When you hear the word “hybrid” these days, the first thing that comes to mind is work. The hybrid trend is gaining momentum in retail, too. Spawned by the pandemic, and born of a need for flexibility and convenience, throughout 2021 we saw tiny mom-and-pop shops going online in
the same breath as juggernaut e-tailers opening brick and mortar stores. The message?
Meeting the customer where they are means being on Main Street and online with an array of flexible payment and fulfillment options. The biggest trend I see for retail in 2022 is cross-pollination between retail and ecommerce, but an imperative to provide customers with more options for how (and how quickly) they can receive their goods.
According to a survey SpotOn, a leading software and payments provider, conducted with Harris Poll, consumers want independent retailer goods with big-box convenience and transparency when it comes to shopping and fulfillment. Consider this, 40% of Americans responded to that survey saying they would be more motivated to purchase from an independent retailer over a larger, national retailer based on the availability of a “buy online pickup in store” (BOPIS) option. That same survey revealed that 78% of Americans would be more likely to purchase from a store offering both in-person and online purchase options over a store that offers only one purchase option.
In this hybrid retail landscape, same-day delivery, curbside pickup, and BOPIS are no longer tools of convenience strictly reserved for larger retailers. Just two years ago, the idea of a small business being able to offer same-day delivery would have seemed preposterous. Technology is turning out to be the great equalizer here, giving independent retailers access to the tools they need to compete and win online and on Main Street.
Amidst the current labor shortage, all businesses are trying to do more with less. For retailers looking to add an e-commerce component to their business, having an integrated catalog that provides a real-time view of stock across locations is going to be essential, so they don’t waste valuable time or money on inventory management. Additionally, leveraging tech that integrates with delivery and shipment specialists (like DoorDash and Shippo), enables independent retailers to maximize the new revenue stream potential without maxing out on labor costs or additional responsibilities.
In 2022, a hybrid, flexible, omnichannel solution will be more than a nice-to-have for retailers. It will be a must-have. Necessity truly is the mother of invention, though. Just look at how DoorDash–once a delivery service exclusively for food–mobilized to support retailers with a same-day delivery solution. I’m excited to see the amazing ways in which independent retailers–and those who support them–get inventive and collaborative in the coming year to help business owners nurture their dreams and grow their businesses.
Doron Friedman, Chief Product Officer, SpotOn
Doron is an entrepreneur who loves working on industry-changing ideas and leading companies from startup through growth stages. He was the founder and CEO of Arroweye Solutions (a FinTech 100 company) for approximately 10 years and is currently CPO and co-founder of SpotOn.
As CPO of SpotOn, Doron is leading product innovation where its main focus is to grow revenues for small and midsize businesses by empowering them with the tools necessary to run and grow their business and also connect with customers in a meaningful way. He has also co-authored 12 Patents.
