Your first look at the future of commerce
Discover how consumers will live, shop and spend in 2030 with exclusive insights from a new report.
What will commerce look like by 2030? That was the question Afterpay put to world-leading trend-forecasting agency, The Future Laboratory.
The result is, Solving the Consumer Equation, an exciting new report that brings together countless interviews with world-renowned experts and futurists, and examines some of the biggest challenges and opportunities that lie ahead in commerce and retail.
From the rapidly changing behaviour of consumers to the rise of owner-to-owner (O2O) retail and the emergence of ‘social storefronts’, Solving the Consumer Equation offers a glimpse into the future of commerce in 2030 and beyond.
Download the full report here or continue reading for selected highlights.
Solving The Consumer Equation summary:
Has Gen Z been priced out of sustainability?
Is point of connection the new point of sale?
Is algorithmic overload flattening culture?
Who is Generation Well-thy?
Consumers are changing rapidly.
Over the past decade, the rise of technology has transformed customers from passive consumers into active shopping participants, and, today, shoppers increasingly expect a proactive, anticipatory and personalised approach from brands, according to The Future Laboratory.
However, anticipating shoppers’ needs can be challenging as consumer behaviour is often complex. For example, although Australians increasingly value diversity and sustainability, the rising cost of living makes it difficult for many consumers to put these values into practice.
And although digital technology has made shopping easier in many ways, it has also contributed to a sense of overwhelm, with many consumers struggling with “algorithmic overload”, which is increasingly flattening culture, and leaving them to “sift through an overwhelming sea of sameness.”
“To exist as a consumer today is to exist in a state of paradox. Brand-lovers want to act sustainably, people with unique identities are seeking communities, and tech-loving individuals are heading towards a world where AI blends our interests."
“To exist as a consumer today is to exist in a state of paradox. Brand-lovers want to act sustainably, and people with unique identities are seeking communities.”
Why connected commerce is here to stay.
To succeed in 2030, brands need to drive meaningful connections, according to Solving the Consumer Equation.
Increasingly, this will mean putting experience first and commerce second. “Retail brands will become more than trusted purchase partners, but spaces for community building, value-forging and experiential moments,” according to The Future Laboratory.
What could this look like in 2030?
Imagine ‘social storefronts’ where customers are treated like members rather than shoppers, where the focus is on discovery, personalisation and interaction, rather than driving transactions. Or live retail activations that prioritise engagement and entertainment.
Meet the new Well-thy: the generation forging its own financial path.
Financial empowerment is a growing priority for next-gen shoppers, who are more entrepreneurial and less likely to follow linear paths to success, according to Solving the Consumer Equation.
Having grown up against a backdrop of economic challenges, younger consumers are increasingly exploring new ways to earn, save and spend. The rise of cryptocurrency is one example of this, and The Future Laboratory predicts that next-gen currencies will only become more important in 2030 and beyond.
Solving the Consumer Equation also predicts that financial tools that leverage AI – and even biometric markers, such as heart rate and voiceprint – will emerge by 2030 to deliver more personalised, accessible financial information and metrics.
The AI effect: how tech will revolutionise retail.
As increasingly sophisticated technology leads to more complex purchasing journeys, retailers will need to work harder to acquire and retain consumers. Technology, including artificial intelligence, will play a major role.
Solving the Consumer Equation predicts that by 2030, personalisation will become much more developed, and driven by sentiment analysis and generative AI rather than demographics or past consumer behaviour. Think chatbots that can ‘read’ your expression and deliver product recommendations, and personalised virtual stores that are created to match consumers’ social media feeds and individual tastes.
Want more insights into how retail and commerce could look in 2030?
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