Retail Facts and Figures – March 2022 Update
The retail industry is in a state of rapid change. More than ever, retailers need to understand their customers and quickly adapt to changing expectations and needs. E-commerce and other online channels disrupt the way shoppers gather information, engage with brands, and make buying decisions. As a result, traditional store concepts are no longer sufficient.
To succeed in today’s digitalized consumer landscape where convenience is key, brick-and-mortar retailers need to bridge the gap between physical and digital shopping. It is all about creating frictionless in-store experiences. Take what customers love about online shopping – like having detailed product information at their fingertips, digital shopping lists, easy checkout, etc. – and combine it with the hands-on experiences only physical retail can offer.
Stay up to date on retail industry trends and customer expectations. In this article, we present relevant facts, figures, and trends from independent research and industry reports so you can make informed decisions for your business. Follow us on LinkedIn or Facebook to get all the latest #retailfacts straight into your social feed. Our focus is on:
- Retail Innovation
- Retail Trends
- Customer Experience
- In-Store Technology
- Self-Checkout Technology
- Scan & Go Solutions
- Exit Solutions
Shoppers Expect Frictionless Checkout
Shoppers will expect skipping the checkout line via frictionless payment to become a daily option at large chain grocery stores.
With Scan & Go, you can give your customers exactly what they want: skipping the queue, contactless shopping, and value-added features to go with it. That includes digital shopping lists and in-app product information.
The editors at Nation’s Restaurant News, Restaurant Hospitality, Supermarket News, and Food Management identified this as one of the retail industry trends in 2022. They drew upon data, input from industry watchers, and their own deep industry knowledge.
58% Increase Investments in Digital Commerce Tactics
58% of organizations are substantially increasing investment in digital commerce tactics, research finds. Brick-and-mortar retailers need to invest in hybrid solutions when it comes to customer experience to bridge the gap between digital and in-store retail to stay competitive.
Scan & Go offers the perfect phygital shopping experience. Customers can choose, scan, and pay for their purchase with their own smartphone while enjoying the perks of in-store shopping, such as touching, smelling, and looking at products in person.
71 % Don’t Return After a Bad Experience
Seven out of ten retail customers will not revisit a store if they’ve had a bad experience there. This means: offering an enjoyable customer experience is crucial to the success of any retail business, and state-of-the-art retail technology can make the difference.
Scan & Go helps brick-and-mortar retailers create outstanding shopping experiences and perfect the customer journey with joint shopping lists, detailed product information, personalized recommendations, contactless payment, and more – all on the customer’s smartphone.
Source: Adyen Retail Report 2020
Retail Customers Want Contactless Shopping
Search, transact, acquire, and consume: Research shows that retail customers now demand touchless interactions across their whole shopping experience. Retailers also need to offer personalized features to make customers feel valued and appreciated.
With Scan & Go, customers can access detailed product information, get personalized recommendations and coupons, share and co-edit shopping lists, and complete their purchases completely touchless. All on their smartphone, offering them precisely what they need.
93% of Consumers Use Smartphones
Almost all customers use a smartphone every day, which gives retailers a highly valuable opportunity to connect and engage with their customers while they are shopping at the store.
Scan & Go is the perfect combination between traditional retail and digital convenience – easy to use with detailed product information, tailor-made recommendations, and much more.
Source: Adyen Retail Report 2019
Demand for contactless shopping is higher than ever
During the COVID-19 pandemic, the demand for contactless shopping and digital payment has increased significantly.
The amount of consumers who wish to pay in cash has dropped by a striking 44%, whereas 31% of consumers believe they will use a digital wallet for future purchases more often. Scan & Go solutions are a great fit to meet changing consumer behavior and offer smooth and safe shopping experiences.
Rush Hour Queues Do Not Affect Scan & Go Users
Research shows that retail customers using mobile Scan & Go self-checkout have a much more time-efficient shopping experience – even during rush hours.
App users can skip queues and save an average of 60 seconds at checkout compared to regular shoppers during peak retail hours.
10x More Retail Stores Use Scan & Go Compared to 2019
Latest EHI Retail Institute research underpins the case for Scan & Go. 📍 Mobile self-checkout implementations come with low investment and risk. We are excited to see rapidly increasing consumer acceptance and expect it to become the standard checkout form across the retail industry.
Black Friday – customers want hybrid experiences without queues.
Black Friday is a day of great success and challenges for retailers every year. Long queues and waiting times top the list of shopping experience killers among customers. Boston Consulting Group’s (BCG) Black Friday Consumer Sentiment study shows that 48% of consumers favor a hybrid on- and offline shopping experience. In-store technology such as Scan & Go allows shoppers to pay on their smartphone and skip the queue.
91% Prefer Stores Offering Personalized Recommendations
Today, customers are used to the convenience of online shopping, where personalized recommendations help them find the products they want and discover new ones they might like.
Brick-and-mortar retailers can leverage in-store technology like Scan & Go to offer the same level of convenience and drive purchase decisions with personalized recommendations. This allows them to create memorable shopping experiences and map and optimize the entire customer journey based on data.
More Customers Will Shop Online Globally
The likelihood that customers will be more eager to shop online in the future rises to 55% globally. It is becoming crucial for retailers to invest in digitalization and bind customers to their own online channels through Offline-to-Online effects.
Source: EY Future Consumer Index