3 Events That Changed Retail in 2022
As 2022 draws to a close, it’s time to look back on the retail lessons learned, and the trends that continue to transform the retail industry as we know it.
Between supply chain disruptions, inventory challenges, and record-high inflation, there was no shortage of challenges in 2022—but retailers took them in stride and discovered new ways to create business opportunities. By helping customers save time and money during a difficult year, retailers paved the way for a more prosperous future. Here, we explore the top three events that transformed the retail industry in 2022—and what it will take to thrive in 2023.
1. Discount Retailers Took Off
Amid rising costs, many shoppers traded their favorite premium brands for discount retailers in the name of savings. In fact, a 2022 survey by Wildfire Systems Inc. found that 90% of shoppers are more interested in receiving discounts, using coupons, and earning cash back rewards when they shop because of rising prices. This applies to higher-income households (82%) who increasingly value rewards.
As retailers look ahead to 2023, an effective retail loyalty program has never been more important to reach consumers who are looking to save. The same survey found that 68% of Gen Z and Millennial respondents base retailer selection on whether or not rewards are offered. Whether your loyalty program is tiered, membership-based, or points-based, it’s important to create a program that brings customers great value—as it could cost you a sale altogether.
2. Brick-and-Mortar Retailers Made a Comeback
This year, brick-and-mortar retailers continued to make a comeback as consumers returned to pre-pandemic routines and started avoiding expensive delivery services to cut costs. While e-commerce sales skyrocketed at the beginning of the pandemic, figures from the Department of Commerce show that in-person retail sales outgrew e-commerce in 2021 (18.5% vs. 14.2% growth for e-commerce).
And in-person sales continued to grow this year. Data from the second quarter of 2022 showed that overall retail sales topped $1.7 trillion through June, 2022, a 7.2% uptick from the same period in 2021. The bottom line? Retailers need to keep in mind that their shoppers still value their local brick-and-mortar retailers, and will continue to shop both in-store and online in the new year.
3. E-commerce Mobile Apps Became Even More Essential
As more shoppers return to the physical aisles, they are relying on their mobile phones to help guide them towards better deals and more savings. A survey of over 13,000 consumers across 13 countries found that 92% of shoppers want to use their devices in-store to discover the best deals or price promotions.
An e-commerce mobile app engages shoppers every step in their journey— from before leaving the house to while they’re browsing the aisles in-store and getting push notifications with personalized savings and deals. Features like digital shopping lists, rich product descriptions, and alternative checkout options can help influence customer habits and drive higher conversions in the new year.
Enter the New Year with Confidence
Like 2022, the new year will bring its own set of challenges and opportunities. Are you ready to meet the moment, with a partner that understands your unique needs?
As a leading technology solutions provider for retail, Swiftly helps you succeed—whether you want to build a retail media platform or an e-commerce mobile app. Our future-proof, omnichannel solutions are driven by first-party data making it simple to create a full-featured, immersive experience for your shoppers. Better yet—one that evolves with you to stand the test of time and continue delivering a seamless shopping experience for years to come.
Get ahead of the curve with retail e-commerce solutions. Contact Swiftly today.