Top retail trends to watch in 2023
There are massive retail trends to watch into 2023 – and we’re going to cover them quickly in this post, so you can get a jump on them. We can’t be certain of many things, but these predictions that we’ve found from industry leaders and experts at businesses such as Adobe, Meta, and more, so we’re reasonably certain these are likely to come to pass.
The convenience factor
As an online retailer, you know how much customers want everything to run smoothly. This emphasis on convenience isn’t going anywhere in 2023 – and in fact, customers want even more convenience than ever. eCommerce businesses, need to invest in:
- Better customer service tools
- Mobile commerce
- More flexible shipping options
- Enhanced returns solutions
- Seamless customer journeys
The safer means of shopping that developed during Covid are all here to stay. Customers are still going to want buy online, pick up in-store (BOPIS); buy online, pick up at kerb side (BOPAC); and buy online, return in-store (BORIS) throughout 2023 and beyond.
Hybrid, and omnichannel experiences are going to shape retail in 2023, and as high streets regenerate and recover, there’s going to be demand for in-store experiences with AR, digital displays, and geo-located apps as well as more online experiences.
It isn’t just in-store experiences though – customers want to be able to use their tech to understand more about their online purchases from their homes, so AR, apps, and ways to view furniture purchases, try on clothing and makeup, and more are going to become even more popular.
Bearing in mind that the end of third-party cookies is nigh, businesses need to prepare for how they are to gather information from the end of 2023.
Sales channels are diversifying further
Amazon and eBay, plus a website – that strategy won’t see your business thriving in 2023. Customers want to order directly within their social media accounts, and so businesses that don’t get on board are going to miss out. Meta have just announced enhanced eCommerce options in WhatsApp, YouTube are trialling in-app shopping in Shorts, and TikTok have commerce solutions that will help you connect with Gen Z consumers.
We’re expecting to see more businesses working with influencers – including those in the older demographics, and on different social media channels such as Twitch, and on podcasts and so on. That’s before we even think about the Metaverse, live streams, and more.
Personalisation equals greater customer satisfaction
This won’t come as a surprise, since it has been ongoing for some time. Personalised emails won’t cut it though. Product recommendations, emails that filter previously purchased items, and profiling systems that enable further filtering of products for customers are just the start of it.
Customers want to make savings
Considering the state of the economy, the cost of living crises, and energy bills rising to unprecedented levels, there’s little wonder that customers are looking to make the biggest savings they can into 2023. That doesn’t mean that they’re not shopping at all – they’re just doing so more consciously. Holiday shopping for peak 2022 started earlier than ever, to spread the cost and to catch the best deals, and this is likely to continue into 2023.
For retailers, order volumes may drop, and profit margins are expected to fall. However, it isn’t all doom and gloom, and you certainly don’t need to stop selling and find an alternative career. High end, and luxury items will remain in demand, and it seems that customers are still looking to buy those big ticket items – so it is a case of finding the right products to sell alongside your lines.
A final note on savings – customers still want free shipping too, so make sure you factor that into your pricing strategy.
The number of retailers DropShipping will increase
Inflated energy bills and a reluctance to part with liquid cash means that more retailers than ever are incorporating DropShipping arrangements into their business. DropShipping helps retail businesses to scale dramatically without investment in stock, as well as reducing the demand for warehouse space and personnel requirements.
Suppliers, now is the time to get your products on DropShipping marketplaces, to maximise the number of sellers and retailers that want to sell those lines for you. If you’re already working with a number of retailers using manual, or semi-automated DropShipping setups, then get in touch. Our white label solution means that you can completely automate your DropShipping activity without needing to develop the solution yourself, and we can handle the onboarding process for you.
Customers will hold businesses more accountable for sustainability
Customers want convenience and savings; but they still want to minimise their impact on the environment. They’re looking for ways to avoid single-use plastics such as eco-friendly biodegradable food containers, and for products that help them save money as well as being more sustainable – but that isn’t the end of the story.
An increasing number of consumers are judging businesses based on their environmental credentials – as well as other ethical issues too. Customers want to see sustainable packaging, with less plastic, and more compostable options too. If you’re choosing new packaging for your business, keep this in mind.
In-demand products for 2023
While none of us have a crystal ball, there are a few products that we know will sell well from the start of 2023.
- Food supplements and health products
- Grooming and hair removal products
- Dental and oral care products
- Home décor items
- Eco-friendly, sustainable, and biodegradable products
- Fitness and sports products
- Child care products
- Items for weddings
- Tech gadgets
- Fashion, accessories, and jewellery
2023 is going to be another year of challenges for the retail and eCommerce industry, but there are few years that isn’t the case! With the right product, marketing, and sales channel strategies, 2023 can be a great year. While we’re in the midst of the busy quarter four as we write this post, thinking ahead will help you to formulate your strategy for post-Christmas sales and beyond – and to help build online retail business success for the year ahead.
If you’re looking to increase the number of sales for your business – either as a retailer, or as a supplier – then book a call with our team to discuss how we can help you scale up in 2023.