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The Future of Retail Report: 2022/23 Edition

19/10/2022

Download The 2022 Future of Retail Report

Uncover the top trends that are shaping 2022 and 2023 for Australian retailers and their customers.

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What’s ahead for the Australian retail industry? Today’s shoppers are discovering, experiencing and purchasing in ways they never have before. This dynamic retail environment brings plenty of challenges, as well as promising opportunities for those retailers willing to meet their customers’ evolving needs.

For our inaugural Future of Retail report, Square Australia partnered with YouGov Research and surveyed 1,000 customers along with 500 retailers to uncover what businesses can expect for 2022/2023 and beyond. Learn more about emerging consumer habits and how retailers around the country are rising to meet ongoing challenges. You’ll also find tips from Square experts and successful retailers to help take your business to the next level.

Inside the Future of Retail report, you’ll find:

foc-search-icon An analysis of the top retail trends of 2022: From omnichannel selling to conscious shoppers and the rapid acceleration of technology, learn about the top trends that are shaking up the retail world this year and beyond.

foc-tools-icon Tools and strategies to help you bring all of these ideas to life at your store and online: Find out which retail trends are right for your business and how to put them into motion.

foc-pie-icon Industry insights from Square retail experts: We tapped Square experts to share their perspectives on what these trends mean, where they are headed and the best ways for local retailers to do what makes the most sense for their businesses.

foc-plant-icon Real-world examples from creative retailers: See how retailers across the country are bringing these insights together to create a shopping experience that’s integrated, innovative and irresistible to customers.

87%

of consumers surveyed believe it is more important now than ever to shop local to support Australian businesses.

84%

of retailers surveyed are using or planning to use technology or automation to decrease staff members’ hands-on time.

88%

of Aussie shoppers say that a business/brand’s values and ethics matter to them.

What is the future of shopping?

Successful retailers are known for their ability to adapt to nearly any challenge.

The pandemic forced many retail businesses to invest in their omnichannel offerings, with many either building online stores, investing more into their existing digital channels or expanding their pick-up and shipping services. At the same time, customers have become accustomed to the convenience of omnichannel shopping and all the flexibility it offers: from browsing to buying and selecting convenient order delivery options.

In 2022 and beyond, shopping will be personal, thoughtful, seamless, and innovative:

  • Shoppers expect to purchase what they want both when and how they want it. But, they also trust retailers to curate the right products and experiences for their tastes.
  • Retailers are rapidly adopting new models and technologies to become more efficient and accessible, so it’s easier to engage shoppers everywhere they expect to find their products.
  • The right set of omnichannel tools is key for meeting new customer demands and driving ongoing loyalty.

By trying out new ways of doing business and streamlining each step, retailers are staying ahead of the curve.

How will the future of online shopping change?

The future of retail isn’t moving all online — it’s moving everywhere your customers are.

Today’s shoppers expect to be met where they already are and it’s crucial that retailers adapt their offerings to meet these demands. Selling online is now table stakes, and it requires an omnichannel solution that can tie each touchpoint together — for shoppers on the front end and business owners on the back end. Using integrated tools, successful online retailers are syncing their inventory, tracking orders, offering loyalty programs and selling on social media.

With everything in one place, creating that connected, personalised experience across channels makes online shopping a complement to the in-person experience. From social media selling to chatbots to text messages or checkout links, retailers are connecting with customers everywhere they want to shop, using technology to decrease staff hands-on time and automate operations. Opening up more time to invest in marketing, design, staffing and new business ideas - leading to higher sales and the flexibility to adjust and grow.

What is the future of brick-and-mortar stores?

Customers want to return to in-person shopping, and they want what they can’t get anywhere else. By making the in-store experience stand out through community events and allowing customers to pick up online orders, retailers are using brick-and-mortar locations to build their brands and deepen customer loyalty.

Now that in-store shopping is getting its groove back, customers are craving even more sophisticated omnichannel options than ever before. It’s up to retailers to find the best ways, often through new technologies, to earn their loyalty.

To pull this off, retailers need to hire the right staff. As retailers work through new challenges — from supply chain issues to skills shortages — a strong team will help them navigate each milestone. One way business owners are investing in this work is through their tech stack. A strong majority of store owners surveyed use or plan to use automated tools so staff members can spend less time on hands-on tasks like order tracking and managing customer loyalty programs.

These are just a few predictions of what the future of retail will look like in 2022 and beyond. Get a deeper dive into how retail is evolving by downloading the full Future of Retail report below, complete with original data and strategic advice from 500 retailers and 1,000 shoppers across Australia.

Unlock the rest of these insights and trends by downloading the full Future of Retail report.

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