The year 2022 solidified the view that eCommerce and omnichannel are the future, and 2023 has been all about being flexible, consumer-centric, and strengthening retail-tech skills to succeed in the digitally driven retail industry.
Modern consumers have evolved a new set of expectations as a result of the widespread use of technology. As a result, businesses must carefully evaluate every action to prepare properly. Utilizing analytics and technology promptly is the most efficient method for achieving this goal.
Why do retail trends matter? Following retail trends helps to inform corporate strategy, anticipate customer demands, stay relevant, and seize new possibilities.
This article discusses the leading retail trends of 2023 and beyond.
Electronic commerce is here to stay
During the COVID-19 pandemic, e-commerce popularity and sales volume skyrocketed. Although this trend has moderated, eMarketer expects that eCommerce websites will account for 22.3% of all retail purchases by the end of 2023.
Technology has made internet sales simpler than ever, and social commerce is on the increase. Consequently, there are currently between 12 and 24 million eCommerce stores worldwide. In addition, 58.4% of internet users make weekly purchases online. By 2026, analysts anticipate the worldwide eCommerce market to reach $8.1 trillion. This is a rise from $5.7 trillion in 2022.
What are the implications for retailers? Now is the moment to double and quadruple your eCommerce commitment. We are swiftly nearing a point in retail where customers will have no choice but to purchase online.
24-hour customer support
Consumers have more expectations for customer service than ever before. Both positive and negative experiences can influence the chance of customer retention.
But customer service must also be exceptional, and must always be accessible. This is especially true for worldwide businesses whose clients span many time zones. By delivering dependable customer service around the clock, they enhance their relationship with clients. And, most crucially, they can reduce the frustration produced by matters beyond their control.
Transparency in transport
Shipping trends for 2023 have been dominated by speed, cost, and openness. 36% of customers, according to a recent Forbes study, would forgo ride-sharing for a year in exchange for free shipping on all online shopping. Another 25% would be prepared to give up coffee and 22% would be willing to give up Netflix.
However, rapid and free shipping is not enough, and keeping delivery promises is considered more important for acquiring and maintaining clients. To do this, merchants must be forthcoming regarding shipment dates and delays. When consumers are not informed of a shipment delay, 69.7% say they are less inclined to purchase from that company again.
Cashless, contactless, and autonomous delivery
Consumers are seeking greater simplification and effectiveness in how they pay for products and services and how they reach retailers.
Buy-online-pickup-in-store (BOPIS), buy-online-return-in-store (BORIS), and buy-online-pickup-at-curbside (BOPAC) are gradually becoming the norm for convenience trends. The automation of the necessary sophisticated inventory management operations is made possible by artificial intelligence and advanced analytics. It is also necessary for the new autonomous delivery techniques that merchants are progressively testing, piloting, and deploying in the real world.
Less packaging waste
For both digital and physical transactions, consumers are asking that businesses utilize recyclable and sustainable packaging for their items. And that is not surprising. E-commerce packaging is the main source of emissions in the sector. It is six times more expensive than in-store purchases.
According to Shorr's Sustainable Packaging Consumer Report, 76% of respondents have made efforts to purchase more sustainable products in the past year, 86% are more likely to purchase from retailers if the packaging is sustainable, and 77% anticipate that more brands will offer 100% sustainable packaging shortly.
There exists a consumer need for ecological packaging, and stores are observing this. Therefore, if sustainability and low-waste packaging are not a priority for you in 2023 and beyond, they should be.
Personalization is Key to Customer Satisfaction
As new technologies provide customers with a higher degree of control, on-demand personalization continues to grow across all retail sectors. The days when customization in direct emails consisted of first-name fields are long gone. The majority of retail organizations today offer customizable product recommendations, email filters that eliminate previously purchased things, and sophisticated profiling systems that allow clients to define their identity and method of communicating with the business. These incredibly personalized touches engage clients on an emotional level and encourage brand loyalty.
Influencers and demand for human interaction
It's no secret that the influencers are taking over, and this trend shows no signs of slowing. With the rise of social media stars and micro-influencers, brands have a new way to reach consumers directly.
If you're looking for ways to stand out in an increasingly crowded marketplace, consider working with influencers who can help you create authentic content for your brand. By partnering with these individuals on campaigns or collaborations, you'll be able to reach new audiences and build goodwill among existing customers.
The most loyal customers want to feel like they're getting exclusive products from their favorite brands—and today's retail environment is enabling them to get exactly that experience.
Customer Service and Customization
With so many retail trends up for consideration, it’s important to keep in mind that customers are willing to experiment with new things if it means improved service and customized products. Customers want to feel like they're getting exclusive products from their favorite brands. The most loyal customers want to feel like they're getting exclusive products from their favorite brands.
Conclusion
In the future, commerce is likely to become even more seamless. Buyers will interact entirely through smart devices and will have the option to customize virtually every aspect of their shopping experience.
Commerce is also likely to expand beyond SMBs. Ultimately, brands will need to adapt quickly as consumers shift their buying behaviors and make purchases from a dizzying array of channels. To stay ahead of the curve, businesses must be abreast of retail trends that may affect their performance.
At Uncut Lab, we help retail businesses to improve their bottom-line and streamline their workflows. Get in touch with our team and adapt to these retail trends for 2023.
