The retail industry will continue to evolve next year as retailers adapt to online shopping growth and seek new ways to reach customers. US eCommerce sales will surpass $1 trillion annually in 2022, up 15.9% from this year. While the digital retail channel will continue growing at double-digit rates over the next few years.
Most people think ‘selling’ is the same as ‘talking’. But the most effective salespeople know that listening is the most important part of their job.Roy Bartell
Digitally Enhanced Store Experience
Over the last 18 months, retailers have faced lockdowns and restrictions, resulting in accelerated E-commerce growth that has changed consumer expectations and the role of physical stores.
55% percent of consumers indicated they sometimes go to a physical store to check out an item before purchasing it online. Store experiences need to be digital and data-driven. Retailers can offer customers online store walkthroughs and streamline the in-store experience by organizing their digital shopping lists into optimized routes through the store. By seamlessly integrating data across web, mobile, storefront and inventory channels, retailers can deliver the connected, personalized experiences shoppers want.
Bigger Omnichannel Presence
As customers continue to spread their shopping across multiple channels, traditional brick-and-mortar retailers are increasing their digital presence in order to generate more sales, reach more customers, and remain competitive.
Walmart recently hosted a 30-minute livestream shopping event that was fully accessible on Twitter’s new livestream shopping platform. It was the first time that a U.S. retailer leveraged Twitter for livestream shopping.
More Sustainable Solutions
Sustainability will be critical to how retailers respond to changing consumer expectations about product sourcing, packaging, and delivery. Sustainability is a primary brand consideration for Millennial and Gen Z consumers. Younger generations have enormous influence on brand perceptions and have more influence on consumer spending. Millennials now represent $600 billion in spending power, while Gen Z spends another $140 billion each year.
Growing Same-Day Fulfillment Services
The rise of E-commerce and same-day delivery over the past couple of years has impacted retail trends and increased demand for more same-day services. From 2019 to the beginning of 2021, retailer adoption of curbside pickup rose from 4% to 58%, while buy online pickup in-store (BOPIS) adoption rose from 66% to 76%, according to FitForCommerce’s Omnichannel Retail Index. In 2022, retailers will expand their store fulfillment and delivery capabilities as demand for same-day services has continued to climb.