[3-minute read]
It’s been an incredible year or two. The world as we knew it changed forever. Consumers have dealt with a pandemic, job losses, and product shortages, just to name a few. As the world steadies itself to navigate this new frontier, certain consumer trends will shape the future of ecommerce. Let’s have a look at ten of the most significant trends to look forward to in 2022.
Consumer journeys start with “when do I need it”
Previously, consumers asked, “Where will I buy?” They researched various suppliers or retailers and made their purchase decisions based on proximity, price, and convenience. The new economy will see consumer decisions based on how the product fits into their schedules, not whether to buy it online or in-store. Their main consideration has changed to, “Do I need it now, or can it wait?”
Sustainability rules
Sustainability is here to stay and it’s predicted to become more important every year. In 2022, consumers will take a critical look at your sustainability messages. Is it more sustainable to rent clothes or buy new clothes and recycle them? Do I buy a hybrid or electric new car or a second-hand one? These questions will increase in 2022. Brands with sustainability messages must ensure they broadcast these messages loud and clear. Note: Consumers have also moved from conspicuous to conscious consumption. The integrity of the products they use is now more important than their appearance.
Always-on shopping experience
Consumers are always shopping or window shopping. They look at products on social networks like Instagram, Facebook, and Pinterest day and night. According to DoubleVerify, daily media consumption doubled in 2020. This trend will only grow in 2022. Adjust your touchpoints and sales funnels according to when and where (online) shoppers are ready to make a purchase.
Personalised customer experiences and customer-centricity are here to stay
Al fresco dining, contactless payments, curbside pickup, and virtual medicine are all here to stay. Brands have to think about the wellbeing, safety, and convenience of customers first, then how they can adhere to these consumer demands. Personalisation is merely the first step in building experiences tailored to individual needs. Some brands have listened and now use AI to only display relevant products for each shopper.
Work/life balance
The pandemic has forced people to rethink their lives and how they work. A rise in self-awareness and the importance of maintaining a healthy work/life balance has changed the decisions people make. Brands need to be aware of this and consider it in their product offerings. Brands need to appeal to consumers’ wishes for self-improvement, self-actualisation, and to lead a more meaningful life.
Digital-first
After experiencing resistance to doing digital transactions, buying products online, and accessing online advice, i.e., medical consultations, the world has catapulted into the digital age. The pandemic forced people to buy groceries, clothes, medicine, homeware, jewellery, and services on the Internet. Education and work were forced online and consumers realised the benefits of our digital age. This trend will continue in 2022 and businesses must take heed of it to deliver seamless digital experiences. Consumers demand instant gratification.
Ethics matter
Consumers make buying decisions based on the experiences of others. If you treat one customer badly don’t think you’ll only lose that customer, you’ll lose much more than that. Your reputation is at stake. If you treat an employee badly, people will hear about it. If you short-change a supplier, people will know. There are very few places to hide in the digital world. Use social listening tools to gauge what people are saying about you. Listen and adapt.
The power of Gen Z
Born in the mid-90s to early 00s, Gen Z has a reported spending power of $143 billion. It’s a market that will only grow and one that you can’t ignore. Gen Z demands seamless shopping and automated experiences where the buying journey is more important than the sale itself. Pure360 looks at generational marketing in more detail.
Death of a salesman
Disintermediation is here to stay. It refers to direct-to-consumer businesses. The previous term B2C (business-to-consumer) has become passé. The direct-to-consumer trend means bypassing traditional intermediaries like retailers, wholesalers, distributors, and advertisers in the supply chain. Brands are delivering directly to consumers via digital online channels. Given the challenges supply chains face after Brexit and during the pandemic, the direct-to-consumer movement did not arrive a moment too soon.
Storytelling to the fore
Part of educating consumers about your brand is telling a story. Storytelling is how consumers relate to your brand’s messages, how they understand the benefits of products, and how they buy into a brand. The key to storytelling is showing how a product solves a problem. Various brands are using social media multimedia communication to tell the story behind their brands. Testimonials, reviews, user-generated content, and influencers all contribute to brand storytelling. Although storytelling does not sell products directly, it underpins and builds trust in brands, helping consumers make that final buying decision.
It takes courage and humility to reimagine your business. Take time to look at other industries and identify what they’re getting right. Take heed of these trends and build a future-proof brand and business. If you need help to transform how you take payments, speak to Truevo. We’re here to grow with you.
