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Given technological developments, the boom of eCommerce, and emerging-market growth that are continuing to cause consumer habits to change, it is to no surprise that the retail landscape continues to evolve at a rapid pace.
In 2022, retailers will face new challenges and opportunities: consumers shopping from anywhere and anytime on their computers or mobile devices, stores transforming into showrooms or fulfillment social hubs, products being shipped for home delivery at ever-increasing speeds, and digitization everywhere. But how can retailers thrive in 2022 and beyond, even amid continuing uncertainty?
This report unveils key trends and recommendations that can help retailers adapt and thrive in a changing consumer landscape for the years ahead. Read our report to learn more:
KEY TAKEAWAYS:
Chapter 1. Retail Trends Shaking the Global Beauty and Wellness Landscape
Retailers are under pressure to keep up with a continuously changing consumer landscape. In this chapter, we have identified key trends and changes we expect to see in the years to come.
Gen Z Drives Beauty Retail Forward
Gen Z demands specific guidelines to be met by brands to align with their values, driving innovation in beauty, from value to sales and more holistic ways of thinking about beauty. As a result, brands are under the pressure of addressing faster current and upcoming trends.
A New Baseline for Hybrid Shopping Experiences
Despite the growing demand for digital experiences, brick-and-mortar stores will not disappear. They will, however, serve as an experiential hub to better support an omnichannel retail strategy.
The New State of a Consumer’s DNA
A critical aspect for every brand and retailer will be to collect product attributes (for example, in beauty: skincare ingredients) across all verticals to get an extensive and descriptive data library to uncover customers' intention to buy specific products to deliver on personalization needs across demographics.
Building Brand Intimacy is Key to Building Brand Loyalty
Retail brands now have an opportunity to build strong and lasting relationships with their customers by creating experiences that are personalized, inclusive, and fun.
Chapter 2. Uncovering Future Opportunities: Taking the Market by Storm
Every retailer, to some degree, has had a sense of what the future of retail could look like: consumers shopping from anywhere and anytime on their computers or mobile devices, stores transforming into showrooms or fulfillment social hubs, products being shipped for home delivery at ever-increasing speeds, and digitization everywhere.
Set a New Standard to Win Customers Back
The world’s best-known digital giants have set the gold standards. The benchmark is a simple-to-use, consistent, personalized omnichannel experience that keeps individual customers connected while leveraging large volumes of data to adapt continuously.
Augment the Experience, Not the Product
The future stores will provide experiential environments rather than simply focusing on selling stock. For example, US luxury retailer Nordstrom has already trialed the concept of "stockless" stores, where customers can get advice from stylists but don't walk out with clothes.
Rethink the In-store Experience
According to McKinsey's analysis, when the pandemic harmed the in-store environment, 44 percent of stores served partially or entirely as fulfillment centers. Next year, survey respondents expect that number to jump to 60 percent, with stores focused on ship-from-store services.
Consider Social Commerce
Social commerce became one of the most vital tools in generating ROI for many leading retailers and brands, and this tendency is expected only to move forward.
