Retail Industry Forecast for 2022

Mrunmayee Honrao | July 8, 2022 | 320 views | Read Time : 1 min

Retail Industry
While retail has faced its fair share of challenges over the last two years, the pandemic has also provided an opportunity for a long-overdue great retail reset, which could help many retailers move into a more stable—and profitable—position. To get there, you must balance short-term challenges with long-term commitments and transformational thinking.

For nearly two years, predictions about the future of retail have appeared pessimistic, and retail headlines for 2022 don't look much better: empty store shelves, over one million unfilled retail jobs1, and surging inflation. However, these headwinds have resulted in some positive outcomes: retailers have been forced to re-examine legacy systems and strategies that have shaped the industry for years.

To reap long-term and long-lasting benefits, retailers should continue down the remediation path they started at the start of the pandemic in 2022. Indeed, the next 12 months’ present opportunities to restructure obsolete supply chains, rightsize inventory management, review pricing, rebalance promotional cadences, and reinvent the physical store for the digital age. This will almost certainly necessitate entirely new ways of thinking and long-term commitments from retailers, but these efforts have the potential to forever change the way retailers do business. That future begins today by addressing short-term retail challenges with a long-term perspective.

Three retail industry priorities and trends

The resulting data, when combined with insights from 15 Deloitte retail subject-matter specialists, client work, and prior research, provides a snapshot of strategies and investment plans that help inform the industry's future.

  • Reimagine the workforce
  • Supply chain resiliency
  • Digital revolution

Retailers face significant challenges that will almost certainly outlast the pandemic, but there are also unexpected opportunities that can help them prepare for future disruptions. Retailers should embrace the current disruption and commit to a future pivot. To learn more, download our complete 2022 retail industry outlook.

Spotlight

U.S. Bank

U.S. Bancorp, with nearly 70,000 employees and $554 billion in assets as of December 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with digital tools that allow customers to bank when, where and how they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial, corporate, and investment customers across the country and around the world as a trusted and responsible financial partner.

OTHER ARTICLES
POS RETAIL

Retail ,Wholesale Trade,Ecommerce,Retail,E-commerce,point of sale.

Article | June 7, 2022

Last July, a small group representing the giants of the tech industry gathered in the seat of US government, Washington DC. They probably didn’t want to be there. Congress had summoned their employers Apple, Facebook, Google, and Amazon to answer questions about the command they hold over the markets they operate in. On Amazon’s behalf, associate general counsel Nate Sutton spoke in defense of his employer’s role in US retail. Throughout, he argued that Amazon isn’t so powerful as to be able to control prices and stifle competition. Amazon, he pointed out, makes up less than 1% of retail globally. In the US, it accounts for around 4% of retail. In fact, Walmart is much larger than Amazon, he said. In terms of sales, Sutton is right. Walmart reported $510 billion in total sales across its US and international segments in the 2019 fiscal year, versus Amazon’s $233 billion in roughly the same period.

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How SMEs can emulate the success of Amazon through ecommerce personalization

Article | December 23, 2021

Whatever your feelings are towards Amazon, there is no denying that they have revolutionised ecommerce and now set the bar for the personalised experience of users when it comes to online shopping. So much so that it was recently reported that they have more than a 30% share of the UK’s ecommerce market. With statistics like this, it may feel like it is impossible to compete, especially as Amazon has huge tech and marketing budgets at its disposal. However, all is not lost. It is possible for SMEs to learn from the forerunner and implement some of their most successful techniques, with regards to their use of ecommerce personalisation and AI, to increase sales cost effectively.

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How Retailers Can Utilize In-Store Digital Signage

Article | June 9, 2022

Consumer attention is shifting. Brick-and-mortar stores must now compete with e-retailers as customers spend more time online, thanks to targeted ads and personalized deals. As noted by Digital eCommerce, online sales rose almost 18 percent last year to $3.46 trillion worldwide and are on track to top $892 billion across the U.S. in less than two years. This shift has alerted most brands to the need for a retail evolution to ensure ongoing success. With e-commerce sales still accounting for just under 10 percent of retail revenues, businesses have an opportunity to boost sales and raise their brand profile — if they can reliably capture consumer interest. One solution: effective and engaging digital signage. Retailers Can Capture Crucial In-Store Moments To capture attention and drive conversion, businesses must capitalize on what Google calls micro-moments, when customers leverage their mobile devices to discover more information, find a price or pinpoint a vendor online.

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5 Ways Customer Engagement Can Boost Your Ecommerce Site

Article | February 10, 2020

“Every consumer wants a different experience when shopping, and this ‘experience‘ has become the differentiating factor for many successful business models.” This statement is even more important for ecommerce businesses, which have no face-to-face interaction with clients. With increasing competition, product quality and price are no longer enough to differentiate your brand. To stand out, you need a well-planned customer engagement strategy so they keep coming back for more. Many studies have highlighted the relationship between sales and customer engagement. According to a PwC report, ecommerce businesses can gain measurable benefits, including greater spending, by changing their customer experience strategy to make them feel appreciated. Higher engagement or personalization also impacts impulse purchases.

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Spotlight

U.S. Bank

U.S. Bancorp, with nearly 70,000 employees and $554 billion in assets as of December 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with digital tools that allow customers to bank when, where and how they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial, corporate, and investment customers across the country and around the world as a trusted and responsible financial partner.

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Spreedly Expands Payment Options to PayPal Braintree Customers

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LEFCON, LLC Enters Master Service Agreement with Sage Hospitality

LEFCON | March 16, 2023

LEFCON, LLC, a national technology support organization, recently announced entering into a Master Service Agreement (MSA) with Sage Hospitality Group for its corporate headquarters in Denver and the majority of its portfolio of more than 110 hotels and restaurants in the United States. As part of the Master Service Agreement, LEFCON is the primary technology partner for Sage's corporate headquarters, assisting with infrastructure, day-to-day technology solutions, and innovative solutions to keep Sage at the forefront of hospitality services as the industry evolves. LEFCON also provides support for the majority of Sage's hotel and restaurant offerings, including POS systems, back-of-house technologies, and event and guest service requirements. James Lefcakis, President of LEFCON, said, "What we love about our partnership with Sage Hospitality Group is that they are interested in continuing to innovate the hospitality industry through technology systems and support." He added, "LEFCON not only provides excellent day-to-day customer support but we are always looking for new and creative ways to engage with guests through tech, as well as streamline services throughout hotels and restaurants. This partnership will allow us both to think up new and creative ideas while providing excellent service to Sage's properties." "LEFCON has been a trusted partner of Sage for many years, and we're excited to enter into this MSA to continue to provide excellent service to our properties and owner/partners," mentioned Matt Schwartz, Chief Technology Officer at Sage. He also said, "We look forward to bringing new innovations to our hotels and restaurants that will enhance the guest experience and continue to position Sage as an industry leader in the lifestyle sector." About LEFCON Founded in 2000, LEFCON provides a highly specialized managed services solution that is customized to match the needs of each hotel organization, drawing on more than 25 years of experience providing professional IT services to the hospitality industry.LEFCON offers top-tier solutions for email, asset management, security and compliance, and proactive network monitoring, all of which are backed by a 24/7 support team and a state-of-the-art network operations center. As a business focused on hospitality technology, LEFCON offers services like consulting, opening management, network design and build, new construction build, project governance, and turnkey IT solutions.

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Transact Campus and Amazon Announce Collaboration for Fast and Seamless Shopping

Transact Campus | March 08, 2023

On March 7, 2023, Transact Campus, the award-winning provider of innovative mobile credential and payment solutions for a connected campus, announced that the company will integrate its solutions with Amazon's Just Walk Out platform, offering a quick and seamless way to pay vendors on and off campus. The parties anticipate that stores powered by Amazon's Just Walk Out technology will be installed on campus using an integrated solution that combines a mobile ordering app for store entry, Transact's card system for payments, and Cloud POS for inventory, product catalogs, and reporting. The integration will be shown at Transact's annual user conference, Transact 360o, which will take place in Atlanta from March 6 to 8. Shopping at a store that uses Amazon's Just Walk Out technology is intended to make the shopping experience effortless. Students, shoppers, and any verified user with a university account can enter a store by scanning their unique QR code. This starts a virtual shopping session during which the technology tracks what people take from or put back on the shelves. Shoppers can leave the store without having to wait in line, and the items they chose will be paid for using the information stored in their Transact Mobile Ordering account. Laura Newell-McLaughlin, EVP/GM, Integrated Payments and Campus Commerce, Transact. “Together, Transact Mobile Ordering and Just Walk Out technology will create a seamless student experience by eliminating checkout lines and increasing efficiency in transactions.” (Source – Business Wire) Reducing checkout lines allows shops to increase labor efficiency by utilizing personnel more effectively, while delivering new insights throughout the store and at the shelf. Amazon's Just Walk Out technology will interact with Transact's Card System for declining balance and credit card transactions, providing integrated online product catalogs and reporting data with Cloud POS for improved customer insights and security. About Transact Transact is the market leader in innovative campus payment and mobile credential solutions. Its highly flexible, mobile-centric campus technology ecosystem streamlines the entire student experience. Transact provides integrated technologies for tuition and other student expense payments, campus IDs with multiple uses, and campus commerce. With a longstanding reputation in the educational field, Transact serves more than 12 million students at over 1,850 client institutions. In less than three years, its fintech solutions have facilitated over $293 million in mobile orders and 160 million contactless mobile wallet transactions and orders, generating an annual payment volume of $49 billion.

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Spreedly Expands Payment Options to PayPal Braintree Customers

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LEFCON, LLC Enters Master Service Agreement with Sage Hospitality

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Transact Campus and Amazon Announce Collaboration for Fast and Seamless Shopping

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