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| Adrien Delforge/Unsplash |
Like every new year, 2022 also comes with its own set of changes in the world of retail - brick and mortar, online and the metaverse included.
How Did We Get Here?
In the last 2 years, we witnessed explosive growth in social commerce, influencer marketing, and advancements in virtual reality shopping experiences.And thanks to the lockdowns, retail giants like Walmart, Tata and Reliance continue to expand their online shopper experience. From technological advancements in the retail industry to surprising new takes on retail real estate, here are the big changes in 2022.
🛒 Experiential Retail Is In: Though e-commerce still only accounts for about 20% of all retail sales, it remains an omni present threat to brick-and-mortar. That's where experiential retail becomes essential.
So, brands like The Gap, Nike, and now Walmart are introducing fun ways to experience their products in store, special events on social media to create product awareness, and experts to demonstrate how best to use the products.
🛒 From Visual To Tactile: Increasingly, retail giants are switching on curated displays allowing customers to touch, feel, and interact with products which were earlier packaged up, like bedding, large furniture and kitchen displays.
In some areas, gigantic smart screens are showing off reviews and other content related to trending items.
🛒 QR Codes For Self Checkouts: Retailers are also making more strategic use of QR codes. Shoppers scouting for a heavy item like fitness equipment or furniture can simply scan the code, make the purchase, and have the item delivered.
This dramatically reduces the possibility of customers forgetting about the item later or finding it somewhere else before they buy it at the store they're currently in.
🛒 Presence In The Metaverse: Walmart recently bought several metaverse-related trademarks, and its entry into virtual retail provides compelling evidence that the metaverse is more than a fad.
In fact, this just goes to show that even a marquee retailer like Walmart doesn't feel that its massive footprint, low prices, or essential retailer status will be enough for its brick and mortar stores to stay relevant in the future.