4 Hot Retail Topics at RICE 2022

4 Hot Retail Topics at Retail Innovation Conference & Expo 2022

After attending the Chicago Retail Innovation Conference & Expo 2022, we recap the biggest trends in retail discussed by top brands and retailers.

There are numerous new business practices being implemented in physical stores post-covid. From introducing live commerce to reducing your carbon footprint, let’s explore every hot topic at the retail innovation conference 2022.

1. Live streaming builds consumer community

One of the most heavily discussed topics was how retail live streaming can be utilized to build community commerce. Community-based commerce is described as bringing people with a shared passion or interest together with content that leads to purchase discovery.

This idea has led to many companies instituting live stream retail practices. There is new use of store associates for content creation on livestreaming platforms like TikTok, Instagram and Facebook. It is typically a well-received strategy with both parties because it increases brand awareness while also making associates micro-celebrity social media influencers.

2. The metaverse is the next version of the internet

There were numerous retail technology trends mentioned at RICE 2022, but all come second fiddle to VR and the metaverse. Many are comparing this new digital ecosystem to the first iteration of the internet. The metaverse is an inevitable evolution of the internet. Every business will find a place and (as we have learned from the past) nobody wants to be a late adopter.

With retail experience being more important than ever, virtual worlds create incredible brand opportunities. It creates new revenue streams including virtual to virtual (V2V), physical to virtual (P2V) and virtual to physical (V2P). We are already seeing this shift through recent sales of brand non-fungible tokens or NFTs.

The role of metaverse retail in the coming years will include building virtual places, devices and platforms. Overall, there was a very clear message that investment in your retail metaverse business plan now will ensure incredible market opportunities are not missed.

3. Brand sustainability increases customer loyalty

Customer behavior and values towards sustainable living are accelerating. They view brands as helping them live more sustainably, forming a strong relationship between brand sustainability and customer loyalty.

Consumers also believe that brands bear as much responsibility for positive change as governments. This pursuit of purpose has established a perception in the consumer's eye that sustainable brands are now viewed as front runners.

According to one World Economic Forum survey, 66% of all respondents and 75% of millennial respondents said they consider sustainability when making a purchase. These new shopping habits include greater consideration of eco-friendly products that are made with sustainable materials.

4. Entertainment based retail experiences are the future

If you attended the RICE a few years ago, then you may have heard digital is replacing retailers because “brick and mortar is dead”. At the retail innovation conference 2022, this outlook has changed to digital helps retailers because “boring brick and mortar is dead”.

This idea of retail entertainment was an ever present concept by many brands. Coach used the term “arttainment” to describe their use of an inflatable art installation in public spaces as a way to encourage brand engagement. Lalo, a modern baby retailer, also discussed experimentation with providing “retailtainment”, which was described as a customer's sense of joy from their store experience.

The new omnichannel journey is an elevated shopping experience that involves many different consumer paths that are difficult to track. For example, a shopper may like a sweater in-store that does not come in their size and order it online. A retailer has no idea that this purchase was influenced by their store.

Coach public inflatable art installation in Soho Square, London UK Coach public inflatable art installation in Soho Square, London UK

With entertainment retail stores, metrics such as sales per square foot no longer apply. The retail design trends in 2022 include planning inspiration per square foot and incentivizing customers to scan QR codes to better understand your buyer journeys.

Subscribe to our newsletter

Get our blogs and the latest retail news delivered to your inbox monthly.

    Recent Posts

    Woman in VR headset looking at 3D model of Frank's RedHot in grocery store condiment and sauce aisle

    Sauce & Condiment Sales Heat Up as New Tech Helps Out

    By Kayla Nantelle | October 15, 2024

    Young Millennials and Gen Z consumers have fueled a boom in hot sauce trends and condiment sales. This surge is pushing leading brands and retailers to elevate their game with smarter virtual product innovation and assortment optimization. The condiment and hot sauce industry is thriving in 2024, driven by evolving consumer tastes and the growing…

    Candy, Bar, and Snack Industry use VR to Keep Up with Consumers - Woman wearing a VR headset in a 3D convenience store looking at snack aisle

    Candy, Bar, and Snack Industry use VR to Keep Up with Consumers

    By Kayla Nantelle | August 30, 2024

    Discover the snack trends of 2024 that are pushing the snack bar market and candy industry to innovate and evolve using cutting-edge technology. The Convenience Store News 2024 Industry Deep Dive revealed numerous snack food industry trends, highlighting a shift toward healthier snacking options and a growing preference for savory flavors. As various snack categories…

    ReadySet virtual reality Walmart ice cream aisle with female shopper in VR headset holding up and looking at a 3D model of Blue Bunny Cookies & Cream treat

    Ice Cream Category Leverages VR Innovation for Sales Growth

    By Kayla Nantelle | August 22, 2024

    Learn about new virtual reality retail planning and research solutions aimed to assist ice cream industry growth amid recent sales decline. The ice cream industry has faced a noticeable decline in unit sales since the pandemic, as reported by Kroger’s retail data science company 84.51˚. Their ice cream industry analysis showcased inflation driving a modest…

    Leave a Comment