With 2023 just around the corner, companies should be looking to identify the emerging retail trends that will shift and shape their industry over the next 12 months.
Only by looking forward, and anticipating changing consumer patterns and behaviours, can companies stay ahead of the curve.
“Within the last three years, retailers had to adapt to the most volatile circumstances of the last 30 years, dealing with pandemics, war, inflation, and an energy crisis.”
EY
The last few years have been tumultuous for retail. With companies relying on enhanced agility to survive and thrive.
But now is not the time to rest on your laurels.
By adapting your operations to these 4 emerging retail trends, you can put your company in prime position to make 2023 a roaring success.
Here are the hot topics to consider as you plan for the year to come…
Transformational Technology
As technology continues to permeate every aspect of our lives, it should come as no surprise that retail customers expect to see a digital transformation taking place in the online and offline stores they visit.
For customers making significant purchases, there is often a great deal of excitement. But with that also comes a level of anxiety.
The ongoing emergence of AR & VR technologies has introduced a viable try before you buy opportunity that can drastically reduce buyer anxiety as well as push excitement to even higher levels.
Where once there was concern, customers can now see their dream becoming a reality before their eyes.
“Today’s shoppers have more product and store options at their fingertips than ever before.
They’re discerning, savvy and happy to go elsewhere if you they don’t enjoy doing business with you.”
Likewise, technology is enhancing internal operational capabilities.
Remote access to a wealth of customer data has increased efficiency by putting intelligent insights at your staff’s fingertips.
Collecting this information at scale then allows managerial teams to gain vital insight into experiences enabling future optimisation.
Whether that is to promote certain brands, match high intent online pages with window displays or help provide training on problem areas, technology can elevate the customer’s perception of your organisation.
2023 will only see the influence of technology increase.
It’s how you adopt it’s benefits to elevate your offering that could be the defining factor in your annual success.
Omnichannel Service
Buying journeys are commencing from an ever growing range of sources with the majority taking place across several channels.
As a result, companies need to ensure a seamless transition between their online and offline presence.
A disconnect can be jarring, especially when a customer has begun to form an impression or expectation of your offering.
“Brands that have a strong omnichannel strategy enjoy 89% more customer retention and satisfaction than the brands that don’t.”
Reinforcing brand assets across channels is critical for a streamlined, omnichannel customer experience. Anything less could see potential customers turning to the competition.
However, as customers continue to engage across a plethora of channels, retailers can track behaviours to better understand patterns and get ahead of the curve.
Combining cross-channel behaviours, with existing data sources, will help companies learn what their customers prefer and adapt strategies, communications and offerings accordingly.
Companies that succeed in 2023 will develop a consistent, a hybrid experience across online and offline experiences. With each channel populated by high quality interactions.
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Personalisation At Scale
Experience is everything.
More than products or services, how you make your customers feel will define performance in 2023.
And an outstanding customer experience, comprising of impactful, personalised interactions will help retailers stand out from the crowd.
Consumers are no longer prepared to be a number on a spreadsheet.
“No matter the power of your products, or the value in your pricing, if your customer experience isn’t up to scratch you’ll find yourself losing customers to competitors left, right and centre.”
They want to be appreciated. They want to be seen as an individual.
Retailers that make their goal to achieve their customers goals will exceed expectations.
Whether through the use of automation or universal access to customer information, personalising your engagement will ensure customers feel valued.
Opportunity Management
Within the context of an impending recession, retailers must make the most of every opportunity that comes their way.
They need to avoid a leaky bucket scenario where critical opportunities or VIP customers fall by the wayside.
Without doing so, growth, or even survival, will be critically compromised.
Undertaking root cause analysis will enable retailers to focus resources on their most successful and lucrative markets.
“Whether backed up by data, or anecdotal analysis, focussing your resources on your most successful audiences is a sure fire way to get more bang for your buck.”
Likewise, allocating opportunities to experts in a timely manner, all whilst sticking to established best practice processes, will increase the likelihood of converting interest into action.
2023 will only see competition increase as disposable income becomes increasingly stretched.
Knowing how to maximise your chances of success will serve to enhance your chances of continuing to grow.
Ready to explore how Anthill can help you prepare for and take advantage of 2023’s retail trends? Schedule a demo today.
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