Have you ever wondered what retail expectations were for 2022? If not, today we present a report from Adyen. It’s a comprehensive guide to global and local trends affecting companies around the world. Ten thousand retailers from 23 countries were surveyed and asked about their plans, fears, hopes, strategies, and investments for 2022. Let’s see the results!
Digital transformation and aspirations
Companies around the world are investing in digital technologies to streamline operations and move away from piecemeal approaches to processes and systems that run in the background, such as payments.
1 in 5 companies integrates payment systems with other parts of the organization, such as inventory and supply chain management. This move has proven to be the right one, as almost half of the respondents who used this approach say their company is now better off as a result of investments to streamline operations. Also, customers agree.
Not surprisingly, 94% of companies plan further investments in this area in 2022 due to the report.
👆 As many consumers believe that vendors have made good use of technology to make their products available during the pandemic.
👆 According to the research, companies that integrate payment systems with other parts of their business see a 9% increase in revenue. Furthermore, 72% of retailers expect growth of 20% or more in 2022.
👆 The growth aspirations for retailers with integrated payment systems are 11% higher in 2022.
Unified commerce
Customers are more satisfied with their service thanks to unified commerce, according to 47% of companies. Companies that bridge the physical and digital worlds to create a seamless, channel-independent experience with the customer at the center achieve the best results.
This is unified commerce, the next level after omnichannel sales.
According to 61% of consumers, retailers should provide the same cross-channel flexibility they offered during the pandemic. Flexible, technology-based shopping solutions made available in the middle of the pandemic blurred the line between sales channels. Customers were served in non-linear ways as a result of their contributions.
Shoppers are eager to use new or different ways to shop, including click-and-collect, curbside pick-up, and brand-owned apps.
It also means that 70% of consumers won’t shop at companies that don’t offer convenient solutions, whether in their online or in-store.
👆 47% of retailers say unified commerce has improved customer satisfaction with shopping methods.
👆 46% of retailers say unified commerce has increased sales.
👆 28% of retailers say unified commerce has increased customer loyalty.
Customers value stationary stores
61 percent of customers would be more loyal if they could buy online and return it in-store, but only 23% of companies do so. Furthermore, 41% of consumers worldwide have said they prefer to touch, feel, or physically try out items before buying them, while 59% prefer to shop in stationary stores.
On the business side, the issue is approached with similar sentimentality.
The share of stationary stores in company revenues is expected to increase by 51% over 2022, and the number of stationary stores will increase by 41%.
But it doesn’t mean you can fill the shelves with goods, open the doors, and expect the crowds to come. Instead, people should be encouraged to visit this place. So, in addition to self-service kiosks or points where products can be ordered from the store for home delivery, also QR codes can be used to make your store more appealing.
👆 In spite of the fact that they may buy from the same online retailer, 64% of customers consider stationary stores essential points of contact. They think that brick-and-mortar stores are important touchpoints – even if the same customers rather shop online. Moreover, 41% of companies plan to increase the number of stationary stores in the coming year.
Analyzing payment data in real-time
Payment data is used by 28% of companies to improve customer shopping experiences and understand customer behavior.
Until now, companies could make accurate decisions based on historical data. But now it’s not enough. Almost half of the consumers prefer vendors who remember their preferences and previous buying behaviors to provide them with a more personalized shopping experience: 47% prefer vendors who remember their preferences and previous buying behavior.
Meanwhile, only 28% of merchants use payment data to understand customer behavior and improve customer service, and 27% use it to understand their customers better.
It’s a shame because companies that use payment data can capture the most popular product lines, manage merchandise in stock, create customized marketing campaigns and make accurate decisions.
You must, however, comply with data protection regulations before using such data. For example:
⏩ General Data Protection Regulation (RODO),
⏩ Security standards for processing payment cardholder data (PCI DSS),
⏩ Payment services directive (PSD2).
👆 To create a more customized shopping experience, 47% of customers prefer merchants that remember their preferences and previous purchases.
👆 45% of customers appreciate personalized ads and suggestions from retailers.
With payment innovations, how can you make the in-store shopping experience even more enjoyable and convenient? Here are a few methods:
💰 Streamline payments at stationary locations
💰 Recognize your customers
💰 Make making donations simple
💰 Customize payment according to local preferences
Over to You
Enterprises in 2022 are optimistic about the future, even though they are expected to keep up with the digital transformation and shape the future. Thus, digital transformation is likely to continue to open up many opportunities. Whether we’re talking about 2022 or 2023.
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