- We’ve collected industry expert predictions for the retail sector in 2022.
- The continued impact of COVID-19 has yielded interesting trends in the retail industry throughout the whole of 2021 – which ones will continue to flourish throughout this year and beyond?
- Here, we explore predictions from experts in the industry including Gareth Cummings, Chief Technology Officer at eDesk; Chris Brook Carter, Chief Executive of the Retail Trust; and Hannah Tovey, Programme Director at Retail Week Live.
In 2021, the way people shopped for goods continually changed to meet the latest COVID-19 guidelines.
People that had never shopped online before found themselves having to enter the world of online retail in order to purchase their basic necessities. Many people preferred this way of shopping and continued to shop online even when non-essential shops were allowed to open again. With the increasing concern of the Omicron variant of COVID-19 at the end of 2021, some people were too worried to shop in-person, despite the stores being open.
With the potential for new COVID-19 measures into 2022 if other new variants emerge, the future of retail is by far set in stone. To try and make sense of what the retail industry could be in for, we asked a panel of experts for their predictions for the retail sector in 2022.
Our Panel of Experts
- David Fieldhouse, CRO of Adimo
- Lucia Juliano, Head of Research, UK & NL at Toluna
- Wayne Snyder, VP Retail Industry at Blue Yonder
- Inder Singh, Senior Vice President of InMobi Commerce
- Giuseppe Licari & Roberto Amerighi, Co-Founders of GreenJinn
- Daniel Graham, Director at OnBrand Marketing Agency
- Wizz Selvey, Founder & CEO of WIZZ&CO
- John Hoyle, CEO of Sook
- Laurence Dellicott, Director of Supplier Management & Supply Chain Services at MySupply by Avnet Silica
- Tony Lorentzen, SVP & GM, Intelligent Engagement at Nuance
- John Phillips, General Manager, EMEA at Zuora
- Gareth Cummings, Chief Technology Officer at eDesk
- Simon Ratcliffe, Principal Consultant at Ensono
- Abhay Singhal, Co-Founder & CEO of InMobi Marketing Solutions
- Petru Metzger, Head of Payments at Endava
- Will Kinnear, Founder of HEWN
- Rob Saker, Global Industry Leader for Retail & Manufacturing at Databricks
- Antonia Johnstone, CEO of Sign of the Times
- Craig Elston, Head of Strategic Initiatives at Iterable
- Chris Brook-Carter, Chief Executive of the Retail Trust
- Hannah Tovey, Programme Director at Retail Week Live
- Lili Metodieva, Managing Director of Monneo
- Lloyd Davies, Managing Director UK at Making Science
- Dave Randall, Commercial Director at Future plc
- Paul Wright, Managing Director UK, FR, MENA & TR at AppsFlyer
For any questions, comments or features, please contact us directly.
David Fieldhouse, CRO of Adimo
“Shoppable opportunities have diversified considerably. Alongside brand direct, there’s retailer sites, social media platforms such as Tik Tok, marketplaces, and now food delivery services. We have already seen Co-Op partner with Deliveroo. FMCG brands are watching this space with interest to see how they can reach consumers via these apps and ensure their products are part of the shift to ‘on demand’ consumer behaviour.”
“The major platforms such as Facebook, Instagram, Shopify and Pinterest are all rolling out ecommerce solutions at pace – social commerce growth was pegged at 37.9% in 2021 by Insider Intelligence and this is set to grow further in 2022. Amazon will benefit most from these increased budgets and is launching a variety of tools next year centred around its own DSP.”
“Retailers as advertising platforms is a major trend. Following moves by Walmart and Target in the US, Tesco announced the launch of Tesco Media & Insight, to better address changing consumer needs. The marrying of audience scale, data and point of purchase is a tantalising proposition for many FMCG brands. It will be interesting to see how well these retailers engage with the buying community through 2022.”
“While new distribution channels and data will be important in 2022, creative will continue to be just as critical for FMCG brands. It’s what links the consumer experience online to an impulse purchase. As brands gain more access to customer data, creative executions will become increasingly sophisticated, as they draw on direct-response modeling to test and learn. The FMCG industry may draw creative inspiration from sectors such as gaming when they think about creative performance online.”
Lucia Juliano, Head of Research, UK & NL at Toluna
“UK consumers made many changes to their purchase behaviour in 2021, and many will continue to buy and spend differently going forward. When asked whether they had adopted new behaviours as a result of not being able to access the same items as usual, 23% of UK consumers said they had tried a new product. An additional 20% had bought from a new brand. This is particularly true in the food and drink space, where we’re seeing consumers be more adventurous with their choices. Seventeen percent of UK consumers say they are trying more food and drink products/brands than before the pandemic.”
“Purchase behaviours are influenced by a variety of factors and the pandemic seems to have altered what is important to consumers. Sixteen percent of UK consumers say they now put more thought into the brands they buy, while 52% of consumers say it is important to invest time and care into the decisions they make. In sectors such as food and drink, health and beauty, household products, and financial services, almost half (41% – 52%) of consumers say they review all brands before selecting the one they will buy. In fact, this is a more common occurrence than identifying a single brand ahead of time.”
“Our Global Consumer Barometer continues to show that factors relating to social responsibility are increasingly important to consumers and have a large impact on the brands and products they choose to buy. Fifty-two percent of UK consumers think about whether a brand supports the issues that are important to them when buying products or services, and 49% say they would switch to brands that were actively supporting social issues important to them. The message for retailers? Regardless of the cause your brand supports, it’s more important than ever to communicate those values to your consumers; seventy-three percent of UK consumers will go out of their way to engage with brands that align with their values.”
Wayne Snyder, VP Retail Industry at Blue Yonder
“The need to provide an efficient omni-experience was evident in 2021. Those retailers who were able to scale their online business thrived amid continued disruption and as we come out of the pandemic, creating the seamless experience between in-store and online is a must.”
“Retailers are grappling to evaluate with the right network across a blend of large warehouses, smaller localised fulfilment centres and deliveries from stores. The need is for these to be inter-operable with intelligent decision-making as to how best to move products from anywhere to anywhere. With customer expectations continuing to rise and with new priorities such as sustainability coming to the fore, retailers must be able to respond efficiently to meet these needs in a profitable manner.”
“To enable this, artificial intelligence (AI) is driving better forecasting and order decisions to ensure that products are at the right place to allow shoppers to buy from wherever, whenever. Robotics and IoT are driving efficiencies in the warehouse. Autonomous and electric vehicles will transform the last-mile, where visibility and tracking is key to enable more efficient deliveries and better communication with customers. These customers want to understand real-time availability and delivery options as they shop with same day delivery and pick-up options. This requires a seamless supply chain, involving AI tools analysing millions of data points in real-time to optimise efficiency and decision making. In 2022, the focus for retailers will be reaching this omnichannel nirvana.”
Inder Singh, Senior Vice President of InMobi Commerce
“It’s no secret that Covid-19 has forever changed consumer behaviour to a significant extent across every vertical from consumer electronics to grocery to fashion to hardware to CPG. In the pre-pandemic days, the shopping journey started may have online for research and moved off-line and into the store. Now, 83% of shoppers in the United States who visited a store recently say they used online research first; so while the shopper may still end up in-store, but the journey is beginning online at an exponentially higher rate.”
“To meet consumers where they are now, retailers are beginning to dramatically elevate their mobile and website shopping experiences to add more video and live, influencer-led, entertainment-driven options to drive more engagement and foster community building. You’re going to start to see brands experiment with innovative new ad formats, including live online product-launch events that have been traditionally reserved for CES or New York Fashion Week. These will become the norm within the next year. For consumers, it’s a new and fun way to shop. For retailers, it’s the chance to create immersive retail media and create a virtual white glove experience that was typically only possible in-store.”
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Giuseppe Licari & Roberto Amerighi, Co-Founders of GreenJinn
“The number of people who have said they will do all of their shopping online even post-COVID has doubled vs in 2020. Saying that, we have seen that a high percentage of people are still comfortable with shopping in stores and will continue to buy both in store and online. The number of people using their mobiles to do all of their shopping has increased 4% in the last 6 months so we expect this to continue as retailers make it easier to shop online.”
“Sustainability remains at the forefront of people’s minds with 81% saying sustainable packaging influences their choice sometimes if not always. Although our audience is already over-indexed in veganism, we have seen an increase in those participating in Veganuary vs in 2020. People eating more plant based meals are continuing to rise from 25% in 2020 to 53% in 2021.”
“With the new COVID variants rapidly spreading this year, people are feeling less optimistic for the year coming (reduced by 10% in the last 6 months) and slightly less safe in stores this year. (With Omicron being the most contagious so far we expect people to feel more confident again soon).”
“It looks like people are starting to return to pre-COVID levels for basket size. In 2020, 27% of users had increased their pack size and were buying multiples over singles whereas in 2021 this reduced down to 20% and we have seen this number drop throughout the year.”
Daniel Graham, Director at OnBrand Marketing Agency
“In 2021 we saw a demand for business growth through digital marketing and lead generation, so our main focus was on managing increasing project volumes for our agency, as well as activating business growth strategies for our clients. Going into 2022, many retail businesses are now looking to grab their share of audiences, footfall and attention to sustain their businesses. For those consumers who have ‘forgotten’ certain brands, there is work to do to help remind shoppers of the positivity of shopping and shopping experiences.”
“For some retailers, it’s about establishing new business models and helping them reach their audiences, whilst for others, the side effect of the pandemic has been the realisation of the power of digital and social media, and its complementary effects for their consumers. I hope that eventually the pandemic will have had a positive effect on people realising what matters most and making positive and proactive decisions.”
“The retail industry had already been struggling with multiple challenges such as high streets failing, void units, pressures from online shopping and business models naturally evolving. I hope that the catalyst of the pandemic causes shoppers to look again at what they really want and that in 2022 we will see greater partnerships between landlords and retailers, more transparency and common interests being worked on together to reinvigorate our town centres and communities.”
Wizz Selvey, Founder & CEO of WIZZ&CO
“This year in retail is set to be crowded, but also presents a big shopping appetite, as consumer behaviour shifts quicker than ever before. Brands will have to learn to harness the potential of these changes quickly in order to keep up. For example, digital native brands [like Glossier] are moving more towards physical, immersive retail experiences, which will be a big opportunity for sales this year. Celebrity or VIP partnerships are also a great space for brands to move into this year, with the fall in popularity of ‘paid’ influencers, celebs may be the next port of call for many growing brands to grow their audience and confidence.”
For any questions, comments or features, please contact us directly.
John Hoyle, CEO of Sook
“Over the past year, there has been an increased focus on local community and catering for local high streets. The pandemic has shifted focus to community and we support that. We want to give local businesses and individuals on the high street a chance. As we look ahead, we are seeing innovative business models popping up that are agile and stock light. However, it’s not just about retail – experience, leisure and retail are all important – Sook’s spaces offer a platform, not just somewhere to sell. One trend within the sector that is continuously developing is the demand for event led occupancy that drives customer engagement through online channels.”
Laurence Dellicott, Director of Supplier Management & Supply Chain Services at MySupply by Avnet Silica
“This year will undoubtedly see more supply chain obstacles for retailers. With the global supply chain still constrained, dealing with force majeure events, plus the fallout of incidents such as the Ever Given ship running aground last March, as well as the ongoing impact of the pandemic bringing continued disruption.”
“Retailers have seen a vast shortage of items, which alongside rocketing shipping container prices, has increased costs for many businesses. These delays and cost fluctuations are expected to continue throughout 2022 but supply chains are expected to recover much more this year compared to 2021. However, recovery is only expected toward the end of 2022, problems are not expected to disappear in Q1 or Q2.”
“December’s festivities will have established more of a backlog at a time when retail as an industry cannot afford. This ‘slowing’ widely discussed in the media is partially due to the growing global demand for supply chain staff, but also the continuation of the pandemic. On the ground, the availability of staff can dramatically change on a daily basis with the Omicron variant affecting workforces globally at a fast pace. 2022 is sure to see this continue, where a shortage of staff is made exponentially worse by available staff taken ill or isolating.”
“With demand outstripping supply, finding ‘the right people for the job’ who can support the business objectives of retailers and supply chain teams is going to continue to be a challenge. It’s expected the sector will have to squeeze any benefits for employees they can to offer the most comprehensive job package to entice staff.”
Tony Lorentzen, SVP & GM, Intelligent Engagement at Nuance
“Leading retailers have been personalising digital shopping experiences in one way or another for many years now – personalised product recommendations based on past purchases, for example, have been commonplace for a long time. In 2022, however, we’ll see a shift toward hyper-personalisation, where every interaction is relevant and based on real customer needs in that moment.”
“This requires a complete understanding of each customer’s historical relationship and recent interactions with the brand, which means data from every channel will have to be aggregated and analysed by powerful AI solutions. That brings us back to the need for digital contact centres that merge previously siloed engagement channels and provide a layer of intelligence that can understand and predict customer needs in real time.”
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John Phillips, General Manager, EMEA at Zuora
“After years of living in fear of disruption from Amazon, retailers now understand the secret to competing with the retail powerhouse: embracing the end of ownership and doubling down on subscription membership models that offer a 360 view of the customer.”
“In 2022, delivering (and innovating upon) a curated and flexible shopping experience – fueled by customer data — will become the only way to compete in the new age of retail. In order to capitalise on recent changes in consumer behaviour and come out on top, retailers will need to focus on adding true value and improving the overall experience for subscribers. This means ensuring the right blend of flexibility, convenience and customisation through subscription-based models has never been more important. Nor has determining a balanced pricing strategy, based on an understanding of how your customer values your offering. These are the areas that are likely to set your retailers apart and encourage that coveted brand loyalty long-term.”
Gareth Cummings, Chief Technology Officer at eDesk
“Shopping online is currently seen as quite transactional, while in-person shopping is experiential and personal. After Facebook’s rebrand to ‘Meta’ and Microsoft’s introduction of ‘Mesh’ in 2021, it’s expected more companies will be putting their efforts into the ‘metaverse’ in 2022. The term ‘metaverse’ describes an online, virtual world where brands can create immersive customer experiences. This year, companies will have to look at how they can connect to their online customer base on an emotional level to influence their purchase decisions and engage them from the comfort of their own homes. This will translate into interactive, personalised and highly engaging online shopping environments, otherwise known as ‘retailtainment’, where augmented reality reshapes the eCommerce industry into a new shopping experience.”
“No longer will the online shopping experience consist of a drop-down menu and a few filters. The future of the sales experience will have to fulfil the demands of consumers who seek to be entertained in a unique way. In 2022, we will likely see many brands follow suit of retailers like Nike, Burberry and Balmian who offer virtual sampling, try-ons and behind the scenes at their fashion houses.”
Simon Ratcliffe, Principal Consultant at Ensono
“Over the last 18 months, retailers have faced a ‘perfect storm’ of challenges, including lockdowns, unprecedented consumer demand, and a complex web of global supply chain disruption. In many ways they have risen to the challenge, keeping inventories stocked and becoming an invaluable source of stability for consumers.”
“Technology will be essential for this new era of retail. The pandemic has pushed more customers than ever before to shop online, making investment in a strong digital offering essential for grocers. This begins with customer-facing services, building applications suited to customers hungry for engaging and convenient multi-device access to retailers’ service. It then extends into a company’s back-end technology, tapping into the flexibility and scalability offered by public cloud. Indeed, in a world of supply chain disruption, the high-capacity and reliable mainframe systems continue to serve grocers well in key areas like inventory management.”
Abhay Singhal, Co-Founder & CEO of InMobi Marketing Solutions
“As digital and social natives, Gen Z will have more influence, faster on the economy and media landscape than many may have expected. They’re in their formative years with building brand loyalty and, over the next four to seven years, they will begin to fully realise their earning and spending potential. They’re going to different places to consume information; I doubt The New York Times ever thought they’d have to use TikTok to share the news. It will soon be the same for retail and politics – if you look at data, Millennials will take over with purchasing and voting power in 2024 and Gen Z will be right on their heels.”
“They will drive how we think about products and ad formats and how we build Web 3.0. Both advertisers and publishers that have platforms and audiences will have to really work to deliver engaging content that provides value to the audience beyond just advertising. Content development will be bigger and more important than it used to be; brands will need money and investment needed to create content that is sticky and to keep up with the pace.”
For any questions, comments or features, please contact us directly.
Petru Metzger, Head of Payments at Endava
“There are few areas of our lives remaining in 2022 that haven’t been transformed by technology. Nowhere is this more apparent than in retail, particularly in its convergence with frictionless payments. The industry has attracted huge investment and interest as consumers and businesses require faster, more reliable, and more secure ways of handling payments to ensure an easy, accessible, and stress-free experience when checking out, online or in-store.”
“Case in point is the enormous growth of Buy Now Pay Later in 2021. In 2022, I expect we’ll only continue seeing savvy consumers turning away from the commitment of credit cards with their high interest rates, in favour of services covered by the Merchant – such as Klarna – to offset costs while offering the same (if not better) flexibility in payment. This was particularly noticeable in the ‘Golden Quarter’ – the festive season spanning Black Friday through to Boxing Day, where we saw a rise in the number of consumers using Buy Now Pay Later.”
“Aside from the fact that by embracing Buy Now Pay Later merchants can generate more sales, the appeal for retailers in 2022 is in the application beyond payments. Buy Now Pay Later providers have the capability to analyse and leverage data to build customer loyalty with more tailored offerings, which is good news for both consumers and businesses. Furthermore, this technology can even be used to provide a ‘try-before-you-buy’ service by taking financial burden from retailers.”
“Critically, regulation will be a deciding factor in the future evolution of Buy Now Pay Later, but what is clear is that the consumer demand for such a service is here to stay.”
Will Kinnear, Founder of HEWN
“With the rise of internet shopping we have less reason to visit the high street, but vive la revolution! Councils and landlords are realising they need to appeal to more people and diversify the offering creating more collaborative spaces which is why we are seeing pop-up shops within galleries, co-working spaces within cafes next door to gyms, nail parlours and laundrettes that transform into chic bars catering for all demographics.”
Rob Saker, Global Industry Leader for Retail & Manufacturing at Databricks
“We’re going to see the rise of real-time, particularly Q-commerce (delivery in 30mins or less). Customer loyalty is lower in e-commerce as switching between retailers is as easy as a few mouse clicks, so there will be an increased need of fast and accurate decision making based on real-time insights to avoid customer churn.”
“Businesses are also rethinking the consumer relationship, not just the experience. As third-party cookies and privacy regulations are making it harder to understand customer behaviour, companies are not only looking at personalising the consumer experience but also using customer interactions as powerful demand signals to drive operational decisions.”
“Volatility in the supply chain will continue into 2022. The price of cardboard has increased by 19% in 2021, consumer sentiment is at a ten-year low and overall inflation is at the highest rate in 30 years globally, but what makes this especially challenging is the uncertainty in understanding what is going to happen next. Volatility in our economy has rendered most time-series models ineffective. Companies are exposed to significant risk and are making decisions based on instinct, or simply avoiding major decisions altogether.”
“Lastly, collaboration will foster innovation and growth. At any given time, one third of people working inside a chain retailer are not direct employees of the retailer, such as distributors bringing in goods or third-party auditors. These third-parties work in collaboration with the retailer to improve store execution. As e-commerce grows, new opportunities for collaboration with delivery partners and advertising firms have emerged. Working alongside delivery partners allows for orders, pickups, and arrival estimations to be achieved in tight service windows, whilst working with consumer data partners enables retailers to provide full attribution of the sale from a digital ad back to the ad spend, with both activities requiring collaboration around data and AI.”
For any questions, comments or features, please contact us directly.
Antonia Johnstone, CEO of Sign of the Times
“Conscious consumers are driving the growth of luxury resale exponentially. With shoppers becoming more aware of the implications of their purchases, the current waste crisis beleaguering the fashion industry and an increased commitment to living sustainably, this trend is only set to continue on an upward trajectory as we head into 2022.”
“As someone with over a decade’s worth of experience selling the unwanted luxury wardrobes of affluent individuals in London, and with a tech-led approach via our stock system, e-commerce and WhatsApp channel, it has been interesting to see the explosion in demand for pre-loved designer items since the pandemic hit.”
“With supply chain issues caused by Covid-19 and Brexit these past two years, consumers who may not have turned to pre-loved luxury before have been to get their hands on luxury goods from sellers rather than hard-hit manufacturers. Now they have tried – and loved – shopping timeless designer pieces this way, it has shifted luxury shopping habits and paved the way for a bourgeoning luxury resale market for good.”
“As well as fundamental supply chain issues preventing new luxe items getting into the hands of buyers, retail closures have meant more people are turning to e-commerce to make big-ticket purchases, including vintage investment pieces. In part driven by Gen Z who quickly adopted selling and buying fashion via peer-to-peer resale platforms, older consumers in the 25-39* (WGSN Barometer) bracket are now getting on board.”
“Luxury resale will continue to become a larger segment of fashion retail as consumers endeavour to make big or small planet-friendly changes. In 2022, the luxury shopper has the power to drive the pre-loved market forward with exceptional designer product, which has the durability and craftsmanship to support circular lifestyles for many moons to come.”
Craig Elston, Head of Strategic Initiatives at Iterable
“In 2022, the pressure will continue to be on manufacturers in terms of packaging and trucking, leading to a lot of reverse allocation – manufacturers who prioritise their retailers and ‘allocate’ product distribution to different tiers accordingly. Along with this will come a significant reduction in trade marketing spending by manufacturers, on which many smaller retailers have come to rely. By freeing trade spend dollars, marketers will have more budget to utilise on driving brand awareness and supporting their top-tier retailers.”
“The marketing landscape continues to be disrupted by supply chain issues, staffing shortages, new business models, new technology and regulation. This disruption will continue to shift the marketing landscape as we move to a cookieless world where more AI tools continue to be developed to maintain customer privacy and drive and enable personalisation.”
“In 2022, marketers must also lean on value-driven storytelling and build authentic, relatable messaging to keep customers engaged. As a result, we will start to see more inspiring and enriching stories from brands as they seek to fit more closely with their audiences’ values. Customers will, in turn, begin to relate more closely with these brands and be more inclined to select them over another competitor.”
Chris Brook-Carter, Chief Executive of the Retail Trust
“We are heading into another very unpredictable year for everyone working in the retail sector. January is always our busiest time when it comes to requests for financial aid and advice from the retail workers we support but rising energy bills and an increasing cost of living are only adding to the pressures facing many people this year. This follows an already significant rise in requests for financial and mental health support from the Retail Trust with demand for our help rising by nearly 90 per cent since the pandemic.”
“Retailers’ finances will also come under pressure this year as a result of rising fuel prices and ongoing problems with supply chains which will further drive up costs. Meanwhile, the people leaders we work with at some of the UK’s biggest retailers all tell us that they’re struggling to manage a high number of staff vacancies right now and this will prove incredibly damaging to both online and physical retailers when it comes to running supply chains, distribution centres and stores.”
“Whilst this year is still very unpredictable, we can certainly be hopeful that the world will continue to open up and this will create new opportunities for retailers to attract more customers and build their businesses. But it is clear that they will have to find new ways of attracting and retaining employees and improving staff wellbeing during 2022 to keep their companies running and achieve success. This means looking at how to improve mental health, diversity and inclusion and supporting people to build rewarding careers within the industry.”
“As a charity, the Retail Trust will remain focused on working with our members to help place the health and happiness of their workforce at the heart of how they operate whilst providing ongoing support to anyone who calls our helpline or visits our website this year.”
For any questions, comments or features, please contact us directly.
Hannah Tovey, Programme Director at Retail Week Live
“More than 150 speakers from across the retail industry attended Retail Week Live 2021 in October to share key trends in topics such as sustainability, experience, and the future of the high street, and outline what they are doing to prepare for 2022 and beyond.”
“We heard from Gymshark’s chief technology officer John Douglas who spoke of mobile phones as the new fitting rooms as the fitness brand prepares roll out avatar technology on its mobile app. The new tech, which is being developed with a UK-based start-up, means consumers can use their smartphone camera to get a full-body scan that will improve the fit of clothing and reduce returns, whilst also allowing athletes to track their progress in training.”
“John Lewis is also bringing physical and online worlds closer together this year according to its executive director Pippa Wicks who cited a growth in online sales from 40% to 60% of its total. This is leading to a better blending of channels and the deployment of augmented reality and other technology, including more live-streaming shopping events in 2022 following successful trials over the last year.
“And eBay UK’s general manager Murray Lambell said a new feature on its app that lists current price points for everything bought on the platform over the last two years is set to encourage more sustainable shopping this year. A growing awareness of sustainability among consumers has already led to a 400% increase in people looking for used items on eBay over the last three years with more people than ever also now buying both new and used items on he site.”
“Our two-day global retail festival will be back in May this year with yet expertise and news from the most forward-thinking brands and retailers. You can register your interest for 2022’s event by visiting our website now.”
Lili Metodieva, Managing Director of Monneo
“I think 2022 will be a very interesting year for businesses in the eCommerce sector. As a virtual IBAN and eCommerce bank account provider, we understand the realities and constraints imposed on this sector better than most. Through our work, we see the real-world challenges online merchants face on a daily basis. That’s why, as a business, we are committed to helping ease some of these pressures.”
“Undoubtedly, the sector has been changed by COVID-19. Increased digital adoption has led to more businesses looking to scale operations across borders. To this end, companies now need partners who can support their international ambitions. Traditional banks are struggling to keep up with this pace of change. Additionally, there remains a lack of understanding about what online businesses need, with too much fragmentation across the market.”
“Fortunately, new platforms are now emerging, like Monneo, which better cater to these needs. These more flexible solutions give customers access to the bank accounts, virtual IBANs, and the acquiring channels they need, from leading banks they can trust. In 2022, I think we’ll see this form of service truly cross over into the mainstream and become even more widely adopted across the sector.”
“In doing so, I expect to see a new dawn for businesses in the eCommerce sector. Moving forward, companies in the field will be able to complete financial transactions across borders in a seamless, stress-free manner. In turn, this should help to make eCommerce businesses more profitable and create a business landscape that encourages strong levels of growth and customer satisfaction.”
Lloyd Davies, Managing Director UK at Making Science
“As we embrace a privacy-first culture, retailers are in a unique position, already holding pools of first-party data collected via methods such as loyalty schemes, surveys, and click and collect. The transition away from third-party data strategies provides them with one of the biggest revenue opportunities to date. However data strategies will be required to overcome the challenges of maintaining data quality and stability and address concerns such as consumer reluctance to share personal data. Historically retailers have collected excess data and neglected to provide a clear intention of use or benefit to the user.”
“But by successfully understanding and utilising data, retailers can demonstrate how shared information can enhance the consumers’ shopping experience. Marketers should also consider technological support within data plans, such as natural language generation technologies which can further personalisation and convince consumers to invest in an open, trusted relationship, and Apple’s App Tracking Solution, which offers a sense of transparency to users.”
For any questions, comments or features, please contact us directly.
Dave Randall, Commercial Director at Future plc
“Over three quarters of Future’s readers say they saved money between June and September, contributing to the nearly £200bn saved by UK consumers in lockdown. The majority of this cash is still in the bank, with many consumers looking to splurge during the holiday season. We’ve also seen a 13% increase in shoppers looking for inspiration online, providing a valuable targeting opportunity that publishers must tap into. To take full advantage of this, publishers must attract online shoppers across broader platforms.”
“For retailers, it’s crucial they choose their partners wisely, especially with the unique challenges being faced this year. Sites, such as Future’s, which are fully equipped to adapt to potential stock shortages – through technology that recognises when certain items become available or go out of stock – will be crucial and can help link consumers with the retailers that have their desired product available. We also use this technology (Hawk) to create accurate and up to date Buying Guides and Deals content, allowing our readers to find the best bargains. Moreover, our SEO authority enables us to target consumers who are searching for specific products and position our brands as the best place to buy what they’re looking for, whether that be in Tech, Home, Music, Fashion or Sport.”
Paul Wright, Managing Director UK, FR, MENA & TR at AppsFlyer
“In the last couple years online shopping has experienced explosive growth with e-commerce sites and mobile app installs surging in popularity, as consumers enjoy the ease and convenience these channels offer. Seasonal shopping events in particular continue to drive a substantial portion of the mobile commerce activity. AppsFlyer data from 2021 Black Friday shows consumer spend in retail mobile apps was up 138% compared to activity from the three previous Fridays.”
“In 2022, we can expect consumer shopping habits will continue to follow this trend. Savvy retail brands will focus on providing customers with appealing ways to shop through enhanced app features, ranging from instant updates, order tracking to virtual changing rooms as well as AR item discoverability. These advanced shopping functionalities and innovative formats on social platforms will likely make ‘s-commerce’ a major trend in 2022.”
“As retailers tap into these new tactics, measuring engagement and outcomes will be key to building an effective mobile marketing strategy and continue to optimise the user experience.”
For any questions, comments or features, please contact us directly.
