Westfield reveals "How We Shop Now"

Retail mall giant Westfield spoke to over 13,000 people across the US and UK to get a picture of how people shop today for its new report "How We Shop Now: What’s Next?"

 
Its research revealed five key future trends, showing how consumers shop now and how retailers can take advantage of this. The trends are: Rental Retail, Classroom Retail, Enhanced Reality Retail, Loyalty Programs and Sensory Retail.
 
Rental Retail is reminiscent of Uber and Airbnb, which has made people more appreciative of the "sharing economy.” The report found that 15% of Americans are interested in renting from their favorite store. The trend is especially strong for Millennials who see renting as the norm. 35% of 25-34 year olds are interested in renting with the most popular items to rent being exercise equipment at 19%, cars at 16%, consumer electronics at 15%, bikes at 14% and clothing at 10%. 23% of New Yorkers would be willing to spend $200 or more per month on unlimited clothing rent subscriptions.

Classroom retail is how consumers look at shops as places to network and learn new skills. 32% of US shoppers are interested in attending a lifestyle lesson or club at their favorite store. Health or fitness sessions were the most in-demand at 27%.
 
Lifestyle loyalty is a loyalty plan that rewards good lifestyle choices rather than just monetary transactions. The program appeals to 21% of US consumers. They'd like retailers to reward them for recycling (23%), exercising (23%), spending time with family (20%), eating healthier (16%), and charity volunteering (11%).
 
Enhanced Reality Retail is a virtual reality assistant, which is predicted to become ubiquitous. Shoppers will want virtual reality to help bring in-store products closer to their everyday lives. 42% of people in the US would like to use new technologies, such as virtual reality headsets, to experience how products will look in their home. A third would be interested in using it to see how clothes would fit them.
 
Lastly, Sensory Retail is for consumers that feel the use of all five senses will enhance the shopper experience. Vision and touch came out on top, but just under a third of shoppers also identified smell and hearing. According to 73% of UK shoppers, touch and feel and the trial of products is a main benefit of physical stores.
 
"This is arguably the most exciting time in retailing history," says Myf Ryan, Chief Marketing Officer, Westfield UK and Europe. "Retailers have to be brave and innovative, identifying what shoppers will want in the future by offering genuine added value to create an experience that cannot exist online.  The five trends we have identified by speaking to shoppers across our world-class shopping locations in the U.S. and UK offer a blueprint for the future of successful retail.” 

[By Cajsa Lykke Carlson and Obi Anyanwu]