According to the Insider Intelligence Retail Forecast for 2022, global retail sales are predicted to grow 5% in 2022 to exceed $27.33 trillion. With the rebound of brick-and-mortars, ecommerce spending growth is expected to slow, however it will still account for more than 20% of total global retail. The recovery of in-store retail this past year speaks to its resiliency and indicates that ecommerce’s rise to dominance will take longer than anticipated.
Search the internet for modern website design and dozens of articles will pop up with a list of do’s and don’ts for building the most contemporary and effective website. What works for one brand may not necessarily work well for another, however. Since design is subjective, companies must decide what look and feel would best fit their brand, corporate model, and messaging, plus increase traffic, and ultimately turn clicks into measurable sales.
Internet of Things (IoT) devices, which create a network between internet-connected physical devices, are increasingly becoming adopted in the retail setting as a way to digitize the consumer shopping experience and streamline back-end operations. The global expansion of IoT technology in retail is expected to grow from 14.5 billion in 2020 to 35.5 billion by 2025. Despite widespread worldwide economic uncertainty in the wake of the spread of COVID-19, shipments of IoT devices have grown to 10% more in 2020 and reached 718 million units.
Technology advances in retail are an important contributing factor to a successful busy season. Retailers will also likely have to pivot their strategies to strengthen customer relationships and build brand loyalty through an online presence. Technologies such as predictive analytics and AI are helping companies collect and store useful data while predicting consumer habits, allowing brands to better connect with their consumers.
As Valentine’s Day and the season of love quickly approaches, stores are eagerly stocking their post-holiday shelves with chocolate hearts and Hallmark cards, while consumers scout out the perfect forget-me-not gifts for their loved ones.