Retailers have faced two years of ups and downs through the pandemic – so what’s coming next? The people behind the innovative Upside app, which uses open-banking technology to reward shoppers for each purchase, have produced a white paper called Retail Predictions for 2022, to help businesses prepare.
“Our research found that it is becoming more difficult each year to retain loyal customers. On average, loyalty has decreased by 41% coming out of the pandemic,” explains Upside CEO Andries Smit. “For Retail Predictions 2022 we asked industry experts about the macro trends faced by retailers and what they can do to win customer loyalty.”
Three key themes emerged, Mr Smit says. First is that the changes to customer behaviour created by the pandemic are here to stay. Second is that while a lot of customer activity has moved online, stores cannot be neglected. Finally, increased competition makes it more important than ever to harness data to target more-effective marketing.
“In 2022, the stakes will be higher in the face of challenging market conditions, as retailers fight to win back customer loyalty through personalisation, an improved customer experience and brand values,” he concluded.
The full Retail Predictions for 2022 white paper is free to read at www.upsidesaving.com
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