RETAIL TRENDS: RIDING THE WAVES

Retail

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Industry Insights

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Retail

Industry Insights

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3 min read

What new trends should retailers stay on top of to find success in 2023?

Staying on top of trends can sometimes sound business cliché, but being in the know about new and changing industry currents can open up new opportunities and differentiate your company in all the right and revenue-producing ways. As we’ve discussed before, retail is an especially dynamic sector that requires constant monitoring. Be sure your company stays abreast of these retail trends in convenience, service, and safety and reliability.

Convenience

E-commerce, which was born out of the Great Recession and surged during COVID-19, is here to stay. That should be a no-brainer, but did you know that there are now an estimated 12 to 24 million e-commerce stores globally and that nearly 6 of every 10 Internet users are buying online each week? eMarketer predicts that e-commerce’s cut of the total retail market will eclipse 22% this year, and global e-commerce sales will grow to $8.1 trillion by 2026.

On the in-person retail convenience front, self-service checkout will become more and more of a factor. Driven by increasing costs of retail store space, longer customer wait times and, of course, labor headwinds, both shortage and costs, the self-service checkout market was expected to grow at 13.3% from 2022 to 2023 after reaching a $3.44 billion worth in 2021.

From high-tech to high-touch service, appointment shopping allows consumers to schedule exclusive time in-store to browse products. This omnichannel and experiential retail sales strategy gives customers greater choice as well, where they can browse and test products or book an appointment to buy online and pick up in-store.

From clicks to bricks, customers want efficiency and the ability to choose their own retail experience. Retailers should be able to deliver these conveniences in quality, personalized ways.

Service

Okay, Boomers, we know chatbots aren’t your favorite part of retail user interface and customer service, but the numbers and efficiency don’t lie. Gartner predicts that one out of every four companies will use chatbots as their main customer service tool by 2027. And it’s little wonder why considering the cost savings, always-on customer service and other benefits the tools provide.

Speaking of always-on, retailers navigating the unprecedented level of customer service expectations should be providing reliable 24/7 customer support. Hootsuite cites a Retail Dive survey showing that 93% of respondents would be more patient about shipment delays if the brand offered great customer service. A conversational AI chatbot works around the clock and never complains!

Safety & Reliability

Safety first, it’s been said, but it’s an even bigger priority given how social media platforms gather and utilize data and the fact that since 2020 the retail sector has been the most targeted industry for cyberattacks, according to Hootsuite. Statistics show that more than four out of every 5 Americans (81%) have expressed concern about how companies collect private data, and governments from the EU to California to China are responding with new laws. There should be no cutting corners when it comes to protecting your retail customers’ data.

Supply chains have not been safe nor sound in recent years as major upheavals, including pandemic and war, threatened retailers’ flow of goods. There’s definitely no convenience or even service without healthy and reliable supply chains. Retailers should rely on innovation and, yes, staying atop the trends to keep their logistics flexible, agile, and thus successful.

“Retail trends change, but the values — convenience, service, safety — stay the same,” said Marcia Homer, infinitee’s Director of Brand Management. “Find people and a marketing team that match your strong values, and it helps if the team has navigated 30-plus years of trends. Our team’s experience and belief in limitless possibilities can guide you down the long and winding road of retail.”