We’re in Q2 of 2022 and so far it’s been an interesting year for retail. The ongoing pandemic, supply chain disruptions, inflation, and international conflict have all taken a toll on the economy. Of course, these challenges have a significant impact on the retail industry. The best way to navigate these trying times is to be on the pulse of the latest industry trends. Here are three of the biggest retail trends we’re seeing in 2022 and how you can adopt them into your business practices.
1. Online Subscriptions
Convenience is king which is why so many consumers are turning to subscriptions more and more. Today’s shoppers are juggling multiple competing priorities. Automating purchases gives them the sweet satisfaction of having one less thing to worry about. More industries are tapping into this business model, including:
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- Wine and liquor
- Pet care
- Personal care
- Food and drink
- Beauty
As a retailer, offering a subscription model pays off by giving you the consistency of recurring revenue. It’s a win-win for both you and your customers. If you’re not already offering some type of subscription model, this is your sign to do it now.
2. Self-Checkout
Self-checkout is a retailer’s best friend. It reduces wait time and appeals to shoppers who want to be in and out of the store as fast as possible. During the pandemic, self-checkout has provided some comfort to people who want to minimize contact with strangers. And with labor shortages, it gives your staff more flexibility and lightens their workload. Technology for these kiosks has improved immensely over the past few years which means more people are opting to use them instead of waiting in line for the cashier. Try adding a self-checkout option to your brick-and-mortar and see how it makes business better for your team and your customers. NCR Counterpoint’s CX7 can operate as a traditional Point of Sale machine or be used as a stand-alone self-checkout. NCR was just named the world’s largest Point of Sale software provider for the 5th year in a row.
3. Brand Values
Today’s consumers care more about the values of the brands they support than in previous generations. People want to give their business to companies that give back, treat employees well, take care of the planet, and share similar views. Shoppers are actively seeking out these kinds of companies. Many are willing to drop the brands they’ve been loyal to in the past to start supporting ones that better align with their values. Tap into this trend by sharing your company’s values and making them part of your brand. It humanizes your brand and gains customer trust. Do you have eco-friendly packaging? Do you donate to a local charity? Do you take a stand against injustice? Make these things well-known and central to your brand identity. You’ll end up attracting more clients and securing a more loyal customer base.
The best part of implementing these business practices is that they’re not going anywhere. Trends may come and go but these three reflect the direction where the retail industry is going. One of the most important parts of running your business is having a POS that can meet all your needs and help you smash your goals. Self-checkout is just one of NCR Counterpoint’s many capabilities. Contact our team if you’re interested in learning more and seeing a demo.
