Top 5 retail trends to watch out for in 2023

Here are five important retail trends to watch for in the next 12 months:

1.‘Conscious’ consumers driving buying habits

As consumer buying decisions increasingly focus on ethics, environmentalism, and sustainability, brands must get on board or face extinction – it’s that simple. Solid environmental, social, and governance (ESG) principles are not only desirable for wooing and keeping customers, but they also help organisations develop more efficient operations and processes. This can be achieved by reducing wastage associated with excess packaging and reducing overall energy consumption.

2.Cashless, contactless, and autonomous shopping

Modern consumers demand more streamlining and efficiency in the way they pay for goods and services and how they get delivered. Trends such as buy-online-pickup-in-store (BOPIS), buy-online-return-in-store (BORIS), and buy-online-pickup-at-curbside (BOPAC) are becoming expected as standard. AI and advanced analytics make these a possibility by automating the complex inventory management processes required.

3.Increased personalisation

Personalisation across the retail spectrum is a trend that will only increase. From sales and marketing, where email and e-commerce portals offer personalised recommendations, to upselling and after sales support – companies that master the data associated with this trend in 2023 will gain loyalty by appearing to offer products or services that are “special” or uniquely tailored to individuals. ?

4.Social commerce coming to the forefront?

Social commerce is already on the rise due to its convenience and?non-invasive?advertising. In fact, it is forecasted to reach?$30.73 billion?in sales in?2023, accounting for 20% of global retail e-commerce sales.?75%?of retailers already sell on social media, with social storefronts and shoppable posts. Furthermore, influencer marketing is becoming big business as customers – notably Gen Z – often view influencer marketing as more?trustworthy?than brand messaging.

5.Reviews and ratings making the difference

In a LinkedIn poll carried out by Intelligence Node, 41% of respondents said consumer reviews and ratings were the most important factor while making a purchase online. In comparison, low prices were deemed the most important by only 20% of the same group of respondents. And according to another survey by?Ogilvy , a whopping 80% of Gen Z customers claimed to change their mind about a purchase after reading negative reviews.