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Retail Trends

Top Retail Stats for March 2022

Mar 16, 2022

For this month’s stats, we’ve been reflecting on the retail trends we spotted during our New York visit for NRF and what these mean for successful retail businesses.

65% of Shoppers Think Customer Experience Is Lacking

A massive 65% of consumers feel companies need to improve their overall customer experience, according to the 2022 CX and Communications Insights: Engaging Customers in a Digital World report from Broadridge Financial Solutions Inc.

This is a concerning increase from 35% who said the same thing the previous year. That 30% jump suggests that the quality of customer experience has decreased considerably, or consumer expectations have increased significantly.

Either way, retailers will need to respond if they want to remain successful.

Augmented Reality Is Influencing Buying Behaviors

Augmented Reality (AR) is definitely now a mainstream technology.

A recent study by Camera IQ found that 76% of US consumers have already used AR.

This presents a huge opportunity for retailers who are yet to utilize this technology. Especially when you consider that 59% of consumers said they would be more likely to buy a product they’ve seen visualized through AR.

76% of Shoppers Expect Personalized Customer Experience

Personalization has become a key element of successful retailers’ strategies.

In a recent survey by Puzzel, 76% of UK shoppers said they now expect a personalized customer experience.

Notably, this includes customer service with 35% reporting that they expect customer service staff to have immediate background knowledge on their query.

70% of consumers who have visited a virtual retail store said they purchased something.

70% of Consumers Buy From Virtual Retail Stores

The metaverse is a major talking point at the moment.

For retailers, there is a question about how the metaverse will impact the way we shop and what we buy.

Based on a recent survey by Obsess it seems that customers are comfortable buying virtual items. A huge 70% of consumers who have visited a virtual retail store said they purchased something.