connected shopping options such as an app that connects a concert ticket purchase to customer's calendar and suggests an outfit for the event and where to buy it
• 52 percent of shoppers said they would be interested in an in-store engagement where the associate leverages crowd-sourced ratings combined with customer preferences to deliver recommendations in real time to their phone

Curation Beats out Competition

While providing a range of options to customers has always been a hallmark of best-in-class retail brands, the explosion of choice and increased opportunity has led to a heightened need for more curation and customization. Shoppers are more frequently turning to intermediaries to help guide their purchase decisions and narrow down their choices, which can have a major impact when brands don't make it through these filters.

Synchrony's research found that, in the future, shoppers would like to reduce the range of available products presented to them.

• 62 percent of shoppers surveyed believe that their shopping experience would be simpler if stores offered fewer choices
• 81 percent expect to see a world where hyper personalization or "just for me" is rolled out by 2030
• 55 percent expressed an intent to use on-site personalization services if they were available

Retailers need to focus on specific categories, needs, and consumer trends to create engaging experiences that promote customer loyalty among shoppers and maintain repeat sales, the study implies. 

Convenience On The Go

Another major finding: while shoppers have always cared about convenience, today's shoppers are more concerned with the flexibility, access, and speed of their shopping experience. The act of shopping has become and will continue to move away from being an isolated activity, instead being embedded into other activities such as scrolling through social media, gaming, or going for a walk.

• 64 percent of the shoppers surveyed believe that in the future shopping will not be an isolated activity, rather brands will reach them through separate but linked activities (e.g., social media activity linked to geo-location recommendations while out on a walk, metaverse brand interaction directs shopper to nearest physical location with tailored recommendations)
• Utilizing smart carts that integrate seamless shopping and checkouts can deliver enhanced value to shoppers. Sixty-seven percent of shoppers agreed that smart carts would enhance their lives, while 75 percent of those sampled believe that smart carts would be a possibility and popular over the next seven years.

"Our study found that shopping does not happen in isolation, but rather with connected ecosystems driven by unique technologies that play a critical role for retailers seeking to meet these consumer demands." said Florin Arghirescu, Synchrony's senior vice president and chief product officer. "Synchrony is working with partners to offer curated, convenient consumer experiences whether that's enabling choice and flexibility in financing in store or online or mobile wallet provisioning for purchases on the go."

Synchrony has provided financing options to retailers for over 90 years. With more than 460,000 merchant provider locations and 71 million active customers, Synchrony's retail shopping and payment innovations enable retailers to improve their sales and maintain customer loyalty while providing shoppers with secure, convenient, and personalized shopping experiences.

To download a copy of Synchrony's Future of Shopping study, please visit here.

About Synchrony 

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise, and scale encompass a broad spectrum of industries, including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet, and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers, which we refer to as our "partners."  We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences.  We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter @Synchrony.

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Contact:
Tyler Allen
Synchrony
Tyler.Allen@syf.com

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SOURCE Synchrony Financial

FAQ

What are the key findings from Synchrony's Future of Shopping study?

The study indicates that over 80% of consumers expect personalized shopping experiences by 2030, with 67% favoring joint offers from brands.

How does the Future of Shopping study affect SYF stock?

The insights suggest that retailers focusing on customer experience may positively influence Synchrony's business partnerships.

What percentage of shoppers prefer fewer shopping choices according to the study?

62% of shoppers believe their experience would be simpler with fewer choices available.

When was Synchrony's Future of Shopping study released?

The study was released on March 27, 2023.

How many consumers participated in Synchrony's shopping survey?

The survey included 1,000 U.S.-based consumers.