Forecast for Retail in 2022: Best Ways to Start a New Year in Local Retail
The unusual industry shifts amid the pandemic continue to influence the business landscape of 2022. As retailers and brands look to the coming year, consumers can expect strategic efforts and an increased focus on preservation from major corporations. These renewed efforts towards long-term sustainability and reusable resources stem from a collaborative vision of a post-pandemic world.
The past two years have revealed customer priorities and overall market desires, many of which were unpredicted by industry experts until recently. Bearing these in mind, brands have the opportunity to recalibrate their efforts in light of a brand new fiscal year. As a local business owner, it is imperative to formulate strategies for 2022 by looking at corporate shifts and consumer priorities. Maintaining these best practices, highlighted in the following paragraphs, helps to position your business for success in the coming year.
Best Ways to Start a New Year in Local Retail
U.S. retail sales are projected to surge around 1.00 percent in 2022. As 2021 holiday consumption fades into the new year, consumer sales will continue to rise. Virtual shopping is the new norm for the modern consumer. Nothing compares to being able to peruse online catalogs of coveted brands while wearing cozy pajamas and lounging on your sofa. In this hot market for retailers, an active online presence is paramount to increasing revenue and brand awareness. Your retail marketing strategy expands beyond your local market when you digitize your business and create a comprehensive web platform.
In the light of sustainability, returns are predicted to be a greater focus for businesses in the coming year. Statistically, three out of five adults prefer online retailers that offer free return shipping. Many customers balk at brands that do not provide an easy return process. This applies especially if your business has an online platform in addition to a local brick-and-mortar store.
Local Retail Trends
The circular economy is expected to drive investments and trading well through 2022. This production model positions reuse and recycling as primary factors in production. Circular economics strives to preserve the value of raw materials by closing the gaps in the production and distribution process. Specifically, these principles are evident in buyback programs and secondhand initiatives. Large brands such as REI and Patagonia host yard sales throughout the year featuring returned and lightly used gear sold at a reduced price. Additionally, corporations are designing products with reuse as a top priority. These industry shifts mean good news for the planet as less waste means greater longevity for resources and production.
As a small business owner, consider the production process of your current inventory. Are there holes in your creation process that could use a “green” facelift? Consider the sustainability initiatives behind your shipping and packaging as well. Use recycled materials and smaller boxes to reduce unnecessary waste. Buyback programs are another excellent option for environmental considerations. More and more shoppers prefer to peruse thrifted or secondhand items from trusted brands.