Retail has spent 2021 rebuilding and adapting, so what will 2022 bring for physical retail? And what must retail leaders prioritise?
Retailers in the UK have faced a perfect storm of challenges in 2021, with forced closures due to Covid-induced lockdowns, falls in retail sales volumes, redundancies, talent shortages and supply chain issues.
However, the challenging climate has fuelled a change in the industry.
The shift to e-commerce has accelerated, with retailers now reimagining the in-store space and how consumers interact with it to maintain footfall.
Reassuringly, 65% of customers have shopped a mix of in-store and online this year despite the pandemic, indicating that the High Street still holds a strong place in the hearts of UK consumers.
Retailers now need to cater to that, by focusing on consumers priorities, including convenience and a speedy payment experience. This begs the industry leaders to focus on having the right people, at the right place, at the right time, and doing this by implementing slick talent management solutions.
For 2022, retailers predict the top challenges to be:
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