Innovation and change are two retail trends every business can count upon in 2023. Both online and in-person retail are moving at a faster pace than ever before. This is due to technological innovation. Shifting consumer expectations is also a driving force.
To stay ahead of the curve, businesses must keep up to date with retail trends. Retailers will thrive in the coming year if they embrace this change. We know it can be difficult to keep up with all the business activities and trends.
We’ve compiled the top retail trends for 2023 and made it easy to follow in a blog post. Keep reading to stay trendy!
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Global Internet users account for 58.4%, with 58.4% reporting that they buy something online every week. A further 30.6% of those transactions were made via mobile devices.
The bottom line is that if you don’t have a mobile-friendly online store and aren’t selling on social media, you’re already behind the rest of your industry.
Keep up-to-date with retail trends and incorporate them in your business and marketing strategies through 2023 and beyond.
You can stay ahead of your competition by staying on top of retail trends, especially technology trends. You can also take advantage of the latest technology as it becomes available.
Social commerce is growing rapidly. There are currently between 12 and 24 million ecommerce shops worldwide. And 58.4% of internet users buy online every week.
Analysts expect the global ecommerce market to grow to $8.1 trillion in 2026. This is an increase of $5.7 trillion from 2022.
Ecommerce will continue growing in popularity and complexity over the next few years. eMarketer predicts that ecommerce websites will account for 22.3% of total retail sales by 2023.
What does this mean for retailers? This is the right time to double or triple your ecommerce commitment. We are rapidly approaching a point in retail where online shopping is non-negotiable.
2. Most targeted sector for cyberattacks beginning in 2020
In response to this demand, major privacy laws have been enacted by governments around the globe.
- China’s Personal Information Protection Law
- Brazil’s General Data Protection Law
- California’s Consumer Privacy Act
- The General Data Protection Regulation (GDPR), of the European Union.
These laws effectively dictate how companies collect, store and use user data to ensure safety and privacy online.
Online safety is also a concern for consumers. They also want to know how retailers use their data.
According to statistics, 81% of Americans are concerned about companies collecting personal data.
Forbes recommends these measures to ensure user safety:
- Using reputable payment providers
- Following data privacy and security best practice guidelines
- Fraud prevention tools
- Installing SSL certificates
- You must ensure that your site is fully PCI compliant
- Investing in a quality hosting provider
Online data protection is becoming more important to consumers. This demand will require retailers to respond.
3. In 2021, $3.44 trillion It is expected to grow at a compound annual growth rate (CAGR), of 13.3% between 2022-2023.
What is driving this demand? Grand View Research says it’s a combination:
- Retail store space costs rising
- Lengthening consumer queue times
- Manpower shortage
- Rising labor costs
- A desire to have personalized shopping experiences
Retailers are looking for ways to automate their processes and reduce costs. Consumers want personalization, efficiency and the ability to design their retail experience.
58% of North American retail shoppers surveyed said they have used self-checkout in-store. 48.7% use it exclusively. Self-checkout is quicker than waiting in line, according to 85%. 71% want an app that allows them to purchase products, rather than waiting in a queue.
4. Chatbots for ecommerce have seen a surge in popularity in recent times. Gartner predicts they will be the primary customer service tool for 25% to 25% of companies by 2027.
It’s easy to see why. Chatbots are a great tool for businesses:
- Save money
- Provide better customer service
- Interact with customers via multiple channels and scale
- Deliver always-on customer service
- Expand internationally without adding overhead
Retailers can use an online chatbot such as Heyday to:
- Answer FAQs
- Engage customers
- Automate personalized shopping experiences
- Offer post-online sales support including shipping and tracking information
- Get feedback and data
- Provide multilingual support
They can do this all day without being tired and without having to pay multiple salaries. Chatbots are the perfect addition to any retail team looking to provide omnichannel customer support.
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5. Bookings in-store
Appointment shopping allows customers to book time in-store to browse product samples. This is an omnichannel and experiential retail strategy. This allows for more personalization and white-glove service experiences.
Customers can book in-store shopping experiences via an ecommerce retailer’s website. They are treated like guests and can browse and try products with the assistance of a host. QR codes may be found on products that allow them scan and then purchase later.
If a customer doesn’t feel comfortable shopping in a brick and mortar store, but doesn’t want to deal shipping and supply chain issues themselves, they can book an appointment to order online and pick up in-store.
6. 24/7 customer service
Consumers have higher expectations of customer service. Both positive and negative experiences can affect the likelihood of repeat business.
Customer service does not have to be excellent. It must also be available at all times. This is especially important for global retailers that have customers in different time zones.
They improve customer relationships by providing 24/7 customer support. They can also reduce frustrations that may be caused by outside factors.
It’s impossible to have a human support staff available 24/7, so a chatbot is a great option. Heyday, an AI chatbot that can converse with customers in multiple languages, provides round-the-clock support for FAQs.
Retail Dive found that 93% of respondents to a recent survey stated they would be more patient with delays in shipment if the brand provided great customer service. This is something worth noting!
7. 60% of consumers report that they do their research online before making major purchases.
This means that retailers must offer seamless transitions between online and offline experiences.
8. 36% of consumers stated that they would give up ride-sharing in exchange for free shipping for all online orders. 25% of consumers would give up coffee and 22% would give up Netflix.
But it’s not enough to have fast and free delivery. It is important to keep your customers happy by delivering on your promises.
Retailers must be transparent about shipping delays and timelines to do this. If shipping delays are not communicated to consumers, 69.7% of respondents say they are less likely buy from that retailer again.
To ensure transparency, FedEx recommends:
- Set realistic and clear expectations regarding delivery time
- Customers have the ability to check delivery status online.
According to them, transparency in delivery information will be a table stakes as more consumers demand greater control.
9. Six times more than products bought in-store
According to Shorr’s Sustainable Packaging Consumer Report
- 76% of respondents said they have made conscious efforts to buy more sustainable products over the past year.
- 86% of respondents say they are more likely buy from retailers if the packaging can be recycled.
- 77% of respondents expect more brands will offer 100% sustainable packaging in future
There is a growing consumer demand for sustainable packaging. Retailers are paying attention. If sustainability and low-waste packaging are not a priority for your business, it should be by 2023.
10. war in Ukraine. Supply chain and logistics issues ongoing. Global and regional economic crises. Shifting trade agreements between nations. These are all significant headwinds to retailers.
But, buyers still expect transparent shipping. Buyers still expect transparency in shipping. They also want fair prices and strong customer support.
Retailers must be flexible and agile in the coming years. These demands can be met through innovation, technology, and the following retail trends.
Heyday’s conversational AI tools for social commerce merchants allow you to engage with customers on your website and social media. At scale, deliver 5-star customer experiences
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Turn customer service conversations to sales with Heyday Increase response times and sell more products It’s possible to see it in action.
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