Top retail trends to watch in 2022
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#1 Commerce evolution
To take innovation to a new level in 2022, retailers must keep in mind several trends, including new ways to shop, sell, pay and experience.
#2 Experiential retail
#3 Consumer privacy
#4 Purposeful buying
From the rise of online marketplaces to new ways to pay, commerce has seen unprecedented levels of change over the past few years
1. Mastercard SpendingPulse. 2. Based on research commissioned by Mastercard in 2021; figure excludes China. 3. 2021 Mastercard survey across 18 worldwide markets. * Tier-2 marketplaces have less than $1.5 billion in annual revenue
82%
84%
93%
online sales growth between August 2019 and August 2021
growth of Tier-2 marketplaces* globally between 2019 and 2020
of consumers are considering emerging payments, in addition to contactless
3
2
1
Strategies
Retailers should implement several best practices for connecting with hyper-connected consumers
Forecast consumer buying trends with localized market intelligence and retail analytics
Understand changing buyer preferences by accessing consumer purchase and behavioral insights
Expand into online marketplaces to reach and connect with new consumers
Provide multiple ways to shop and pay with flexible digital experiences and new payment technologies
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In 2022, we will see a rise in “phygital” innovation as retailers experiment with how to engage customers digitally and in person
3. 2021 Mastercard survey across 18 worldwide markets. 4. 2021 Mastercard consumer impact study.
79%
35%
37%
of consumers prefer to shop at stores that have both an in-person and online presence
of consumers choose to shop online
of consumers choose to shop in-person
4
Retailers must engage consumers in novel ways by creating unique experiences
Test new loyalty ideas including personalized offers and digital advertisements
Reimagine your storefronts – with self-service kiosks and unattended stores
Create stores that straddle interactive showrooms and immersive commerce websites
Consented data will become even more powerful in 2022, as data privacy regulations continue to increase
5. The Great Data Exchange, Mastercard and Harvard Business Review Analytic Services, 2020.
72%
67%
of consumers say they are paying attention to how companies collect and use their personal data
of leading organizations use best-in-class security and privacy practices
5
Retailers will need to balance personalized experiences with consumer privacy
Enrich CRM files with anonymized customer insights
Use consented second- and third-party behavioral, demographic and retailer insights
Capture first-party data to personalize content on your sites
Purposeful company goals will be top of mind for retailers as consumers look to do business with sustainable and inclusive brands
6. “Consumer passion for the environment grows as a result of the pandemic.” Mastercard, 2021.
62%
85%
of consumers say it’s now more important than before that companies behave in a more sustainable and eco-friendly way
of consumers say they’re willing to take personal action to combat environmental and sustainability challenges
6
Retailers should search for new ways to approach environmental, social and governance factors
Develop an inclusivity agenda with initiatives such as gender pay equity
Take a data-driven approach to implement sustainable initiatives
Create and deliver sustainably packaged and sourced goods
For more information on 2022 retail trends
click on the image to access the full report.
