The white paper “Future trends in consumer behavior: Technology in a connected world 2017-2020” by Acapture explores current consumer trends and preferences and provides tools for merchants to optimize their businesses for the modern shopper. analyzes the preferences of these young, globally-minded shoppers, and the latest trends in tech that will facilitate their behavior. We outline the importance of artificial intelligence and machine learning to utilize huge reams of consumer data, the developments in virtual and augmented reality to unite the experiences of in-store and online, and how blockchain technology will be the vehicle for real-time, cross-border payments.
Emerging trends in consumer behavior are driven by the growing population of millennials and generation Z, and collectively they now make up the largest group of global consumers. These two groups differ marginally in preferences. However, alll millennials and gen Z across the globe enjoy the variety, value and convenience of international shopping. In response, 50 percent of leading retailers now offer international delivery.
In Asia, millennials have a stronger preference for virtual and augmented reality, and digital commerce, whereas young European and North American consumers also value face-to-face interaction. Businesses with an Asian focus, therefore, should invest in artificial intelligence (AI), conversational commerce and chatbots, whereas merchants with expansion plans in North America or Europe should focus more on omnichannel strategies such as click and collect, as well as digital channels.
Download the Whitepaper here