While some trends come and go, there were a few trends that have stayed with consumers throughout the year.

Similarly to what we found earlier this year, nearly 40% of consumers are still willing to pay extra for climate-conscious products. Nearly two-thirds of shoppers (63%) would also recommend a product if they think it isn’t very harmful to the planet.

Security is still a major concern for many shoppers. In 2021, retail organizations saw a 75% increase in cyberattacks compared to the year before. If customers don’t feel that their personal information is kept safe, they become far less likely to make purchases at your online store.

Lastly, appointment shopping, which emerged at the beginning of the pandemic, is becoming a premier in-store experience that many customers are looking to have.

Click HERE to learn more about the latest retail trends.

Retailers who successfully leverage computer vision with diagnostic, proactive, and predictive analytics are gaining the much-needed competitive edge.
 
Computer vision provides video and audio for additional context, complementing other types of data.  No matter if you are at your store for 9 hours a day, or an hour a week, it is impossible to see everything the way artificial intelligence can comprehend every second of the day.
 
The combination of foot traffic data and AI allows you to not only see exactly how long a customer was in a store, but you can see exactly where customers are spending their time.

Click HERE to learn more about computer vision.

A recent report found that 57% of shoppers will spend the same amount or more during this year’s Black Friday and Cyber Monday than in 2021.

The survey also found that 40% of consumers are willing to pay extra for climate-conscious products this holiday. Nearly two-thirds of shoppers (63%) would also recommend a product if they think it isn’t very harmful to the planet.

Even with the price of goods increasing, consumers are willing to spend extra if it means the product is beneficial to the environment.

Click HERE to learn more about the recent surge in conscious purchases.

While AI was once a far-fetched idea, companies such as Dal-e have proven the power of AI through their text-to-image generator.

Automation, data, and technology, like machine learning algorithms, are used in retail AI to give customers highly customized shopping experiences.

By 2028, the global AI in retail market size is expected to reach $24.1 billion. The growth comes from the endless amount of possibilities AI brings into the market, such as COVID-19 impact analysis, higher supply chain capabilities, higher efficiency in saving cost and optimizing the experience for customers.

While that all sounds amazing, only time will tell how long it will take for AI to meet these insane expectations.

Despite the rise of e-commerce shopping over the last few years, a shift is right around the corner.

A recent JLL survey of over 1000 consumers discovered that 63.2% of consumers plan to do at least some of their shopping in stores this year, up from 58% in 2021.

This is followed by 55.3% who plan to shop with an online-only retailer and 49.1% ordering online from a brick-and-mortar store.

Among the main reasons why customers want to shop in stores for the holidays are to see products before buying them (54.5%), enjoy the ambiance of the store (36.9%), and avoid shipping costs and delays (32.7%), the survey found.

Consumers are spending and shopping early, but inflation is still squeezing their pockets.

Retail sales rose 7.1% in September in the segments followed by Retail Dive (which doesn’t include grocery, gas, or restaurants). Overall inflation also remained stubbornly high in the month at 8.2%, so, while consumers are spending, they’re getting less for their money, and volumes are therefore down in many categories.

A small but notable 11.5% rise in e-commerce during the month suggests that people are shopping early for the holidays, which research shows is, for some, to help stretch strained budgets.

A recent survey predicts that a quarter of holiday shoppers planned to begin before September 30 and a half are set to begin before October 31,” Bankrate Senior Industry Analyst Ted Rossman said in emailed comments.

Retailers who successfully leverage computer vision with diagnostic, proactive, and predictive analytics are gaining the much-needed competitive edge.

Computer vision provides video and audio for additional context, complementing other types of data. No matter if you are at your store for 9 hours a day, or an hour a week, it is impossible to see everything the way artificial intelligence can comprehend every second of the day.

The combination of foot traffic data and AI allows you to not only see exactly how long a customer was in a store, but you can see exactly where customers are spending their time.