2022’s Most Important Retail Lessons
From high inflation rates to supply chain disruptions, 2022 posed various challenges for retailers. Amid an uncertain economy, consumers cut down on their purchases to save money—significantly shifting their shopping habits. This required retailers to pivot and seek solutions that would keep them competitive and deliver their customers with the experience and savings they wanted most.
As we approach the new year, it’s time to reflect on all the insights that have empowered retailers to meet customers’ evolving needs—whether it’s embracing an omnichannel approach, building a robust app, or elevating personalization. Now more than ever, it’s important to think critically about the tools that’ll help maintain steady growth in 2023.
Here are a few of our top takeaways.
Connect Online and In-store Shopping
At the height of the pandemic, e-commerce sales skyrocketed by 43%. But as time passed, people eventually returned to brick-and-mortar locations. Now, they expect retailers to continuously deliver a seamless experience, both in-store and digitally.
Fortunately, an omnichannel approach offers customers the best of both worlds: the convenience of digital shopping and the interactivity of in-store shopping. By bridging the gap between digital and in-store, retailers create a seamless customer journey that travels across multiple touch points—whether via desktop or a physical location—and reach shoppers more meaningfully.
Integrate a Custom Mobile App
In 2022, the average U.S. mobile user spent almost an extra hour on their phones —a 57 minute increase from 2019. With increased screen time, retailers have the unique opportunity to connect with their shoppers from the palm of their hand.
Considering that 92% of shoppers continue to rely on their mobile devices in-store, implementing an e-commerce mobile app is an effective way for retailers to reach more shoppers and elevate their experience. Intuitive features like digitized catalogs, rich product descriptions, and alternative checkout options can help influence customer habits and drive higher conversions.
Prioritize Content Personalization to Increase Value
The third-party cookie has become more obsolete—but more than half of customers still expect retailers to know their preferences and meet their needs. With tools like first-party data, retailers can collect information about their users’ preferences and behaviors—and use it to create experiences uniquely tailored to every shopper.
Additionally, according to McKinsey, companies that prioritize personalization create a startling 40% more revenue than those that don’t. The numbers say it all: customers are more willing to stick with retailers that seek to understand them and their needs.
Map Out Your 2023 Retail Media Strategy
Despite the lingering effects of the pandemic, 2022 proved that innovation, connection, and personalization are key to thriving in an ever-changing retail landscape.
Swiftly offers the retail tools you need to succeed, whether you want to build a retail media platform or an e-commerce mobile app. With our future-proof, omnichannel solutions and analytics driven by first-party data, you’ll be sure to strengthen customer loyalty, increase your bottom line, and thrive in today’s retail market—in 2023 and beyond.
Ready to plan a competitive retail strategy? Contact Swiftly to get started.