Belgian retail could grow significantly in 2022
Here is another interesting study that has recently been published. According to a report by Adyen, retail can contribute 49 billion euros to the Belgian economy.
In a freshly published document, Adyen reports the results of a survey of 40,020 adults (of which 1,000 were Belgian respondents) and 11,530 companies active in the retail, travel, hotel and food sectors (of which 100 were Belgian retailers). The survey was conducted between the end of 2021 and the beginning of 2022 (meaning before the outbreak of the Ukrainian conflict).
Progress, but still lagging behind
One of the conclusions from the report confirms what we already know. Belgian retail and its players are making progress, but they are still lagging behind the world average.
Digitalization is contributing to the transformation of Belgian retail. The proof is that one out of two consumers think that retailers have wisely used technology to make their products available during the pandemic. However, the figure is significantly lower than in the rest of the world (61%).
Fluidity through unification
Julien Marlier, Country Manager Belgium at Adyen explains in the margin of the report that unifying systems allows retailers to ensure a seamless experience for customers: "Today's consumers expect their favorite retailers to offer the latest technology solutions. Whether shopping online, in-store, or anything in between, shoppers now demand a seamless shopping experience that allows them to move easily between channels. And this is just the beginning. Retailers must embrace new technologies and break down silos. This is the only way to improve the relationship with the customer. By embracing unified commerce, companies can collect data to improve the customer experience and make business management more agile. This gives retailers a competitive edge in today's landscape."
49 billion €
According to the report, 73% of Belgian retailers can expect to grow by 20% or more. Globally, 72% are expected to do so. As the study was carried out just before the outbreak of war in Ukraine, the predictions will of course have to be revised.
However, if the local and global growth ambitions are indeed realized, this could represent no less than 49 billion euros for the Belgian economy, and no less than 7.1 trillion euros for the global economy.
For those interested, the full report is available via this link : https://mcusercontent.com/13537913d22a4e0fd19c6d919/files/2879dbae-7825-0d71-a4ed-47732de2b5c3/adyen_retail_report_2022_BELGIUM.pdf
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