Shoptalk Europe 2022: a look back at the year’s leading retail event
This year, the star retail show in the US announced its expansion into Europe with the launch of Shoptalk Europe. For three days, hundreds of professionals gathered in London to discover new tools and strategies to redefine the world of retail. Here are some of the trends DeepReach has unearthed so far.
June 17, 2022
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Over 3,000 participants attended Shoptalk Europe 2022
Shoptalk Europe provides a space where industry professionals can exchange ideas on redefining the future of the retail industry through innovative solutions tailored to their business. This year's show took place from the 6th to the 8th of June 2022 at ExCeL London. The event brought together over 200 international exhibitors including Amazon Pay, Carrefour and Shopify, as well as over 3,000 attendees from a wide range of sectors. These included brands, startups, investors, tech companies, media and many others.
Shoptalk Europe 2022: news, discussions and conferences
During the event, participants were introduced to new products and services developed and designed for offline and online retail. They also had the opportunity to attend conferences led by prestigious speakerssuch as Elodie Perthuisot, Executive Director of E-Commerce, Data and Digital Transformation for the Carrefour Group, Eve Williams, Marketing Director for eBay in the UK and Michael Truluck, CEO of La Redoute.
During these discussion sessions, speakers addressed a number of topics, including the role of fashion in sustainability, trends shaping the digital future of retail, how to develop and implement a disruptive business model and the emergence of the online grocery shop.
Customer experience, a major challenge for retail
Brands today need to understand that consumer expectations are constantly changing. As a result, consumers are increasingly turning to brands that are aligned with their values and satisfy these expectations. Today, 71%of young consumers expect brands to provide them with a personalised experience and tailored content. They also value interaction.
The virtual world as a means of improving conversion rates
Brands are innovating by gradually integrating the virtual world into their customer journeys. We can see this with the rise of augmented reality, the metaverse and Snapchat filters. Moreover, 56% of consumers believe that testing products with augmented reality reinforces their decision to make a purchase. This results in a 94% improvement in the conversion rate!
Sustainability will soon be essential
Across all age groups and countries, consumers are rethinking their consumption patterns and integrating sustainability into their purchases. For their part, brands are agreeing to lower the prices of responsibly designed and manufactured products and services to make them more affordable in order to encourage this type of purchase. In a few years, teachers will have to incorporate the ecological issue into their lesson plans and learn how to communicate it wisely!
The United States: a market to conquer
In the world of e-commerce, it is now necessary to develop an international strategy, in particular in order to attract traffic from the United States. Indeed, American consumers focus mainly on American sites. In order to capture part of this massive audience, European retailers must translate their website into English! Also, almost 80% of European traffic is directed to the US. Retailers will have to devise solutions to retain this audience.
The brilliant rise of payment methods
In recent years, payment methods have developed rapidly. The invisible payment provided by Uber or Amazon Pay, for example, is a good example of this. But this is not the only new thing! In the next few years, Buy Now Pay Later (BNPL) should become commonplace in the retail world. The principle is simple: customers buy, but do not pay immediately. This flexibility is becoming increasingly attractive to consumers. By 2025, the BNPL market share should reach 30%, compared to 8% today.
Live shopping will take over retail
Although live shopping is still not widespread in retail, this trend is unlikely to continue: after a live shopping session, 4 out of 5 consumers want to make a purchase. As a result, large companies such as TikTok and the Meta Group are investing heavily in this new generation of sales practices.
Consumers favour brands
61% of the world's top 1,000 sites are brands. In fact, this is what consumers are looking for on websites or marketplaces. Retailers must therefore position themselves as a real brand, with a strong identity and values of their own.
How did Shoptalk go in Vegas?
After a two-year absence due to the pandemic, the American trade fair opened its doors again at the end of March 2022 in Las Vegas. The exhibition was a great success: more than 10,000 participants attended the event! Here are the key points that stood out at the fair (some of which are not unlike the European version):