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Retail Business Review | Thursday, April 07, 2022
Through a shoppable store or flash sales, eCommerce tools make social selling possible, helping retailers reach more customers when people may be even more pasted to their devices.
FREMONT, CA: The retail industry is reconsidering the shopping experience in 2022, redefining not just how we shop and sell but the incredible benefits independent retailers have right now. The cutting-edge retail trends below are directed each step of the way.
1. Social commerce is one of the greatest digital trends in the retail industry — and it's roaring
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From marketing on Instagram to launching an online store, retailers are testing multiple ways of meeting customers' evolving needs. This new omnichannel landscape is exciting, with 75% of retailers now selling on social media.
ECommerce tools make social selling possible through a completely shoppable store or flash sales, helping retailers reach more customers when people may be even more pasted to their devices. And it's functioning, with 43% of retailers who trade on social platforms saying half or more of their earnings come from social media sales. Retailers earn the most revenue from Facebook, Instagram, and Twitter.
If you're curious about trying out social selling, see how Square can help you quickly begin using the products you already rely on.
2. Interactive retail experiences are bridging the gap between the online and offline parts of a store
As customers get more relaxed buying products using social media, it also opens up a new way to interact through those platforms. Enter virtual experiences. Over one in three retailers will invest in Livestream shopping in 2022, while 30% will implement virtual reality (VR) shopping.
These investments can induce richer experiences for customers and more informed purchase decisions. And they're more approachable than you might think.
Livestreaming is when products are shared with customers over live video. It can be as simple as utilizing an iPad to show customers what's in-store through a virtual shopping appointment or using Instagram Stories to showcase the new stock that just arrived.
Virtual reality is another strategy retailers use to help customers experience products before adding them to their carts. Online shoppers want a further understanding of products before adding them to their cart, and VR tech can be an efficient way to upgrade the overall try-before-you-buy experience.
3. The borders between retail and other industries continue to blur
The pandemic not just sparked business pivots but fast-tracked industry mashups that were already taking place. As a result, mixed-use concepts like restaurants selling branded merchandise and retailers offering digital services are increasingly normal.
Over one in every four shoppers say they've purchased retail items from a salon or spa during the pandemic, while 44% have purchased services like meal and cocktail kits and online cooking classes from restaurants.
4. Community investments from retailers may be here to stay
Communities breathe life into local businesses, and customers and owners recognize that harmony.
Retailers deepen their connections to the areas they call home in various ways. For example, 68% of retailers plan on participating in more community initiatives in 2022, with around one in three saying they will associate with local businesses, provide supplies for local events, and donate to community organizations.
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