It’s clear that the disruptive factor for retail in 2021 continuing through to 2022. It is has been the COVID-19, although in most of the current trends COVID has accelerated the timeline of change and adaptation. Retailers are emerging stronger by embracing new opportunities.
Below, We have compiled a list of top trends for 2022 that are key to successful retail in this post-corona world.
Free Shipping & Fast Delivery
Free Delivery can be a deal-breaker to consider for online sales. 90 % of consumers say they would shop more often online if free shipping is given, 24 % will increase their order to receive free shipping. Also, thanks to Amazon Prime, consumers expect their online orders to arrive the fastest possible. Even after the pandemic ends, 60 % of consumers intend to continue shopping online.
Private Labels are Rising
A study from CB Insights shows that Private Labels sales are way up in the sky, selling three times more than the branded. The average shopping cart has 25 % of Private Label products. Millennials would reach 32%. Two-thirds of consumers consider private label products as great value. They have better flexibility to price competitively and better margins.
Contactless Payments
Contactless payments are not new, but they have expanded after 2020. One of three adults, during the pandemic, either used or heard for the first time about contactless credit/debit cards. According to Visa’s Study if all product factors were equal 63% of consumers will switch to businesses that installed a contactless payment option. Also American Express reported that 70% of U.S. merchants are experiencing requests for tap n go or mobile app payments.
Health & Wellness Products
Due to Covid-19, consumers spend more time and money looking after themselves. The sizeable increase in health and wellness products like vegan approved, plant-based products, fitness, and comfortable clothing. The wellness industry worldwide in 2020 had a valuation of 4.2 Trillion Dollars. In Social media, there is been a huge increase in people talking about health & wellbeing.
Tech Investment
In 2020 many retail businesses had to step up to the online world to continue attracting customers during the pandemic. Today, with shifts in the way consumers buy and brick-and-mortar stores open again. Tech investment for both physical and online stores is key to success.
Experiential Retail
Linked to Omnichannel is experiential retail. Today consumers do not just buy. They want a personalized experience. While in Store, Omnichannel lets consumer use their smartphone to access product information, special offers, pre-order online, etc. Technologies like AR(Augmented Reality) and “smart mirrors” support personalized shopping experiences for In-store and Online.
Social commerce
Social commerce is e-commerce on social media. According to Business Insider social commerce is expected at 4.3% of all US e-commerce in 2021. 60 % of Instagram’s users already use the app to find and purchase products. Brands are leveraging social media checkout and shopping integrations like Facebook, Instagram, and TikTok as consumers engage with social commerce more often.
Livestream
Livestreaming has grown in popularity, today customers expect live video at every step of the consideration process. Livestream grew 99 % between April 2019 and April 2020. Also, by the end of 2021 Livestream is expected to account for 82% of all internet traffic.
IBG 