I hope you love a good infographic, because I sure do! Less reading, more imagery and loads of data. All combined in one spot. Perfect to showcase the Retail (R)evolution that we are in the midst of at the moment.
Retail was flat, flat, flat and then wham–evolved to meet the needs of all of us who suddenly were working at home, baking bread like never before and buying SO much toilet paper (that one is still a mystery to me)! These sales channels—grocery, drug, mass and more all shifted to online sales in an instant. Some were instantly incredible (hello, The Home Depot!) and some still struggle today to try to make it work.
According to Detego, there are 5 key trends impacting retail in 2022 in their infographic. Yes, shoppers are coming back in store, but they are dragging with them expectations that were met when they stayed home. These trends are driven by the ‘next normal’ we are all living in now (which in simple terms means that stuff. is. constantly. in. flux.). The ability to pivot and deliver everything is a key component in being successful at retail moving forward. But check out the details–they tell a more complete story.
- Inventory Accuracy
- Self Service New Customer Experiences
- Safe Space to Shop
- More Sustainability, Traceability and Transparency
- More RFID adoption
So how is everyone doing? Well, I have to say this one surprised me! The greatest growth in retail YOY sales was somewhat expected (non-store retailers—yes Amazon I am looking at you) but literally on the heels of that is Sporting Goods, Hobby & Book Stores. (I knew I should have written a novel during COVID). Right beyond that is Building Materials & Garden Shops. In other words, America wants to have fun and fix up their home spaces more than before. Check out this chart from Statista that breaks down all the numbers in detail. It will be interesting to see how much this will change moving into next year. As their chart shows, clothing and accessories stores were badly impacted by the pandemic. Unsurprisingly, food services and drinking places are still on the road to recovery.
- Non-store retailers +22.1%
- Sporting Goods, Hobby & Book Stores +22.0%
- Building Materials & Garden Shops +13.7%
- Grocery Stores +11.3%
Finally, and of course this one is my personal faves (even if it came out a few months back), what retail categories are growing the most? Check out this suuuuuuper tall infographic ‘house’ from Criteo showing what shoppers are bringing home the most. People…Pasta Sauce? Really? It’s so easy to make at home! But hey, to each his own, right? Why is this important to know? Because these are the things your consumers are consuming in HUGE quantities. I would seriously think about what I am carrying and how I am merchandising in-store and online. Because let me tell you, that’s what all those in non-store categories are doing – mining data like this and applying it for constant optimization. Here are the top performing CPG/Food items. Again, way more in the link!
- Pasta Sauce up 635%
- Cooking Oils up 393%
- Cheese up 376%
- Fruits & Veg up 317%
I know – this is a very long story, but here’s the short takeaway – have you (R)evolutionized your retail space? Are you optimizing your shelf selection from a new perspective that matches the next.