2022 is upon us and looking back on the events of 2021, we see major indicators of what’s coming for retail. Consumer sales have generally been strong, despite the challenges in Covid restrictions and the supply chain backlog. Consumers have been spending money on home improvement projects and consumer goods that they would typically spend on travel.
However, there are still reports of several major brick-and-mortar store closures planned within the next couple of years, due in part to extended lockdowns and bankruptcy. In contrast, Dollar stores accounted for majority of store openings since 2020.
The pandemic and the deluge of physical store closings has undoubtedly been a big factor in accelerating the shift towards online shopping and this trend is showing no signs of slowing down any time soon. With the gradual re-opening of the economy, consumers are expected to shop in person and online in a hybrid fashion. Physical stores have made significant investments in redesigning their spaces to make customers feel safe and lure them away from their computers.
Free Shipping and instant gratification will still be a major differentiator for retailers and they must be prepared to strike a balance between consumer expectations and the realities of the current pandemic in terms of logistics.
With an incredibly fast evolving retail landscape, retailers need to get ahead of the curve. Having a strong, dependable and knowledgeable partner in business who can help navigate the complexities and challenges is critical. New Age Electronics supports customers of every size, from top CE chains to smaller independent stores, to online retail businesses. New Age Electronics gives retailers the power to adapt and succeed with a comprehensive product portfolio and innovative solutions and services. We help retailers build solution “boxes” custom-tailored to their customers’ specific needs.
New Age Electronics is your partner for growth in 2022!