The Top 5 Retail Trends That You Need To Know About For 2023

The key to having a successful business is being able to stay ahead of the curve and up to date with all the latest trends. But we know it’s easier said than done, especially when trying to deal with all the other aspects of your business. That’s why we're here to help! Keep reading to find out all the latest retail trends for 2023.

1.Omnichannel Shopping

To stay competitive, you must integrate in-store and online experiences. Online shopping makes just about anything available to us without having to even leave our homes, and besides being extremely convenient, it allows businesses to track data and customer behaviors and helps to create a seamless shopping experience. At the same time, consumers like the experience of buying in store and being able to see and feel a product before they buy.

• 60% of consumers say they research online before making a big purchase

• 80% of the time a consumer returns a product in store and spends the refund with the same retailer

Data like this shows that you need to be providing a perfectly integrated online and offline experience for consumers to get the most out of your business.

2.Chatbots are the new team members

Chatbots are changing the way that businesses are communicating with their customers and with customer service expectations being higher than ever, it’s not hard to see why:

• They save money

• They provide an almost instant response to customers

• They’re available 24 hours a day

• They can help multiple customers at once

• They provide excellent customer service

And they can do all of this without being paid a salary, chatbots are the perfect addition to any business looking to increase their customer service.

3.Ecommerce isn’t going anywhere

The pandemic saw ecommerce shopping explode to life in a bid to survive lockdown and keep their customers purchasing from them, although growth has slowed recently, ecommerce shopping habits are here to stay. New technology and updates from social media platforms have helped to make ecommerce easier than ever before to get involved in. We’re quickly approaching a time in retail where online shopping will be non-negotiable for consumers, so your business needs to improve your commitment to ecommerce if you want to keep up with your competitors.

4.Safety is a number 1 concern for consumers

There has been growing concern over recent years about what social media sites and websites are doing with the masses of data they collect from us, and with retail being the most targeted sector for cyber-attacks, consumers are demanding better protection for their personal information. Governments all over the world have been introducing new laws to help combat the growing concern over the use of our date. An example of this is The European Union’s General Data Protection Regulation which provides a legal framework for keeping everyone's personal data safe by requiring companies to have strict processes in place for handling and storing personal information. As consumers become more aware about protecting their data online, retailers need to sufficiently respond to this.

5.More sustainable packing options

A study which was recently carried out by The Chartered Institute of Marketing has revealed that 8/10 Brits want more sustainable packaging. Consumers are standing to demand than both digital and physical purchases need to have more sustainable packaging options, in fact, 76% of people say they've made the conscious effort to buy from companies who offer sustainable packaging. If this isn’t yet a priority for your business, it should be as we head into 2023.