Retail stores go entirely cashless in order to streamline processes
Implications - 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.
Workshop Question - How can your brand better incorporate consumer purchase habits into its products/services?
Trend Themes
1. 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.
2. 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.
3. 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
1. 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.
2. 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.
3. Fintech - The increasing adoption of cashless payments presents an opportunity for fintech companies to innovate solutions for seamless and secure transactions.
