NRF 2022: The Future of Retail is Here

After a long break from in-person events due to the pandemic, we’re incredibly excited to be an exhibitor at NRF 2022 Retail’s Big Show in the Jacob K. Javits Convention Center, New York City.
To prepare for the discussions that will revolve around the future of retail, we wanted to go over what’s been happening in the retail industry and the top trends that have impacted this space in the last 12 months.

Trends: Consumers Spending More, Globally

Around the world, installs of ecommerce apps grew 10% in 2021 compared to 2020. Sessions were up 12% year-on-year, spelling good news for both developers and retailers.* 
And consumers aren’t just spending more money in their ecommerce apps, they’re also spending more of their time in-app daily. Globally, average session lengths are up from 10.07 minutes in 2019, to 10.42 minutes in 2020, to 10.56 minutes in 2021.* 
In Western Europe, retail ecommerce sales will continue to rise through 2025. By the end of 2022, ecommerce sales will be 14.8% of all retail sales in the region and will come close to $660 billion.*  
Meanwhile in Latin America, the ecommerce market was projected to grow by a whopping 37% by the end of 2021. That rate is expected to continue at a double-digit pace through 2025 with powerhouse markets like Brazil and Mexico expected to grow steadily at about 30% per year, and newly emerging markets including Bolivia, Guatemala, Paraguay, and Peru expected to grow even faster, from 40% to as high as 80% each year.*  

Understand Their Evolving Purchasing Habits 

While consumers are spending more, their purchasing habits are changing as well. 
First off, while the intent to buy is there, consumers are aligning with brands that have a mission and a purpose that means something to them. According to a report from Razorfish and Vice Media Group, 82% of consumers prioritize purpose when making purchase decisions.*
Next, consumers may finally warm up to chatbots. According to Retail Touchpoints, the public is ready for retail to embrace the use of chatbots on a wider scale: 70% of Americans use chatbots often, or on every visit, when shopping online. The most common use cases? Customer service (70%), finding products (53%), and finding content or product info (48%).*
And it’s not like consumers have less choices. On the contrary, according to Search Engine Journal, the number of ecommerce platforms has increased year-over-year, by a full 48%. That’s 215 platforms versus 145 in previous years.*  

CleverTap Report: Fit for the Future of Retail

To better prepare you and your brand for the future of retail, we put together an upcoming report entitled Fit for the Future of Retail, which reveals four fundamental business objectives for engaging with today’s mobile-centric consumers.
This is the result of our six-month qualitative and quantitative research project on the state of marketing and customer engagement in the mobile channel. And it draws from data insights included in our key ecommerce benchmark reports for ecommerce, as well as from campaigns that we’ve helped execute across the platform.  
Brands seeking to differentiate themselves from the rest of the market can leverage the report’s insights to plan and execute a holistic strategy that drives customer connection via contextual, valuable, and appropriate marketing and communications.
Drop by our booth #6819, on Level 3 of the NRF 2022 Exhibit Hall to learn more about the report as well as to register for our VIP dinner at Veranda SoHo NYC! 

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