5 Retail Trends To Watch Out For in 2023
Updated: May 10
By 2023, the retail sector will have transformed not only how we buy and sell, but also where we shop and what we buy. Let us look at a few retail trends in 2023:
Retailers selling on multiple digital channels: The potential for retail is changing along with social media. In the upcoming 12 months, according to a study, 81% of retailers intend to increase the number of digital channels they sell on. Companies are looking for a single, centralised approach to engage with their customers since they are aware that there are an increasing number of ways to do so. With businesses estimating that 43% of their revenue comes from online sales, online shopping is still an essential method of product sales. But, retailers may profit from other methods of selling, such as virtual reality.
Retailers are preparing for a volatile economy: Retailers are preparing their companies in the face of economic uncertainty. When asked what steps they were considering taking to withstand a recession, 44% said raising prices was the first thing on their list. Increasing pricing can be a challenging decision that needs to be handled carefully and strike a balance between what your company needs to survive and what customers are ready to pay.
Consumer's interaction with brands: Maintaining client engagement and communication often depends on your audience - when to send the email or when to text market the sale, or when to do both. The good news is that consumers demand communication from the companies they use frequently. The majority of them—86%—do. With 60% of consumers choosing email as their preferred method, email stands at the top.
Purchases made directly from mobile devices: Two of the major digital trends in the retail sector are social and mobile commerce, and both are experiencing massive growth. Retailers are experimenting with a variety of methods to fulfil the changing needs of customers, from selling on Instagram to opening an online store. Ninety-one per cent of the retailers surveyed are now selling on social media, creating an exciting new omnichannel environment. eCommerce solutions enable social and mobile selling, allowing businesses to reach more customers at a time when individuals may be even more reliant on their gadgets, whether through fully shoppable stores or flash discounts. 79% of consumers make purchases directly from their mobile devices, proving that it is effective.
Flexible payment options: For younger consumers, particularly members of Generation Z, flexible payment options are becoming more and more significant. Customers, particularly younger ones, are looking for buy now, pay later (BNPL) options since they enhance the buying experience. According to our 2023 Future of Retail research, 41% of Gen Z merchants aim to add BNPL to their payment options in order to improve their in-store experience, even though 33% of retailers now provide BNPL options.
In conclusion: These are just a few of the trends you'll start to notice in 2023. Retailers and brands may better understand consumer tastes and behaviours by staying on top of the most recent trends and developments. This will enable them to deliver goods, services, and experiences that both meet and exceed consumer expectations.
Also, by keeping up with these trends, businesses can have a better idea of what is now popular as well as what to anticipate in the future. Their strategy will ultimately need to be changed as a result of this. Tracking the trends can help brands and merchants in spotting new chances and seizing them. Trends can be leveraged to innovate, stand out from the competition, and gain a competitive advantage.