We’re seeing promising signs of increased retail sales each month since coming out of restrictions, giving the industry confidence to look ahead once again.
Industry experts have indicated the following retail trends to consider in 2022.
Time is a currency – consumers put a higher value on their time and are looking at stores that save them time whilst shopping. Think of click and collect for your business.
Retail as an activity – with COVID-19 restrictions over the last couple of years, consumers now see shopping as an activity and are looking for different ways of entertainment. They are interested in retailers who can deliver innovative experiences both in-store and online.
Loyalty programs – these types of programs provide brand loyalty from the consumer. Retailers can target their customers and entice them to not only shop with them, but also guide them towards particular brands or products.
The rise of social media – the increase use of social media during pandemic has also seen an increase of consumers using social media outlets such as Facebook and Instagram to interact with and purchase from retailers.
Pre-purchase research – as consumers have more data available, consumers will now research in advance before making a purchase. Prior to purchasing, consumers are now looking into data that is backed up with informative research and real life examples from other consumers and they want to do this with minimal effort to find what they want.
Digital enabling – digital is now a normal part of every retail transaction. Customers are demanding more in their retail journey by either in-store digital screens to find the products or locating products via their smart phones.
Local & Australian – as a by-product of the pandemic, consumers are looking to buy local and Australian. Whether it is where the products are made, who owns the company or where the ingredients are sourced, consumers are willing to pay more for Australian or locally made.
Consumer spending is expected to grow strongly in the remainder of 2022, continuing to assist Australia’s economic recovery out of the pandemic.