The ongoing pandemic plays a vital role in affecting the retail trends for the past two years. The current retail trends, like the shift towards online shopping, are one such example.
Let’s discuss the current retail trends which are likely to shape 2022.
RETAIL TRENDS EXPECTED TO SHAPE 2022
- There has been a growing number in consumer sales despite the ongoing pandemic. Studies bring out that many consumers have indulged in a shopping binge with the increasing operation of non-essential stores. They are spending most of their money on things like home improvement, consumer goods with the money they would save ideally for travelling. This particular trend is likely to continue into the year 2022.
- People are more inclined towards online shopping more so due to the closure of the brick and mortar stores. Nowadays, many retailers have undertaken a digital approach, where the primary focus is on the online store instead of the physical stores. Investing in digital technology and building online-only warehouses are a must and going to be a ruling trend in 2022 as well.
- Free shipping and speedy delivery services are what the customers expect mostly while shopping online. They want the products ordered online to reach their home as fast as possible. Free shipping lures in most online shoppers. About 90% of the consumers agree that they would shop more given the option for free shipping and can even shop up to a certain value to avail the benefits of free shipping. Therefore ‘free shipping’ is gonna be the keyword for the retailers in 2022.
- During the Pandemic, there has been an expansion of the ‘at home’ economy and it is here to stay despite the lockdown restrictions being lifted. The consumers have focussed on spending for areas such as home cooking, online shopping and consuming digital products. Few people may now be working from home than last year, but there are many who have discovered to enjoy the absence of commuting and have continued to work from home.
- Many physical stores like the brick and mortar stores have now redesigned their spaces to make the customers feel safe. Many customers like going to the brick and mortar stores as they enjoy the in-store experience and prefer to interact and choose the products physically before buying them. However, they must feel safe and protected before entering a store. Larger use of in-store self-checkouts due to contactless payments are in trend. Some stores are known to move away from static POS counters to using mobile payment systems.
- Now retailers have discovered the advantages of AI. Though it has taken some time to adapt to these internet things, it is now being adversely used. The common uses of AI in the retail industry include inventory management, adaptive homepage, dynamic outreach, interactive chat, visual curation, guided discovery, conversational support, customer engagement etc.
- With the advent of technology, there has been an increased use of voice search and personal assistance. Many famous search engines state that about 27% of people on the internet conduct voice searches mainly through their mobile phones. It is mainly popular among the Millennials and Generation Z who generally prefer to talk into their phones rather than type in.
- Live Streaming has gained a lot of popularity since 2020. Many home-bound consumers find live streaming to be an effective way to engage when shopping online. Consumers are known to spend hours watching celebrities and influencers host entertaining shows on products designated to sell.
- The increasing popularity of private labels is in trend for many budget-conscious shoppers. These shoppers would rather pay less for a decent functioning, no-name product than paying huge amounts for a branded one. Sales of private labelled products are known to outpace the sales of branded products three times and it’s not just only the poor who buy these.
- There has been an increase in social commerce on Instagram which is advanced and effective to draw sales. The ability to make purchases through a popular application like Instagram is groundbreaking. Retailers can easily use social commerce to customise and personalise the shopping experience. A checkout on Instagram or any other social network allows the retailers to provide an all in one facility to the customers. With these features, the brands can interact with customers, set personalised discounts, receive valuable feedback leasing to sales without even leaving the app.
- The consumers push for sustainability which the retailers must follow. Sustainable shopping ideally means that the consumers must know what a product is made of, where it’s being made and what all can be done with it when they no longer need it.
Which trend do you think is going to dominate the others in the retail world in 2022? Let us know in the comments.
Also, read our article on “Ways to Give Good Customer Service at Your Restaurant“