SCORE
According to a webinar at SCORE.org entitled “Hottest Businesses, Markets and Trends”, they state the following: 
  • 48% of consumers are more likely to try new businesses than they were pre-pandemic,
  • 83% of online shoppers have experienced technical issues while shopping on a small business website, which threatens sales,
  • shipping is the biggest challenge for about 29% of consumers who have shopped with small businesses online, particularly high shipping costs (22%),
  • 48% of consumers stopped shopping at a store they visited before the pandemic because the company didn’t have an online store,
  • and last, 53% considered using a business but changed their minds because they did not have a website.

Millennials (born 1981-1996) and Gen Z (born 1997-2012) consider consumerism a “channel for change” and are activists when it comes to purchasing behaviors. More than half are currently boycotting at least one company. Your company needs to have a social purpose and show potential customers, partners and prospective employees what your company stands for and how you are making an impact in your community.

Advice from the National Retail Federation (NRF)
  1. Don’t try to be all things to all people,
  2. Deliver on your brand promise,
  3. Consumers want more than just good products at great prices, they expect the business to stand for something,
  4. Concern about climate change is universally rising and sustainability is key.
  5. Consumers also want to do business with companies that look after their employees, have made inclusivity a priority and have committed to being a better company.
M-Commerce (electronic commerce conducted on mobile phones) grew 41.4% in 2020 and grew 15.2% in 2021. Retailers will need to build relationships with mobile-first platforms, such as social media companies, Google, Instacart, and influencer platforms where mobile audiences are. At the same time, they need to learn how to build a mobile customer experience that increases engagement.
 
Another category growing in retail is BOPIS (Buy online, pick up in-store) which grew nearly 106% in 2020 and is still growing. It requires fewer resources than delivery, is convenient and free for customers, and can be launched quickly using existing resources.
 
The Washington Post reports those over 65 are the fastest-growing category of e-commerce shoppers. Baby boomers are loyal customers with more disposable income than younger generations so jump on this trend and start marketing to boomers.
 
For even more interesting information, please go to  https://www.score.org/event/2022s-hottest-businesses-markets-trends, and watch the webinar entitled Hottest Businesses, Markets and Trends.

About the Author(s)

Sharon Schappacher

Sharon Schappacher is a business mentor with SCORE’s Tip of the Mitt chapter, and currently serves as the chapter’s chairperson.

Chapter Chair and Mentor, SCORE Tip of the Mitt
What’s Happening in Retail Sales