Financial Times: Buying vs Shopping How Retail will be transformed by 2050

Financial Times: Buying vs Shopping How Retail will be transformed by 2050

Financial Times editor Jonathan Eley tapped or co-founder and chief scientist, Michael Ross, for his insight around the consumers of 2050 and how, through tech, shoppers will evolve beyond the economically inefficient drudgery of the past. 

"By 2050 the idea that everybody pays the same amount for an item will appear bizarre," predicts Michael Ross, a data scientist at retail analytics company DynamicAction.


“Dynamic pricing is coming very soon,” he says, noting that this model, where prices are set according to supply and demand, is already commonplace in sectors such as travel. It will appear first as individual offers based on how valuable the customer is to the retailer or stock levels," according to Mr Ross.

The number of things we actually buy, however, will fall as sharing or renting becomes more socially acceptable and practical. The “sharing economy” has grown mostly in big-ticket items such as cars, but it is already extending into sectors such as fashion, with subscription-based services like Rent the Runway becoming even more mainstream.

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