8 Emerging Retail Trends That Will Shape 2022
If you think about industries that have been changing constantly and rapidly over the years, you’d probably first think about IT and related fields and you’d be right. The technological advancements and breakthroughs in this sector are great and new ones appear every day. However, some industries might have gone under the radar when it comes to their evolution. One such example is the retail industry, whose development has mainly been shaped by new technologies and changes in customer behavior. In this article, we explore some of the trends that are expected to shape retail in 2022.
Customer behavior
Although online shopping had been gaining popularity even before the outbreak of the pandemic, it was in 2020 that it really took off. Customers are now using the Internet and mobile devices more than ever and one of the reasons is to make purchases. That is why retailers have to adapt their strategies to achieve success. Namely, people have become accustomed to convenience. They want the products they need to be available instantly, which means retailers need to try to offer same-day shipping and ensure that customers receive their purchases quickly and efficiently.
Online shopping
As we’ve already established, online shopping is probably the most important trend in retail today. This means that companies that don’t offer their products online are missing out on a great opportunity to boost their sales. Also, online retailers need to optimize their websites and apps, so that they are fully functional on every possible device, especially mobile ones.
The pandemic
We can’t analyze any industry at the moment without taking a look at the impact of the Covid-19 pandemic. It’s safe to say that we will continue to see its effect on how retail stores operate in 2022. Many consumers will continue to feel reticent about visiting shopping malls and other retail facilities, so we can expect that the number of brick-and-mortar shops being closed down will increase even further.
Adding value in the supply chain
Since retailers rely on supply chains, they need to embrace technology to add greater value to them. Some innovations are being tested, such as using drones or autonomous robots for last-mile delivery, and it’s only a matter of time before they become used in some form. Also, there are products, such as the innovative Trade Finance, allowing retailers access to a line of credit to pay suppliers in dozens of countries in a single click, with a choice of 15 global currencies. Finally, retailers can also use process automation to make smarter decisions and deliver greater value. Using the Internet of Things and RFID devices for product tracking and tracing gives retailers access to real-time data and combining this benefit with tools for predictive analytics gives them a better understanding of KPIs.
User experience
With most people doing shopping online, it’s vital that retailers create a great user experience. This includes, among other things, having sufficient stock of all products, being able to ship items promptly and providing excellent customer care. If customers have a positive impression as a result of the whole shopping experience, they’ll return and even recommend businesses to others.
Innovation
Innovation is an aspect that is key to every industry and retail is no exception. Retailers need to think of new ways to do business and attract new customers. Whether it’s the introduction of subscription services, opening pop-up stores for out-of-town customers, or some other method, companies simply need to find new ways to reach out to existing and prospective clients.
Technology
Technology will continue to transform the way retailers work and interact with customers in 2022. With new technologies appearing on a daily basis, it’s safe to assume that the shopping experience will be more enjoyable and efficient. The task each retailer has is to create a personalized and immersive experience that customers will want to come back for.
Focus on inclusivity and sustainability
Consumers have become increasingly concerned about social justice and environment protection, which is why they are ready to change loyalties to brands that are more in sync with their values. They now expect retailers to take meaningful steps to ensure the health and well-being of their employees and protect the environment. It’s not enough for companies to state their employees are their top priority or that they are “green”. What consumers want to see are actions that would support such claims.
We can conclude by saying that technology, innovations, customer behaviour and the pandemic will continue to shape the retail industry in 2022, which means only those companies that embrace these challenges successfully will stand a good chance of growing. If the past is anything to go by, retailers will need to be ready to respond to every change and strive to create a positive shopping experience for everyone. In a nutshell, it’s not about price-point alone any more, but about providing an experience worth coming back and recommending.