Consumer trends in 2022 are taking a significant shift as people come out of lockdowns and economic downturns. They might experience a shift in the mentality of what they want from businesses and how they plan to live their lives now that the world is opening back up.
Businesses should be looking at how to keep connected with consumers, which will require reshaping strategies and business models, especially when trying to attract the younger generations.
Let’s have a look at the major trends of 2022.
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Consumers are moving to peer-to-peer commerce: the second-hand trend
Consumers are becoming more financially savvy and are looking for sustainable and cheaper alternatives. The trend is moving from buying new products to purchasing second-hand alternatives, whether that’s clothes, electronics, or any other type of e-commerce.
With this type of mindset, there is less of an emphasis on owning products and more on using them for a specific purpose and then looking to resell them.
What are businesses doing with the second-hand trend?
Some businesses like Lululemon have caught onto this trend early and are starting to introduce programs to trade-in or resell their products through the official Lululemon sales channels.
With Lululemon, consumers can trade in their lightly used clothing or products for a gift card, and then consumers have the option to buy second-hand items for a discount. This allows Lululemon to stay connected with a younger market looking for deals and discounts.
Many major retailers, such as Bestbuy, even have marketplaces built into their online listings that allow refurbished or second-hand items to be sold at discounted prices, which you can directly compare with the new products sold directly by Bestbuy.
Second-hand marketplaces are already exploding with a brand new influx of consumers looking to connect and buy second-hand products.
ThredUp and Poshmark are two of the larger marketplaces that are thriving and investing heavily in new features and acquiring companies to provide a better and bigger experience for thrift seekers.
Facebook Marketplace and eBay are historically big providers of second-hand products, though many specialty marketplaces for clothing and shoes may be more appealing than a single mass marketplace for the new younger consumers.
Media habits are changing in 2022: the news
Media habits are also changing in 2022; many people, especially younger generations, are moving away from traditional news outlets and relying heavily on social media to learn about what’s going on in the world. According to research, about half of Americans get news on social media at least sometimes.
The shift in media habits is heavily influenced by people’s distrust of large news outlets that major corporations may now back. People are resistant to believing everything they see from previously credible sources.
Just like peer-to-peer e-commerce, people are heavily relying on direct access to information and videos through their social media channels. An example is the Ukraine invasion being documented through places like Tiktok, where people are seeing firsthand accounts of what’s going on with no narrative or input from media outlets.
The metaverse is shifting e-commerce options in 2022
Whilst the Metaverse or Web 3.0 is slowly being built, in 2022 we will see a large influx of major corporations creating new destinations for the ever-growing number of people switching over to a 3D digital ecosystem.
As part of the Metaverse and ongoing shifts in e-commerce, the crypto world is becoming a more mainstream option for many people looking to interact as well as buy products and services from the digital world.
Right now, the Metaverse and crypto options are heavily focused on gaming and younger generations, but major corporations are taking a bet on the Metaverse and moving e-commerce sales into the digital world; expect to see fashion brands heavily pushing into the Metaverse in 2022.
Where are the Metaverse and crypto heading in 2022?
Consumers are becoming more financially savvy and start investing massively in cryptocurrencies. Having options in The Metaverse for consumers to purchase products and services is where many corporations are heading to. They are looking for options to balance the income that might have been lost more through traditional sales channels.
There are already major corporations building Metaverse worlds for people to join and connect their crypto wallets to or purchase new crypto. New products are being created either for digital sale or use or investment through online products such as NFTs.
Facebook (or Meta) and Nike have their own Metaverse environments for people to join, which allows them to purchase clothes and other items for their avatars. Brands like Under Armour are even creating limited edition NFTs based on real-world products. Check out these examples of brands doing business in the Metaverse.
Connecting consumers to the Metaverse and looking for ways to sell products will be a major trend in 2022 and going forward. It’s time to ake your first step towards implementing the Metaverse into your business.
Consumer’s values, lifestyles, and goals in 2022
The past few years we have seen many people reevaluate their values, lifestyles, and goals which is driving major changes in trends in 2022. Covid19 has become a part of everyday life and people look to move on and start enjoying their lives again.
Consumers won’t be waiting for brands
Consumers are becoming less dedicated to the brands they love, especially if there are supply chain issues or delays in getting products. Any delay in consumers getting what they want will see them moving on to the next best option or simply not making purchases.
Consumers want an environmentally friendly brand
Despite the many shifts in perception and mindsets, one shift that the pandemic hasn’t driven is the significant focus on the environment, sustainable practices, and brands that are considered “green.” Consumers are more often checking how green a brand or business is before they spend their money on their products.
Older consumers are looking for ease
Older consumers have found or been forced to find the benefits of e-commerce where they were traditionally in-person consumers. However, making e-commerce transactions and finding products easy will be a major component of tapping into older generations that are trying to navigate the digital world.
If brands are making things complex, especially during checkout, or when they are constantly changing their format or searchability, then older consumers may find it too difficult and go to other brands.
Alternative forms of payment are a must
Consumers are finding alternative forms of payment, whether that’s to be safer or simply to use new methods that are easier for them. e-commerce sites that offer a range of payment methods will see an increase in sales, especially if payment methods such as Apply Pay, PayPal, and even crypto options are provided..
This is also being heavily pushed through the trend of investing in the crypto world for many new investors who are now looking for ways to use crypto as a payment method.
The other major component is the trend where consumers have side hustles that pay for alternative methods that consumers want to use.
A partner for your digital transformation
Whether your business already has one foot in the future of consumption or just getting started in the digital world, we can help accelerate your transformation. Contact the Mowgli team for a one-to-one assessment.