Retail trends 2023
The retail industry is only just starting to recover from the pandemic, which has essentially taken over this sector for the last three years. Supply chain issues, uncertainty around the economy, buyer behaviour changes and more have all affected this sector. With that, new adjustments have had to be implemented, we’ve listed the trends shaping the retail industry in the year 2023.
Social media sentiment analysis
Social media sentiment analysis is all about retrieving information on a consumer’s opinion or perception of a product, brand or service that you offer. It’s an excellent opportunity to learn and see exactly how a customer views your brand and how they feel about it. In 2023, this customer analysis is going to take off with brands using social media to really understand the needs, wants, and preferences of their customer base in order to give them the best service and quality of products that they can.
On top of understanding their customer base, retailers can begin to look into using social media platforms for a revenue advantage; with the likes of platforms such as Tiktok and Instagram Reels taking off this year, now is the time for retailers to take advantage and create content that can go viral, which will boast positive financial outcomes.
Seamless shoppers experience
In 2023, retailers want customers to have a seamless experience across all platforms so whether they’re shopping on their mobile device, desktop computer or in-store, they want this overall shopping experience to be flawless.
In order for a smooth shopping experience, data collected from customers must be shared across all departments to ensure that they are all making the right choices and changes that are aligned with one another. This includes the marketing department, sales department, finance, human resources, and all the departments which can have an impact on customer journeys. Coherent strategies can be built when all departments come together to improve the customer experience.
Recycling and reusing
Consumer buyer habits are going to change a lot in 2023, with more customers shopping less and reusing more. With sustainability and climate change being on the majority of customers’ minds, users are now going to be making conscious decisions to reuse, recycle and thrift their clothing items. Obviously, this can affect sales, however, a lot of companies are now adding pre-owned items to their website. H&M offer their own section on their clothing website dedicated to sustainable clothing, this not only impacts loyal customers in a positive way, but can also bring new ones.
Preparation for economic uncertainty
With the economy recovering from Covid-19 three years later and the change in how consumers spend their money, a lot of retail companies are now preparing for the uncertainty around the economy and looking for ways to optimise their operations and processes. A lot of companies have had to raise their prices in order to stay profitable. When raising prices, this needs to be handled carefully, too high, and consumers will go elsewhere, but too low, and you may find yourself in a negative situation. It’s all about finding a balance between what your customers are happy to pay, and knowing what your business needs to survive.
Automation in physical stores
Interestingly, customers actually prefer a more peaceful approach when shopping physically, in-store. With more stores automating and offering self-service checkouts, customers are enjoying the in-person shopping experience a lot more. By taking away some of the hands-on tasks that employees have to execute, it allows customers to have their own experience, at their own pace, without interruption. To meet this demand, it’s vital that businesses take into consideration the investment of new technologies.
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