Top 3 Retail Trends to Kick Off 2023

With the never-ending shift in eCommerce sales, how can you start off the new year with a bang? 

It’s no secret that the pandemic played a major role in eCommerce growth and a plummet in in-person sales. From supply chain issues and low consumer sentiment to rising inflation, it’s been a non-stop rollercoaster ride. 

But as consumers begin to trickle back into stores, what do experts predict for 2023? 

We’ve got three trends that will help you prepare for the new retail and eCommerce landscape for the upcoming year. 

Conflicting roles for eCommerce and in-person shopping for consumers

Once shoppers could FINALLY return to in-store shopping, stores and consumers were thrilled. But, one thing that changed was consumer behavior. 

eCommerce shopping induced the idea of instant gratification. Consumers can now have whatever they want, whenever they want it – with the click of a mouse. Shopping has literally become an on-demand service, which changes the role of a physical store. 

It’s no longer about speed and convenience – it’s about discovery and delight. Retailers need to make that shift in thinking and understand what their store’s offerings provide their customers. To win over customers, in addition to being strategically located, brands will need to focus on creating interesting and unique experiences in store.

Interactive in-store shopping

Inflation will cause consumers to research more and spend less

Inflation is hitting the world in a big way, and the US is no exception. Inflation concerns are real, especially with consumers. So what does this mean for retailers?

Instead of impulse buying, consumers will do much more research before buying anything. And brands that accommodate searchable content that provides consumer value will come out on top. 

Economic downtimes have happened before, and they’ll happen again. The brands that live through rough times are the ones that are resilient, optimistic, and open to self-improvement. These companies often emerge stronger and more efficient operators than ever before. Pay attention to what your customers are expressing and what you’re hearing from your support team, focus on delivering value to your customers. 

LIVE and social shopping will get a bigger piece of the pie 

Trust is the main currency of the future of eCommerce. Brands must be transparent, authentic, and readily available to their customers, especially where online consumers spend most of their time: on social media. Social eCommerce trends are at the center of online shopping for tomorrow’s consumer, with brands investing in video and live shopping. 

Online shopping isn’t going anywhere. BUT, the way consumers purchase is quickly evolving.

Enter – Livestream shopping.

Livestream shopping

With the plethora of LIVE online shopping platforms, such as Amazon Live, TikTok Shop/Live, Instagram Live, and Twitch, these avenues are gaining speed as consumers’ go-to shopping method. 

Brands need to rethink their social media and online presence strategies to include shopping streams from various platforms – especially with the younger generations. 

The shift in trust and authenticity has modernized from the brands themselves to peers and influencers. Understanding and embracing this shift will provide a greater reach for retailers in the upcoming year. 

As 2023 approaches, pay attention to what your customers are expressing and what you’re hearing from your support team, focus on delivering value to shoppers, and don’t hesitate to get in touch to learn how Cymbio can help you navigate these trends, while assisting in growth across your digital channels.

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