500 Global came in second place with investments in 10 companies, and Gaingels followed with 9 companies. Report Source: Google/Bain, U.S., Future of Retail: U.S. Consumer Survey. WebWelcome to the Retail Report 2022: The shape of ambition When faced with sudden and significant change, we are compelled to examine our hopes, fears, and ambitions in a new light. Square Australia acknowledges the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and the traditional custodians of the lands where we live and work. What we do see is technology and AI replacing some of the more mundane, repetitive tasks allowing human associates to focus on high value, high touch roles. RCP companies can derive near-term value from the metaverses growing popularity in three ways: As the metaverse widens the aperture of how, when, and where RCP companies interact with customers, the re-commerce market is also experiencing a resurgence. Report of Aussie shoppers say that a business/brands values and ethics matter to them. Celebrating over ten years of impact in 2022, PSFKs flagship annual report, The Future of Retail, takes a provocative approach in this edition and provides a multifaceted vision of the trends and themes informing what the retail industry might look like in the year 2042. The retail headlines for 2022 dont look much betterempty store shelves, over 1 million retail jobs unfilled,1 surging inflation, and organized bands of criminals ransacking stores. MODERATOR: Good morning. Retail PSFKs professional-grade research platform, featuring access to our full-report library and on-demand research services. WebGlobal ecommerce sales are expected to reach $5 trillion in 2022, and $6 trillion by 2024. May 2023 Challenger Report Layoffs Jump on Tech, Retail, Auto; YTD Hiring Lowest Since 2016 Published June 1, 2023. In 2022, we learned that only 26% of CEOs have a future-ready strategy In the United States alone, some 20,000 to 25,000 stores were expected to close in 2020, more than double the number that did so in 2019. This dynamic retail environment brings plenty of challenges, as well as promising opportunities for those retailers willing to meet their customers evolving needs. Selling online is now table stakes, and it requires an omnichannel solution that can tie each touchpoint together for shoppers on the front end and business owners on the back end. People will discover new products and services while scrolling through social feeds, watching streaming videos, and playing video games. As the role of brick-and-mortar stores has evolved in recent years, they remain the primary point of purchase for consumers, accounting for approximately 70% of total retail sales.. Younger shoppers are currently the highest adopters: They are 2X to 3X as likely to have shopped using emerging media, like social media, virtual try-on, and online live stream.1. 13 Allbirds to offer shoe resale with Rerun platform | Vogue Business, February 17, 2022. Todays call is on background, so you can identify our speaker as a State Department senior official. Consumers are craving connection and convenience and retailers are stepping up to meet those needs, reimagining what the entire shopping experience should look like. Industry insights from Square retail experts: We tapped Square experts to share their perspectives on what these trends mean, where they are headed and the best ways for local retailers to do what makes the most sense for their businesses. World Energy Investment 2023 Analysis - IEA By making the in-store experience stand out through community events and allowing customers to pick up online orders, retailers are using brick-and-mortar locations to build their brands and deepen customer loyalty. WebU.S. Inside the Future of Retail report, youll find: An analysis of the top retail trends of 2022: From omnichannel selling to conscious shoppers and the rapid Do not delete! The Future Of Retail In The TikTok Era. The future of retail isnt moving all online its moving everywhere your customers are. That said, it is not likely to be all beer and skittles! 3, 2022. For todays retailers, connecting with customers at each touchpoint is leading to higher sales and the flexibility to adjust and grow. Amid market volatility, labor pressures, and supply chain constraints, how can retailers sustain the resiliency of the last few years to better navigate the current headwinds? Same-store sales at NRS retailers during May increased 7.1% compared to May 2022. Recently, a footwear retailer introduced a newly integrated resale platform that allows customers to trade in their lightly used shoes for store credit, part of the retailers strategy to reduce its carbon footprint.13As further testament to the rise and imperative of retailer-operated re-commerce, a start-up that works with brands to resell their own second-round products recently received $8 million in new funding.14 The startup also helps build and maintain these websites. The beauty market in 2023: A special State of Fashion report Customers want to return to in-person shopping, and they want what they cant get anywhere else. How the widespread adoption of digital technologies is increasingly changing the way those future consumers will look, live, and behave within the ever-evolving retail ecosystem. Shoppers expect to purchase what they want both when and how they want it. New FREE webinar series! 2022 report While that sounds like a lot of money spent for a one-day holiday, Americans are expected to spend over $3 billion on Easter candy alone. Retailers should look to take advantage of in-store reverse logistics capabilities. The National Retail Federation (NRF) just unveiled its 2023 forecast, and there are good things in store for the nations online and brick-and-mortar retailers. Square | Solutions For Your Small, Medium & Large Business Thank you for joining us for this call to preview the release of the 2022 International Religious Freedom Report. World Energy Investment 2023 Analysis - IEA Real-world examples from creative retailers:See how retailers across the country are bringing these insights together to create a shopping experience thats integrated, innovative and irresistible to customers. 8 Fortnites Ariana Grande concert offers a taste of music in the metaverse | TechCrunch, August 9, 2021. Tools and strategies to help you bring all of these ideas to life at your store: Find out which retail trends are right for your business and how to put them in motion in 2023. May 2023 Layoffs Jump on Tech, Retail, Auto; YTD Hiring Lowest Small Business Tech Roundup: Instacart Launches New In-App AI Search Tool Powered By ChatGPT, Ambassador Tai Tackles Trade: A Conversation With United States Trade Representative Katherine Tai, On Technology: Expensify Forces Passwordless On Its Users And Good For Them, Small Business Tech Roundup: Microsoft Simplifies PC Migration, PayPal Scam Alert, Metas Twitter Competitor, Cisco Flaws, And Amazons Small Business Growth, A Resilient Economy Facing Debt Ceiling Peril: A Conversation With Dr. Mark Zandi, How To Delegate Effectively: 8 Ways To Make The Most Of Your Teams Time And Talent, SBA 7(A) Loans Are An Attractive Option For Small Businesses Needing Capital. In addition to traditional sales channels, RCP companies should consider embracing re-commerce as a means of creating a profitable path to customer loyalty. Let Retail Dive's free newsletter keep you informed, straight from your inbox. How the emergence of virtual spaces and other explorable, immersive digital worlds is creating new possibilities and opportunities for retailers to integrate themselves into the lives of their future consumers. Its up to retailers to find the best ways, often through new technologies, to earn their loyalty. The NRF is forecasting retail sales growth of 6% to 8% in 2022 for a total ranging from $4.86 trillion to $4.95 trillion.Online sales will continue to grow faster than To help retailers chart their path toward success in 2023, Square worked with Wakefield Research to survey 500 retail owners and managers in the US and 500 retail owners and managers in Canada, as well as 2,000 nationally representative US and Canadian adults over the age of 18. Google/TalkShoppe, U.S., Social Commerce and Video Shopping study, n= 2,000 video viewers 1864 [competitive set includes video (linear TV and ad-supported streaming services) and social media platforms (Instagram, Facebook, TikTok); Gen Z defined as 1824; Gen Z says that YouTube is more likely than other video and social media platforms to meet their top shopping needs, including finding detailed information (49% vs. 16%), feeling well-informed (49% vs. 16%), finding honest information (48% vs. 17%), and not regretting their purchase (44% vs. 18%)], July 25, 2022Aug. From social media selling to chatbots to text messages or checkout links, retailers are connecting with customers everywhere they want to shop, using technology to decrease staff hands-on time and automate operations. Global trends shaping the future of retail - Think with Google Learn how to enable JavaScript in your web browser. Public exits also fell. By shrinking the physical distance to shoppers homes, shorter delivery times, flexible fulfillment options As consumers consider purchases throughout their daily lives, many struggle to keep tabs on the items they already own and the services they subscribe to, often resulting in underutilized products and even missed features. Kleinhenz also reports that while the labor market has remained resilient, the NRF anticipates job growth to decelerate in the coming months in lockstep with slower economic activity and the prospect of restrictive credit conditions. According to Allied Market Research, the global autonomous last-mile delivery market is projected to reach $90 billion by 2030. Bobby is a leader in Deloitte Digitals Retail & Consumer Products practice. Advantages of Innovation - 2023 Most Innovative Companies | BCG The Future of Retail Report: 2022 Edition - Digital Main Street Retailers, then, should consider how they want to appear when the lines between commerce and content further blur. Opinions expressed by Forbes Contributors are their own. 8Bureau of Labor Statistics, Establishment Survey, sourced through Haver Analytics, accessed November 2022. For our inaugural Future of Retail report, Square Australia partnered with YouGov Research and surveyed 1,000 customers along with 500 retailers to uncover what businesses can expect for 2022/2023 and beyond. 1. 2022 promises to be a more predictable year for retail, with lockdowns a thing of the past (we hope), where borders are open, populations are mobile and face-to-face retailing is celebrated. Keep up with the story. As retail markets continue to face plenty of external pressures, the battle for customer loyalty among a more empowered consumer base is starting to heat up. Todays shoppers expect to be met where they already are and its crucial that retailers adapt their offerings to meet these demands. Tiger Global Management was the top retail tech investor in Q222, with investments in 15 companies. Our 2023 industry outlook explores retail trends to help your company elevate its business strategy beyond traditional cost-cutting. A slowing economy will keep retail sales growth in check. Indeed, consumer expectations around personalization are increasing, with 73% of shoppers expecting brands to understand their unique needs and expectations. Kantar, 2022 Global Monitor, AR, AU, BR, CA, CH, CO, DE, EG, ES, FR, HK, ID, IN, IT, JP, KR, MY, MX, NG, PH, PO, RO, RU, SE, SG, TH, TR, UK, US, VN, ZA, n= 40,000 consumers aged 13+, Jan. 2022April 2022. This omnichannel shopping behavior will continue to evolve as it shifts from a discrete task, in which people look for a specific item on a particular channel in a defined period, to an ambient experience. This positive sign for retailers follows 2022s 7% annual growth over 2021, with retail sales reaching $4.9 trillion. Since 2019, shopping for secondhand apparel surged by as much as 55%.9This momentum is expected to continue, with used apparel sales set to reach $77 billion by 2026.10, A few companies have started to capitalize on relatively nascent peer-to-peer resale marketplaces. 2022 A-. What do we want for the future? The State of Fashion: Beauty. Brand loyalty will take a back seat as shoppers choose companies and products that better align with their personal values and needs. State of Fashion WebInside the Future of Retail report, youll find: An analysis of the top retail trends of 2023: From virtual reality experiences to text message shopping to the emergence of the So for consumers, their ideal retailers offer in-store and online shopping and provide a seamless experience, meaning they can buy online and return in-store and vice versa. ), When the pandemic first sent millions of American home, temporarily shuttering many retail stores, there were concerns about it being a death knell for the industry. As such, we believe there are three key areas that retailers canand shouldaddress now to create efficiencies while addressing the changing consumer: last-mile capabilities, reverse logistics, and social commerce. 2021 has been a year of ups and downs in the And with the growing popularity of return barsstores that pack and ship returns for partnering retailersthere is an opportunity to drive additional store traffic and expand the footprint of their client base, an ideal situation during inflationary times. Get the free report for analysis on dealmaking, funding, and exits by private market retail tech companies. Australian Retail Outlook 2022. In 2022, Dada remained steadfast in its commitment to delivering a sustainable future. We found that retailers made approximately $10 billion in e-commerce investments, acquisitions and partnerships from May to July 2020. An analysis of the top retail trends of 2022: From omnichannel selling to conscious shoppers and the rapid acceleration of technology, learn about the top trends that are shaking up the retail world this year and beyond. Explore the retail trends, insights and forecasts for 2022. To ensure your account is up to date and your assessment is providing accurate recommendations, please click here and complete this short set of questions. Gen Z is nearly 30% of the total global population, and its predicted that theyll make up about 27% of the workforce by 2025. This years edition of the World Energy Investment provides a full update on the investment picture in 2022 and an initial reading of the emerging picture for 2023. From text message shopping to in-store events, shoppers crave new ways to interact with the stores they love and retailers aim to please.