How to prepare for the consumers of 2020

selling to, creating a highly personalized experience that turned many people into buyers.

4. Workplaces will become increasingly more mobile. The rise of the smartphone means that it is easier for employees to work no matter where they are, and for employers to offer more flexible schedules. At the same time, this also can blur the line between work and personal lives. Employers need to make sure that they are offering their employees enough time away from their work and detached from technology so that they don’t get burnt out, Peterson said.

5. There will be a talent shortage. There’s a large gap between the number of people exiting the workforce and those entering. What this means is that many employers still are having trouble finding the perfect fit for their position, placing greater demand on them to train, develop and mentor to build and retain leaders for the future.

6. Different kinds of mentoring will arise. While successful companies will continue to use one-on-one mentoring, they also will look at different ways of guiding employees, such as reverse mentoring, which uses a new employee to talk about their shopping habits, ways of looking at things, etc. so management can also learn from them; and group mentoring, where training among different tasks is split up among multiple people.

It will be increasingly important for companies to offer this kind of learning as the talent shortage grows.

7. Employees will expect the democratization of information. They will be looking for more transparency at the companies they work for and to be a part of the process. This means that there’s more accountability on management’s end to put the business’s values and practices into place. “The payoff is much bigger than the risk,” Peterson said.

8. Personal branding will only grow. As more people use social networks and the Internet to build their own personal brand and messages, this will mean “bigger personalities” in the workplace. But this also can provide a good way to recruit talent, as well as build a company’s own personal brand.

And here is what the consumers of 2020 will be looking for, according to Peterson.

1. Custom will be king. “The ability to personalize will be among the most important purchase drivers,” she said. Being able to make custom pieces also makes it harder for the major retailers to compete. 

2. They will expect “fast-laning.” Why is Amazon Prime so popular? Because consumers want the fastest and most convenient means to an end. For shoppers at a retail store, they also will expect preferential treatment when it comes to administrative tasks. Stores need to ask themselves what they've got on-site to make things easier for their best clients. 

Along the same lines, consumers will be more comfortable engaging with technology and machines at the store, which can be beneficial on both ends--allowing store employees to spend their valuable time on more important tasks. One example Peterson gave was installing a credit kiosk in the jewelry store.

3. Non-cash payments will reign. No, this doesn't mean checks or even debit and credit cards. Mobile payments, like Apply Pay, are the way of the future. Making it easier for clients to split payments can also increase the odds of closing a sale, particularly when it comes to bridal or gifts. Check out Venmo for this. “Be ahead of the curve, not behind it,” Peterson added.

4. Appeal to currencies of change. Wanting to self-improve is natural, even if there often can be a gap between reality and desires. Instead of offering generic sales and promotions, why not offer personalized rewards and incentives that will speak to the consumers this way, such as a Fitbit with purchase instead of an iPad? Offering a more personal experience that helps them achieve their goals will only strengthen the relationship with the client.