Meeting the never-ending demands of customers is the ultimate aim of the retail industry. Retailers not only want to offer the right products but also offer such products at the right time and place.
We are aware that the Pandemic accelerated digitization, and e-commerce is no longer a differentiator. To delight and attract more customers, retailers are pushing their limits to deliver fun, convenient, and digital in-person experiences, meanwhile baking in sustainable business practices.
What’s ahead for retail purchase in 2022?
Consumers returning to physical stores for an Elevated Experience
We are already experiencing engaging technologies, virtual reality, hands-on counters, but these are just part of the remake. Along with digital stores, retailers are investing heavily to grab shoppers’ attention to offer frictionless and a more integrated experience.
We found the cool example of Dick’s House of Sport sporting a batting cage, climbing wall, and a putting green for its consumers to try the new sports equipment they buy. Besides, several brands that cut their teeth online are planning to open more brick-and-mortar stores. We have seen Amazon stores opening, and we have Wayfair, whose executives are planning to open three brick-and-mortar stores in Massachusetts by next year. Retailers have understood that a locked-in approach is not going to work in the future.
A balance of digital along with brick-and-mortar stores can help to create an integrated brand experience for the users.
In the absence of third-party cookies, marketers shall play their creativity and pull out all the cards to collect customers’ data
Retailers collect a huge amount of valuable data from the customers, and the data is extremely valuable for advertisers. While data collection is an ongoing process, the retailers must know how much data collection is enough. Emails remain the best way to connect during the buyer journey, but effectiveness in retail is still under question.
For retail consumers, it narrows down to the kind of experience a store can offer. You meet their expectations and they will come to you, you mess with them and you are out. Customer expectations for an experience relevant across digital and physical channels in 2022 will reiterate loyalty for retailers.
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Livestreaming will still be a rage
Livestreaming started a few years ago as an art of selling things in real-time, and over the past two years, retailers have also hopped the bandwagon to encourage purchase at the point of discovery. The connection proved useful for the young generation, but millennials and baby boomers could find less time for such live streams.
While live streaming still has the game in its hands, it is most challenging for the new entrants to find traction with the modern shoppers.
NFTs are going to be a worthy exploration in 2022 for retail
NFTs have emerged to represent blockchain ownership or memorabilia or a piece of art. As each NFT token is unique, the industry has witnessed great traction in digital art.
Not just artists, retailers are getting behind the trend too. Brands like Nike, Adidas, and Pepsi have successfully secured more than $220 million in NFT trading volume. Due to the popularity and the profit, the young generation is seeing NFTs as their shot of wealth.
Consumers are going to expect more from retailers in 2022
Customer expectations are going beyond the roof, and brand forgiveness is in short supply. Customers are looking for a seamless experience; they expect their retail brands to know them and engage on a contextualized and personalized level.
Transparency is at its peak; shoppers are concerned about how a business does business. If the business values do not match with the personal values, the brand is flunked. Diversity, equity, sustainability, black-owned businesses are the top concerns of modern shoppers. If you can match their preferences, you win the game.
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Final Thoughts
Besides understanding these top trends, E-commerce retailers should on the other hand be ready for more cyberattacks, and keep in mind that issues like labor shortages are also not going away. Retailers must find their way through all this.
On the other hand, sourcing and supply chain remains ripe for digital transformation, and it also has the potential to streamline business processes, which will help brands to stay competitive. All this combined shall hike the retail prices. A big unknown is whether the consumers are ready to pay a higher price and bear potentially longer wait times for an on-demand product.