Solving the consumer equation: New Afterpay report identifies the biggest trends defining the Australian commerce landscape, now and by 2030

New Afterpay 2030: Solving The Consumer Equation report released today provides detailed insights into the technological, cultural and societal forces shaping retail, commerce and consumer behaviour, now and by 2030

DISTRIBUTED-WORK-MODEL/MELBOURNE, 22 August 2024

Research released today by Afterpay has revealed new insights into the trends shaping the Australian commerce landscape now and by 2030. 

The report titled Afterpay 2030: Solving The Consumer Equation, produced independently by research firm The Future Laboratory, sheds light on the technological, cultural and societal forces influencing the retail industry and the modern consumer experience.

Designed to empower merchants, retailers and brands looking to succeed now and into the future amid increasingly challenging economic environments, the report identified several critical takouts for brands: 

Cultivate a sense of connection

• To stand out, retailers and brands must find ways to connect meaningfully with consumers. 
• For some brands, this might mean creating branded experiences or leaning into live-retail or “shoppertainment”, which is currently gaining traction across Asia. For others it will involve treating consumers more like members than customers, and giving them a more active role in the shopping journey. Still others will forge deeper connections with consumers by helping them bridge the gap between their values and their behaviour. (Some innovative brands are already doing this by adopting web extensions like EcoCart, i=change or Airrobe.)

Offer equitable and empowering financial tools

• To meet consumers’ needs, retailers will also need to consider how to support and enable spending while also addressing younger generations’ economic challenges.
• The report found that there is likely to be an increase in accessible customer-centric tools and metrics within the fin-tech sector. Brands will need to keep abreast of new payment and credit services that offer visibility, choice and flexibility, like Afterpay, which allow purchases without the high interest rates of credit cards. 
• Brands will also need to keep financial security and privacy top of mind and consider embracing next-gen currencies, like cryptocurrency, which provide new ways for people to spend, save and live. 

Harness technology to drive ‘smartsumption’

• As more complex purchasing journeys emerge, and commerce settles into a hybrid model that blends online and in-person shopping, retailers will need to work harder to acquire and retain customers. A crucial part of this will involve harnessing technology – especially artificial intelligence – to create hyper-personalised experiences. 
• That means increasingly sophisticated AI-powered chatbots, as well as products that leverage sentimental analysis to deliver personalised experiences, and virtual flagship store that offer immersive experiences.

Katrina Konstas, EVP and country manager for Afterpay APAC, said “At Afterpay, we are uniquely positioned to observe the myriad ways in which consumer behaviour and commerce are changing in Australia. Today, we’re releasing the Solving The Consumer Equation report to offer merchants a true insight into the changing needs of consumers of today – and in the future.”

“The report looks at how to inspire connection with customers through the fusion of retail, technology and finance, and it reinforces the importance of driving value, nurturing brand culture and creating new paths to purchase.”

A copy of the full Afterpay 2030: Solving The Consumer Equation report can be found HERE.

 

Notes to editors:

About Afterpay

Afterpay is transforming the way we pay by allowing customers to buy products immediately and pay over time – enabling simple, transparent and responsible spending. We are on a mission to power an economy in which everyone wins. Afterpay is offered by thousands of the world’s favourite retailers and used by millions of active global customers. Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).