What are the trends and innovations in retail in 2022?

Technological shifts and changing consumer habits are forcing retail to constantly reinvent itself. To adapt to these changes, merchants must constantly develop their services and rethink the customer experience offered. To do this, it is necessary to monitor the latest dynamics in this sector.

In a brand new study, Adyen, the payment platform of choice for many of the leading companies around the world, is working to decode the trends shaping retail.

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For this, I interviewed 10,000 traders from 23 different countries, in order to better understand their concerns, expectations, strategies and investments in 2022 and beyond. She then asked 40,000 consumers from 26 different countries to share their opinions on these topics.

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Digital transformation is a source of ambition for companies

Retail innovation has accelerated sharply over the past two years. New uses are being developed with consumers looking for more freedom and personalization in their shopping journey. Omnichannel and Unified Commerce now offer new perspectives. In France, 70% of merchants who connected their payment systems saw growth of 20% or more in 2021.

On their part, customers feel more satisfied. 61% of them believe that retailers used technology in a smart way to make their products available during the health crisis. These encouraging results are prompting brands to accelerate their digitization. Among the French traders surveyed, 89% plan to invest to boost their business in 2022.

Globally, this would translate into an increase in the growth rate of 4.7 points over the next five years for the sector. To achieve this outcome, companies must embrace a global vision of digital transformation. By obtaining this study, you will discover the challenges that await companies, especially in terms of customer experience. You will be able to learn about the advantages of Adyen’s solution, which has helped French brands such as Courir or SMCP improve the experience offered to their customers.

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Unified Commerce, a strategic solution for faster growth

The flexible technology experiments that retailers offered during the health crisis have broken down the silos between different sales channels. This has contributed to the emergence of non-linear customer journeys. Companies have had to rethink the customer experience, for example through “click and collect” or new loyalty programmes. 50% of global consumers say they used brand apps more often during this time than before. This is a 43% increase over the results of the 2020 Adyen study.

Consumers are getting used to these new possibilities. The study revealed that 61% of them believe that merchants should offer the same omnichannel flexibility as they have been during the pandemic. For retailers, the goal is to successfully meet these new requirements by implementing a strategic solution: Unified Commerce. This consists of centralizing online and offline sales channels. For customers, this translates to a more consistent shopping experience, as they can switch more easily between channels.

For businesses, this allows them to link payments from the web, apps and stores and have a central view of their activity. The information collected makes it possible to build personalized loyalty programmes. This is an important component that can make a difference against the competition. 69% of French consumers surveyed said they would not return to a merchant with whom they had a bad experience online or in-store.

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The importance of in-store customer experience

Over the past two years, online shopping has developed aggressively. However, this does not mean that the customer experience within the store is becoming less important than before. The study revealed that 62% of French consumers prefer to buy in-store. In fact, they place more importance on the experience offered at the point of sale than on the Internet: 64% of them consider stores to be attractive and offer something more than products and services available online.

Here again, technological tools remain essential to deliver an enriching experience. For example, 48% of French people want to try pre-selected items online in stores. The combination of online sales and in-store sales can also help with good performance, as 59% of French consumers are more loyal to merchants who offer to buy on the web and return the item at the point of sale. However, only 24% of retailers allow it. To see how payment innovations can help improve in-store experiences, simply download the study.

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Data, an essential component of building customer loyalty

Customers have very different expectations from each other. Some prefer to make an online purchase and return it in the store. Others prefer to buy products at points of sale, but scan them themselves. For a retailer, the goal is to deliver the right experience to every consumer. For this, it is necessary to improve customer knowledge to better understand them. Data, especially payment-related data, plays a major role in this process. They make it possible to respond more quickly to customer requests.

For this reason, the number of companies tapping it is increasing. However, some do not yet understand its significance. In France, only 23% of merchants use data to better understand their customers and improve customer experience, and 20% to better understand their customers’ habits.

Payment data is especially useful for managing inventory, creating custom marketing campaigns, identifying the most popular product lines…in short, for making more informed decisions. However, their use requires consideration of applicable regulations, such as the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standards (PCI DSS) or the Payment Services Revised Directive (PSD2).

This is an important point for customers. 39% will allow merchants to store and use data only if there are security and privacy safeguards. Compliance with regulations is essential to protect consumer privacy and protect your business from potential fraud or data breaches. Avec un partenaire global comme Adyen, les retailers s’assurent de leur conformité avec les régulations partout dans le monde, qu’ils s’agissent des règles de protection des données comme le RGPD ou de l’authentification du la paiement2 Europe for example.

To discover more in detail the key dynamics of retail and feed your future strategies, don’t forget to download the Adyen study.

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