“What will happen to the digital retail sector in 2022? Is that going to be as dynamic as 2020 & 2021? Do we need to adopt some new tech-enabled strategy and think of new ways of running the business?”
Most of the retailers might be gushing through the same thought, as we are approaching a new year ahead.
Already, much has been revamped, re-imagined, and reconsidered in the retail business like the way to:
* Offer retail products
* Target customers
* Provide a personalized experience
* Enhance retention rate
* Be mobile responsive
* Adopt Artificial Intelligence, Internet of Things, Data Analytics, etc
* Display as a competitive brand
* Continuing evolving despite uncertain circumstances
* Stay afloat regardless of external crisis
Once again, enterprises doubt the future of the sector and think of new ways to stay in the competitive & running phase.
So, over here, we will be taking you to top retail sector predictions of 2022 that will enhance your brand reach & increase product sales.
But before that let’s rewind what you have accomplished in the pandemic months so far.
Retail Sector Situation So Far (2020-2021)
Like every other business sector, the retail industry too faced a major blow due to the uncertain arrival of Covid-19. A majority of physically running businesses had to shut doors during the global lockdown period. Businesses had to revamp their modus operandi to stay relevant, visible, and competitive in the marketplace.
So, due to that, several retailers like you adopted the agile approach to embrace digital transformation in retail and start selling products online.
What Will Happen Next?
Rapidly moving into 2022, everyone is looking forward to hopefully getting back to normal. But no one can predict the complete elimination of Covid-19 and its newfound ways every next quarter.
But one thing you can predict is continuing to advance towards the customer-centric approach to target more and sell more. Having experienced the convenience of online shopping more than ever in 2021, shoppers will continue to embrace digital channels for buying stuff.
As a retailer, keep on concentrating on tech-enabled solutions to create a friction-less shopping experience for customers in 2022 and ahead.
Even the Wall Street Journal Reimagined the Growth of Digital Commerce
| According to the Wall Street Journal
Picture it: The year is 2022, and although we’re no longer at the height of COVID-19, it has very much changed the way we think, behave and shop. Pre-pandemic, technology certainly played a big role in retail, but now it’s clear that tech is the heart of the future of the entire industry. The pandemic not only accelerated the growth of technology initiatives—10 years of e-commerce growth happened in 90 days—but fulfillment also made one thing clear: The old playbook no longer applies. Shopping behaviors and fulfillment methods changed overnight and are still evolving into multidimensional experiences. While there will be challenges ahead for retailers small and large, there will also be opportunities to thrive. |
Source: Wall Street Journal
2022 Predictions that Will Shape Up the Retail Industry Growth
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Voice-Based Product Search Feature
Voice-based eCommerce product search features will continue to dominate in 2022. Just like it used to take the online shopping experience of customers to a whole new level.
With an extensive range of Voice Assistants like Google Home, Alexa, and Apple’s Siri, voice search will no longer be confined as a trend but a profitable opportunity for the sector.
Just to take an example, the voice search feature in the digital retail sector will help rank the target keywords verbally. It can also perfectly match the most searched phrases to showcase your brand first.
* By 2022, Global Smart Speaker market revenue will increase by 28 billion.
* It is expected to reach a market value of 40 billion by the end of 2022.
* There will be an 18% increase in the adaption of voice search technology.
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Be Smarter with Artificial Intelligence
The growth of the digital business is incomplete without the integration of Artificial Intelligence technology. It ensures speed, efficiency, efficacy, and personalization to an optimum level.
The year 2022 will continue to embrace AI in retail to follow the customer-centric approach of understanding users’ needs and delivering experiences.
In addition to that, there will be:
* Machine vision in retail will help to track in-store mechanisms. It tracks what customers are looking at and puts it in their basket to offer a more personalized approach next time.
* AI creates better demand forecasts in the sector by using detailed customer preferences, products, and data.
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Buy Now, Pay Later (BNPL) Will be a New Entrant
When it comes to embracing change in the business sector, retailers should learn from the likes of Walmart and Macy’s signing on a feature.
Buy Now, Pay Later (BNPL) is a profitable approach to make its impressive presence felt in 2021. According to this, the BNPL app can be well-integrated with the existing online retail system. It brings the freedom to shop for multiple products, receive the order, and pay it later in small for the next six weeks. And, that too completely interest-free.
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BOPIS & Curbside Delivery Will Continue to Foster in 2022
In 2021, we raw increasing reliability over new delivery experiences including that of curbside delivery & BOPIS (getting products in a few minutes/same-day delivery).
This shift in consumer expectation was well-identified during the peak of the Covid-19 pandemic. And, giving a huge profit-oriented opportunity to small and medium-size retailers to flourish and compete with large brands.
In 2022 as well, BOPIS and curbside delivery will continue to flourish and meet the expectations of small to mid-size retailers. Even you as a retailer should start thinking of enhancing in-store fulfillment and ensuring the customer’s convenience to an optimum extent.
What you Need to Learn from the Above
From the above-mentioned information, it is clear that meeting customer expectations is the common thread binding previous & new year recommendations.
Some of the retail business forecasts trends will see an extended approach ahead in continuation with previous years. Also, you can focus on new ones to match your target audience preference in 2022 and the years ahead.
Q. How much is the retail business expected to develop?
Ans. As we rise out of the worldwide pandemic, retail is developing at levels not seen in more than 15 years. Retail deals grew an expected 6.7% in 2020, well over the five-year normal of 4.4%. NRF gauges that deals will develop somewhere in the range of 10.5% and 13.5% to more than $4.44 trillion out of 2021.
Q. What developments can be anticipated in the future for retail?
Ans. Technology Trends To Reshape The Future of Retail Industry in 2021
- E-Commerce-Friendly POS Systems.
- Machine Learning for Demand Forecasting.
- Virtual Fitting Rooms.
- Data Science-Based Personal Interaction.
- Staff-Free and Cashier-Less Stores.
- Voice Commerce.
Q. What is the quickest developing retail sector?
Apparel and Accessories will see a jump of nearly 30% in 2021, making the retail class by a wide margin the quickest developing sector in the US, as certain customers continue their pre-pandemic lifestyles.
