2021 is a year of restructuring in which the economy gradually recovers from the devastation of the Covid-19 epidemic. Many believed life would return to normal, but the threat of new variants has awakened the world and served as a reminder that Covid-19 has not gone away. Therefore, its effects still exist and affect both the world in general and the retail industry in particular. Retailers today must be used to selling online and must combine both online and in-store methods to meet consumers and suit social situations. We would like to provide the top 5 retail predictions in 2023 below.
Top 5 retail predictions in 2023
More focus on e-commerce and digital channels
This is a well-founded prediction. Over the years, consumers have really changed their in-store shopping habits with online purchases. In addition, with the encouragement of reopening societies, retailers and brands have chosen to implement the digital transformation of the consumer industry, encouraging continuous interaction with customers throughout the entire two channels online and offline. However, according to the survey, up to 57% of retailers prefer digital channels while 41% lean towards offline ones, which proves that this retail prediction in 2022 is in favor of e-commerce and digital channels.
Social Shopping
Social networking sites nowadays are extremely useful tools to increase revenue for retailers. With about 64% of the world’s population shopping through social media to date, retailers are well aware of where they spend their advertising dollars. Therefore, this retail prediction in 2023 is valid.
According to a study, up to 58% of retail executives will increase their social media ad spend in the next 12 months. Accenture estimates that by 2025, the biggest sales on this channel will be clothing (with 18%), electronics (about 13%) and household appliances (about 7%).
Retail prediction: Focus on consumer experience
Today’s consumers place more emphasis on their shopping experience. This shows retailers that the key challenge they are facing is determining the right time and channel to attract customers, including both potential and returning customers. With this retail prediction for 2023, retailers need to focus on developing strategies like ROPO (Online Research and Offline Purchase) so that consumers can adopt alternatives and switching points. exchange when shopping on the web, e-commerce site or in-store.
Retail prediction: Consumers are gradually returning to physical stores
After the pandemic, shopping activities are gradually reopening, along with that, shopping experience at physical stores is something that consumers expect and tends to recover. Many commercial retailers will open physical stores to attract customers to shop.
This retail prediction helps retailers continue to grow omnichannel retail, both in-person and online. The estimated number of customers returning to physical stores are consistent with reopenings in this day and age.
Digital commerce will become less cryptic
Digital commerce is expected to be less confusing, as the market and retailers are gradually accepting cryptocurrencies. NFT is the retail prediction for 2023 and more, it helps innovate the worlds of art, entertainment, fashion, beauty and retail.
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Conclusion: Retail prediction
Retail predictions may come in the form of NFTs (non-fungible tokens), buy-now-pay-later services or mini-malls within walls. We cannot know what exactly. One thing we can expect is that the successful retail predictions will be subject to unexpected change as well, but always for the better. Contact us to find out about more retail predictions in the future!
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