Category
Tech
Adaptive Handsets
Trend cluster
Category
Cashless
Retail
Retail stores go entirely cashless in order to streamline processes.
4.8
Trend score
Trend
What is the Cashless Retail trend?
Cashless Retail: With more consumers opting to pay for things digitally rather than with cash, retailers are removing the option of cash transactions entirely – with Amazon going so far as to remove in-person payments altogether. This shift speaks to the adaptation, and enhancement, of already-established consumer purchase habits, while creating a shopping experience that prioritizes convenience.
Trend themes
Themes within the Cashless Retail trend
Three behaviours holding the trend together01
Cashless Payments
An increasing number of retail stores are adopting cashless payment systems to provide seamless transaction experiences for consumers, for instance, with the adoption of mobile or handset payments and cryptocurrency payments in cafes.
02
Streamlined Checkout Services
Many brick-and-mortar stores are turning cashless and staffless with the adoption of self-checkout apps, which not only provide convenience for consumers but also reduce the need for expensive checkout terminals and employees.
03
Innovative Retail Technology
The Amazon Go store and offline Everlane store both showcase the importance of leveraging technology to innovate the traditional retail experience, including the introduction of cameras, sensors, and an integrated ID system for cashless shopping.
Industry implications
What the Cashless Retail trend means for industry
Where the trend changes the playbookFor
Retail
Retailers are at the forefront of adopting cashless payment systems, streamlined checkout services, and innovative retail technology to enhance shopping experiences and stay competitive.
For
Hospitality
The adoption of cash-free resort concepts and cashless payments in cafes showcase ways in which the hospitality industry can enhance guest experiences and provide seamless transactions.
For
Fintech
The increasing adoption of cashless payments presents an opportunity for fintech companies to innovate solutions for seamless and secure transactions.
Workshop question
How can your brand better incorporate consumer purchase habits into its products/services?
Trend signals
Trend signals for Cashless Retail
Trend score 4.8 out of 10, from popularity 73%, activity 64%, freshness 8%.
Popularity73%
Activity64%
Freshness8%
Audience
50%Men
50%Women
- Gen Alpha
- Gen Z
- Millennial
- Gen X
- Boomer
Market
North America
Europe
Asia-Pacific
South America
Evidence
Examples of the Cashless Retail trend
6 featured examples from Nov 10, 2017 to Jan 24, 2018CategoryBusiness
Offline Fashion Shops
The First-Ever Brick-and-Mortar Everlane Store is Now Open in NYC
Physical stores remain crucial in the fashion retail industry, as they enable customers to touch, try on, and experience the products firsthand.
CategoryTech
Connected Convenience Stores
The Amazon Go Store is Open and Aims to Change the Way we Shop
Disruptive innovation opportunity for retail companies to revolutionize the traditional checkout process.
CategoryBusiness
Streamlined Checkout Services
Sainsbury's 'SmartShop' Enables Checkout Via a Mobile or Handset
The retail industry stands to benefit greatly from self-checkout apps and mobile checkout technology, which can help reduce costs and improve the shopping experience.
CategoryMarketing
Cash-Free Cryptocurrency Cafes
The Ducatus Cafe Accepts Payments Via Its In-House Cryptocurrency
The food and beverage industry can benefit from adopting cash-free and cryptocurrency payment methods to increase efficiency and customer retention.
CategoryTech
Cashless Resort Concepts
Walt Disney World is Testing a Cash-Free Animal Kingdom Lodge
The cashless trend in retail opens up possibilities for innovative POS systems, digital wallets, and personalized shopping experiences.
CategoryLifestyle
Cashless Coffee Shops
This Pilot Program in Seattle is Testing the Success of a Cashless Starbucks
Coffee shops are starting to experiment with cashless systems for their stores, and may adopt them in more locations in the future.
