Which mega trends will define retail space in 2022?

Published on January 01, 2022 12:38 AM AEDT

Which mega trends will define retail space in 2022? — Image source: Copyright © Tarikvision | Megapixl.com

Highlights

The last two years led to massive transformations in the retail space amid the COVID-19 crisis.
In 2022, various forward-looking trends are expected to define retail businesses.
Retail space players must embrace a customer-first approach to cash in on the vast opportunities.
Shopaholics tend to spend more on online shopping to avail free shipping.

The retail marketspace involving sales of goods and services directly to consumers has lived through erratic but consequential times in the last two years. The unprecedented nature of the COVID-19 pandemic, beyond the shadow of a doubt, remained one crucial pacesetter for the industry.

The retail industry has been more reliant on technology and innovation to address the challenges posed by the COVID-19 pandemic.

In this article, we will weigh up the most probable retail trends that may spell out the outlook for the year ahead. We have taken into consideration consumer expectations as well as the bitter realities of COVID-19.

Online shopping

Any surge in COVID cases one another time can compel governments and authorities to impose movement and other strict restrictions. In turn, the dependency on online shopping websites will shoot up. Whether fashion or homeware, the percentage of consumers shopping online versus in-store is expected to grow further.

The last two years have given ample experience to people for online shopping. Now, in 2022, majority of consumers are expected to be more willing to opt for shopping on digital platforms rather than in-store shopping.

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· Contactless payments

In recent times, there has been significant increase in preference for contactless payments. While it was a first-time experience at the onset of the pandemic, it is now fast becoming a normal mode of payment.

Following in line with the expansion of contactless payments due to COVID-19, banks have cut down the fee that was charged for using the service.

· Speedy delivery

With the spread of new variants and reoccurring of cases in different parts of the world, people have understood that the COVID-19 pandemic is here to stay and so the convenient online services must continue. Rather, consumers are expecting them to gear up and deliver better and faster in 2022.

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Free shipping

Whatever makes customers happier is going to set the trend and thus will determine the state of affairs in 2022.

‘No shipping charges’ is one reason a site can win more online shoppers. It has always been in high demand by users across regions. Believe it or not, shopaholics spend more on shopping online to become eligible for free shipping.

ALSO READ: 5 fashion retail stocks to watch amid increasing consumer discretionary spending

Manisha

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Manisha - Senior Financial Journalist
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Manisha is a Senior Financial Journalist at Kalkine Media, covering the Australian market along with world news. She has tons of experience in content development in the media industry. Her deliverables reflect the strong command she has over the lan...
Shwetambri Chauhan

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Shwetambri Chauhan - Senior Manager - Research
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Shwetambri Chauhan has rich experience of working across different sectors and markets. Her professional experience includes a 5-year long stint at WNS for a well-known UK-based research and publishing house, a Fitch Group company. She gained her Mas...

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