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Home Opinion Five trends retailers should be aware of in 2023

Five trends retailers should be aware of in 2023

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By: Sarah Friswell, CEO at Red Ant

However far advanced a brand is on its omnichannel journey, keeping pace with evolving customer expectations will be critical for 2023. Some key trends for retailers to be aware of will include:

The rise of blended tech 

Blending in-store tech with online will be a big area for investment to offer consistent, intelligent, elevated customer experiencesSeamless shopping experiences will be enabled through customer data capture and intelligent applications for personalisation, enabling cross-selling, upselling and recommendations based on AI.

Customer experience will drive retail 

When pushed, customers will look for experience value over purchase value. The research phase of a purchase is critical for retailers to focus on, and personalisation is key to this. Clienteled customers that are supported through their browsing and buying experiences by data-empowered store associates in store or online, via WhatsApp or email will generate the greatest value for brands. Clienteling results in consumers making larger and more frequent purchases, with lower returns. 

Hybrid client/tech partner teams will build global partnerships 

New ways of working have opened the door for international retail tech collaborations. The accelerated development of communications technology now allows businesses to work efficiently together even if they’re on different continents. The ‘Think global, act local’ approach allows for speedy development and deployment in ways that are relevant to each territory, with expert team members on call – no matter what the timezone. 

Making human connections will matter more 

Increasingly, retailers must consider the network them and their environment to be seen as an attractive retailer. This means sharing information about ethical trading and sustainability.

Eco-awareness will build among consumers and retailers 

Retailers must empower customers and store associates with the right data and be ready for more focused buying.