The single constant in retail is change. In 2021, brands saw several shifts rising beyond the title of trend that are slated to be the standard going forward. As we look to 2022, here are 5 of the biggest shifts in retail that brands need to account for as new strategic standards.
Advertising with reduced data will be the new reality
One of the biggest stories this year was managing the fallout of data loss from iOS15. iOS15 gave consumers even further power in restricting what data is collected by third parties. Part of a larger shift focusing on consumer data privacy, iOS15 is another step on the path to a cookie-less internet. As brands develop advertising strategies in 2022, they must utilize tools that allow for first-party data collection rather than rely on traditional third-party platforms.
One of the easiest ways to capture first-party data is by giving consumers reasons to interact with your brand directly. Loyalty programs, gift cards, and even branded content are easy ways to drive consumer engagement on your brand’s owned platforms.
Danette Ceriano, Senior Director of Growth at Prizeout, provided even more tips on how brands can make the most of first-party data collection opportunities in a blog post from earlier this year.
Having a checkout option wherever consumers are, whenever they want, will be imperative
In 2021 social media platforms made it even easier for eCommerce brands to capture sales by launching in-app purchases. Instagram released a special series on live in-app shopping events to fuel their in-app shopping options. Both Twitter and TikTok launched a seller-specific app in partnership with Shopify to help sellers take full advantage of its sales features. Impulse and in-moment purchases have been further captured with the rise of last-minute delivery platforms such as Drizly, Instacart, Minibar, and GoPuff. These services boast the capability of delivering shoppers anything, from a bottle of Dom Perignon to a MacBook Pro, in under an hour with just the touch of a button. Shopping is no longer an activity consumers need to plan for, and they are quickly becoming conditioned to engage in transactions whenever and wherever they are.
Brands are taking advantage of this shift in behavior by capitalizing on their gift card offering and making it available on cashout platforms. The rise of side hustles, gaming platforms, and rewards programs have created new opportunities to allow participants to cash out the value in exchange for items such as gift cards. These platforms create a new advertising opportunity for brands to develop consumer awareness and add a new layer to the idea of an omnichannel shopping experience.
The goals and execution of loyalty programs will change
Loyalty programs will become about more than simply tracking how much a customer spends. As mentioned earlier, loyalty programs are an excellent source of owned consumer data and can support a brand’s goal of collecting actionable customer data. Looking ahead, programs will likely be as unique as the brand itself. A program’s platform, use, and rewards will be dependent on the brand’s goals.
New technology platforms make managing engaging loyalty programs easier than ever and can employ tactics such as gamification and social media integration while maintaining ease of use for the consumer. Additionally, personalization and flexibility will be imperative. Consumers understand that they are exchanging data for benefits. The benefits must be those they want and can use. Considering the ongoing unpredictability of item availability and unexpected location closure, these elements are even more critical.
Digital advertising strategies will continue to diversify
It may seem counterintuitive to diversify ad-spend dollars considering that accuracy for key data points from traditional advertising platforms will be harder to confirm while the costs continue to soar. However, these conventional platforms, such as digital display and social media marketing tools, will continue to be essential platforms that can drive awareness. Still, budgets will likely send advertisers to try new media as well.
Self-serve advertising platforms that allow for total control and shortened test periods have become increasingly common — both Hulu and Spotify launched a self-serve model in 2021. These platforms allow for easy testing and data review to identify strong performance. At Prizeout, our data dashboards offer live-review of a campaign and allow advertisers to make changes whenever they see fit. A diverse advertising strategy isn’t just good for data and budget, but it ensures your brand is present wherever your consumer is and will remain top of mind.
And if you only remember one thing…
Each of these strategies has this in common: the consumer receives some sort of benefit, whether it be control over their data, better incentives, or an easier user experience. Even the most creative marketing strategy will fall flat if the path to purchase is complex. At Prizeout, we make the purchase path easy by giving users a simple way to get more for their money by saying yes to your brand.
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