Here are five of the biggest trends that will impact the industry in 2023
1. Return to 'Bricks and Mortar': With the shift towards online shopping during the pandemic, savvy retailers are now investing in smaller footprint, local stores that prioritise personalisation and a digital-first approach. This trend towards local, personalised shopping experiences is expected to drive growth in the retail industry in the coming years.
2. Digital Supply Chains as a Service: Retailers are embracing the trend of digital supply chains, inviting other retailers to utilise their technology and physical distribution hubs. This allows retailers to streamline their supply chains, increase efficiency, and reduce costs, all while providing a better customer experience.
3. The Rise of Social Commerce: Social commerce is becoming an ever-more significant channel, particularly among Gen Zs. Retailers are leveraging social media platforms to reach customers and sell products, with many integrating social commerce into their omnichannel strategies.
4. Experiences in Store: Retailers are looking to create unique and engaging experiences in their stores, including demos, workshops, talks, and opportunities to meet designers and manufacturers. This trend towards experiential retail is helping retailers stand out in a crowded market and build stronger connections with customers.
5. Sustainability: Sustainability is a growing concern for consumers, and retailers are responding by embracing re-used, repurposed, and recycled products. They are also focusing on transparent and sustainable sourcing, and looking to avoid greenwashing by providing authentic information about the sustainability of their products. By prioritising sustainability, retailers are building a better reputation and appealing to a new generation of socially conscious consumers.
Stephen Paterson, Chief for Tech and People Evolution, AND Digital
Join Stephen on Tuesday at 11:45 AM in Theatre 7 in conversation with Stephen Scottie from IAG Loyalty to discuss all things digital transformation. Don't forget to stop by Booth ST323 to say hi to the AND Digital team!
