2023 has already begun, and with it comes the chance to innovate and seize the opportunity to grow and develop your business. The start of a new year is the perfect time for entrepreneurs to scale their operations and plan their goals and objectives for the year ahead.
That's why knowing which market trends are on the rise helps you identify opportunities for innovation and internal process improvements, as well as improve the customer experience and solve challenges that may arise.
In this article, we'll show the main trends that will be on the rise in 2023, and how you can leverage them in your business. Continue reading and prepare to scale your business this year!
What are the main trends for retail in 2023?
Driven by technology and a shift in consumer behavior, the retail market is constantly evolving. Every year, new research and trends emerge that need to be followed by businesses that want to be successful and get ahead of the competition.
Below, you'll see a list of general trends for retail in 2023, including those that emerged at the year's biggest retail show:
Social commerce
This term is used when a brand uses social media to market products or services. This practice has become common and will continue to grow in 2023.
Tecnologia como aliada ao processo de compra
Technology has been a proven ally to retail for some time, and using technology greatly helps improve the purchasing process. Tools like QR Code, Chatbots, payments via PIX, augmented reality, and other actions will become increasingly common in day-to-day operations.
Trends highlighted at NRF 2023
The world's largest retail event, the show New Retail Federation’s (NRF), took place in New York from January 15 to 17 and gathered the top specialists in the industry.
The show features a lot of innovation and highlights trends that should influence the market throughout the year. The top trends presented are related to industry, consumer behavior, ESG, marketing, the Internet of Things, among other innovations. See below:
1. ESG and Sustainability
The ESG, an acronym for Environmental, Social, and Governance, refers to the need for companies to integrate economic value generation with a concern for environmental, social, and corporate governance issues. Therefore, it's no coincidence that this theme emerged alongside sustainability as one of the trends for the year.
This is because consumers are increasingly concerned with sustainability and are buying from companies that are genuinely concerned with the issue in their business, by incorporating actions to improve the current situation.
2. Customer Centric
Customer-centricity remains one of the biggest trends in retail, given that the power to decide where and what to buy is increasingly in the hands of the buyer and less in the hands of the seller.
That's why it's important to ensure great customer service, regardless of the channel, as well as provide agility and understand the customer's real needs, making them the center of the business's experience.
3. Creating great experiences with technology as an ally
The technology is the primary ally in relationships between businesses and consumers, especially when we consider the shift in consumer habits, which is becoming more pronounced. Data shows that the number of shopping trips has increased, as well as the number of days a week that people go grocery shopping.
Therefore, it's important to remember that the same customer who shops at the physical store also shops online. In other words, the same consumer has different buying behaviors, which is why it's important for stores to leverage technology in a way that multichannel, bringing the same experiences regardless of where the customer is shopping.
4. Marketing Investment
Marketing investment needs to be made intelligently, by leveraging all available channels. It doesn't have to happen only in the digital space; physical stores also need to be (and should be!) a point of promotion. Providing unique customer experiences through personalized marketing campaigns and actions, and leveraging the POS for this, is essential. When we talk about social media and digital channels, these have great potential to bring consumers closer to brands, and uniting these two strategies is the best option for retailers.
5. Shopping in the comfort of home
There's a growing trend for consumers to have at-home experiences. The desire to be at home and do things that were once only possible outdoors, like watching movies and going out to dinner, for instance. This consumer desire needs to be part of a retail strategy, because it's increasingly necessary to understand what people want and where they want to consume.
6. Systems Integration
It's essential to leverage all technologies focused on this, given that most businesses use more than one system and need to ensure their integration for their operation to run smoothly. Businesses of all sizes face this in their daily routine, and when integration is handled correctly, they can ensure an excellent shopping experience for customers, given that this action streamlines the operation and is nothing but beneficial.
7. Data
Data collection aimed at offering a personalized and relevant shopping experience was one of the topics mentioned at the show. Having data and information readily available helps to better understand customers, thus anticipating their expectations and needs.
8. Physical Store
We've already discussed the importance of integrating physical and digital spaces to provide the same customer experience, and another trend from the show was that physical stores are still a major draw for consumers. Because it is often the gateway for customers to get to know a brand and begin buying from it on other channels.
This is because the new consumer profile demands increasingly personalized experiences, which requires retailers to focus on investments in brick-and-mortar stores, facilitating the customer journey. This can be done through interactive screens, low-touch service, and product personalization.
Implement the trends using technology to your advantage in 2023
As we've seen, the prevailing trend this year is the use of technology! Therefore, it's crucial to use it as a strategic tool to leverage sales and consequently grow your business.
If you're a retailer and you still manage your inventory manually, then you need to know the Indikadore SCM!
It has special modules and features that assist in all the stages of the Supply Chain and Demand Management
Your business can use the purchasing and store replenishment modules, ensuring balanced inventories and sales forecasts with much more confidence and accuracy.
If you want to know how this technology can help your business grow, contact our specialists and get your questions answered!
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