Retail Trends: 2022 and Beyond

1 The gears changed in early 2022 as we entered a new phase of a retail ecosystem that was still massaging aches and pains and trying to catch up with new patterns of evolving consumer behavior like: “new ways of doing things”, “adaptability” and “having an evolving mindset” became the rallying cry.

2 What lies beyond this ever-changing landscape as we look to today and beyond: seeing brick-and-mortar stores become critical touchpoints; how certain pandemic shopping behaviors are here to stay; consumers are turning to less traditional shopping platforms like Instagram and TikTok, while commerce companies are exploring the metaverse.

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3 Together, according to www.myTotalRetail.com, these new ways will provide consumers with much more satisfying ways to shop, while providing retailers with the ability to convert shoppers into customers. Russian-fueled pressures when Russia invaded Ukraine, fueled inflation and put increased pressure on businesses and consumers.

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4 Despite this, according to a recent Shopify article [June 2022]economists and the National Retail Federation of the United States forecast that retail sales in the United States will increase by 6 to 8% this year.

5 Closer to home, NielsenIQ South Africa has released its monthly analysis on the state of the retail nation, showing that total annual retail sales at South African outlets were R516 billion, representing an annual increase of 14.4%.

6 “South Africans are shopping at fewer retailers but spending more per trip, with their average shopping basket value increasing by R131 since April 2020,” said NielsenIQ SA CEO Ged Nooy. Mindful of expected growth forecasts and price rises and inflationary concerns, to remain competitive, retail will need to adapt once again, with the following trend considerations in the spotlight going forward: Next year: Emerging technologies like social commerce will provide the industry with new ways to integrate shopping carts using Facebook, Instagram and TikTok. Recommendations from associations of influencers, friends and family leading to increased sales [TotalRetail].

seven An increase in online shopping services, in-store pickup, QR codes that allow shoppers to log in instantly, mobile point-of-sale systems to enable selling anywhere in a store, and a range of contactless payment options: data will prevail.

8 [TotalRetail].

9 Customer centricity will remain king in 2023, essential to enable synchronization between marketing, product, supply chain and e-commerce or brick and mortar to deliver the products, services and experiences that customers want and expect. .

ten [Modern Marketing].

11 By 2030, Africa’s 18 largest cities could have a combined spending power of $1.3 trillion.

12 Companies facing coal are already looking to invest in these markets to take advantage of the potential they could hold within 10 or even 20 years.

13 Unlocking this potential will require strong local partnerships and a deep understanding of local markets.

14 [BizCommunity].

15 Key digital marketing trends that the South African retail industry needs to consider include: prioritizing omnichannel customer experience which has yet to fully materialize; monetize digital efforts by tracking the entire customer journey to understand how each individual channel contributes to e-commerce conversions and the growing use of dark social channels where the user journey is encrypted, such as Facebook Messenger and WhatsApp, where brands, for example, are investing in creating WhatsApp bots as an innovative way to reach these audiences.[Modern Marketing].

16 Seizing new opportunities for innovative growth is undoubtedly part of any business or retail strategy, and trends certainly bring a fresh perspective.

17 However, now that we’ve had more time to get back up and running, I’d add my own “trendy left-of-center shape changer” into the mix around curiosity, because there can be no innovation without curiosity.

18 We say it, seeking new perspectives on old problems, but do we really make room for curiosity as a conscious daily practice?

19 It should become a regular tool for retailers, brands and organizations to help them determine which innovative buttons to press.

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