The retail landscape shifts every year and the landscape in 2022 are no different! To get a better understanding of these trends that are disrupting the retail industry, we need to look at what's changing right now. We will be discussing trending topics such as e-commerce and Artificial Intelligence. By appreciating these trends, you can anticipate changes within your field of business, so you can win this game of constant change!
Omnichannel Retailing is on the Rise
One of the most important trends in the retail sector is the rising trend of omnichannel retailing. This means that retailers are moving away from traditional brick-and-mortar stores and instead relying on digital platforms to sell their products.
This trend has been especially pronounced in the fashion industry. Many fashion retailers now offer their products online as well as in physical stores. This allows them to reach a wider audience and avoid the high costs associated with operating a brick-and-mortar store.
Another trend in the retail sector is the rise of e-commerce.
E-commerce is expected to grow even more in India in the coming years. Indian e-commerce is expected to reach $75 billion in 2022 as per stats. This number will grow even more in the future due to multiple reasons that revolve around the new and exciting digital frontier of online shopping.
The Emergence of Technologies in Retail
Artificial Intelligence (AI): Artificial intelligence in retail is expected to grow to $5,010.12 million by 2022. AI will play an increasingly important role in retail, as it becomes easier to automate processes and improve customer experience. This could result in a significant increase in the use of robots within the sector, as well as the widespread use of predictive analytics and machine learning.
Augmented Reality (AR): AR has already started to have a major impact on retail, by allowing customers to view products inside virtual reality environments. This technology is likely to become even more popular in 2022, as retailers attempt to create truly immersive experiences for their customers.
Blockchain: Blockchain is a distributed digital ledger technology that allows for secure transactions between parties without the need for third-party intermediaries. Retailers are increasingly looking at blockchain as a way to streamline their supply.
Rise of Gen Z and the Future of Retail
One of the most important trends that will disrupt the retail landscape is the rise of Gen Z. This generation is known for being more digitally savvy and mobile-friendly than any other. They are also more willing to shop online, which means that traditional retailers will have to adapt if they want to keep up.
Gen Z shoppers are also more likely than other generations to be environmentally conscious. They are more likely to buy products that are sustainable and ethical, which means that retail brands will have to be careful about what they sell.
In addition, Gen Z shoppers are very price-sensitive. They are used to getting a lot of value for their money, which means that retailers need to offer high-quality products at affordable prices if they want them to shop with them.
In 2022 the retail landscape will take some interesting turns, including e-commerce becoming more prominent. Visionaries have already started to incorporate some trends linked to digitalization such as virtual reality and augmented reality in their e-commerce designs because they allow for deeper user engagement. However, consumer behavior changes are a major influence on business models and gradually robotics may move away from manufacturing into big data projects that could also change this market significantly.