RETAIL INNOVATION ROUND UP

During our regular store visits, we have seen various retail trends become ever more prevalent through 2022.  This short document focuses on some interesting initiatives in these areas globally and highlights what they mean for POS.

RETAILTAINMENT

According to research by Ayden and KPMG 59% of consumers believe physical stores should be exciting places to visit. Therefore, stores need to offer something more than the products and services available online to create a point of difference.  High streets are still facing challenges with footfall so creating experiences in store helps to increase dwell time once shoppers have been attracted into store.

TECHNOLOGY

The pandemic increased the use of technology and helped advance its application across retail. As retailers look to offer a seamless service between online and in-store, technology is becoming an increasingly important part of that journey. Technology also enables brands and retailers to provide more personalised and tailored services to deliver unique experiences to shoppers

SUSTAINABILITY

Despite the economic uncertainty, consumers are not looking to give up their sustainability aspirations – they are just looking to find cost effective ways of achieving them - 67% say the high price significantly deters them from buying sustainable products.* 87% are trying not to waste food, 36% say they will buy more second-hand products and 24% have stopped purchasing (or purchased less) from a brand that isn’t doing enough to help the environment*

CONVENIENCE

With many consumers being time-pressed retailers and brands that can offer convenience and services to fit easily into peoples’ busy lives will be important. Queueing could become a thing of the past with further advances in contactless shopping – scanning in only on entry. Other services are also developing, from stores that you can ‘hail’ to your home via an app or the ability to pick up shopping from multiple retailers in one place.

For a copy of the full report, drop us a line at info@teamfero.com.

*EY Future Consumer Index