What to Expect for Retail Industry Trends in 2023
The retail industry is worth over $26 trillion. This makes it one of the biggest industries in the United States.
Although it is one of the biggest industries, that doesn’t mean it is one of the easiest industries to be in. Retail trends are constantly changing, and keeping up with the trends in retail can impact the success of your business and store!
Curious to know what the retail industry trends are in 2023? Keep reading!
1. Selling Options Continue to Expand
One of the biggest retail trends to keep in mind is that selling opportunities are continuing to expand. With the use of new technology and digital marketing in our world, there are more ways to reach customers. For instance, many retailers plan to expand their business with a digital channel, or two more digital channels than they already are this year.
Expanding from a simple brick-and-mortar store into an e-commerce website will significantly impact and increase your revenue. However, there are more ways to sell than just through an e-commerce website and brick-and-mortar store.
For instance, creating a virtual shop that allows for a virtual reality try-on experience is definitely trending.
2. Planning for Economic Uncertainty
Currently, there’s a lot of economic uncertainty in our world. As a retailer, knowing what you will do in the case of economic uncertainty is important. Many retailers plan to raise prices as their top choice for combating uncertain times.
However, this is not always the top choice. Your business needs to sustain itself and you need to ensure that your customers are still willing to pay the prices that you raise.
The good news is that customers and consumers also understand the impact that a recession can have on businesses. Simply explaining what is going on and why you’re raising your prices can increase the support that you will see from customers.
In addition to raising prices, you should also plan for what else you can do if the economy begins to spiral even more. This way, you already have a plan in place and do not panic.
3. Rely on Automation
Automation is one of the newest trends in the digital consumer world. Using automation as a retailer can actually improve your productivity and your overall revenue. This is because when you use automation instead of having staff spend time on a task, there is more time to spend elsewhere.
Consider using automation for emails, customer experience, inventory management, and price checks. There are so many different factors that automation can improve in the retail industry.
You can even improve efficiency with a new POS system for your store. If your current POS system for retail is struggling to support your growing business, it’s time to upgrade. A new system will allow you to streamline your operations, reduce waste, and increase the efficiency of your staff. You’ll also see a rise in customer satisfaction, which will lead to more repeat business.
4. Utilize Social Media
More and more companies are going to start utilizing social media in the retail industry. With new trends such as selling on Instagram, being able to link products on TikTok, and so much more, social media is one of the top ways to reach customers.
With over 4.4 billion people on social media, utilizing these platforms can expand your reach exponentially.
5. Keep Customers Engaged
Utilizing marketing tactics is a must in 2023. You want to ensure that you are keeping your customers engaged.
In fact, if all the retailers are paying attention to these retail industry trends, you are going to have more competition as a retailer. This is where customer engagement comes into play.
In today’s super competitive business environment, branding is one way to stand out from your competition. Increase your sales with Gift cards and reward your best customers and encourage them to continue coming back with a loyalty program.
6. Keep Sustainability in Mind
As a retailer, there is a transition from fast fashion to more sustainable manner. In fact, over half of consumers say that they prefer to buy clothing that is sustainable and environmentally friendly.
Many retailers are taking this into account and ensuring that their clothing is made from recycled materials as well as materials that reduce waste. Brands also partner up with other companies that give back to the earth and are giving some of their profits to those organizations. Doing this can attract more consumers to buy from your company rather than someone else’s selling who sells something similar.
If you want to stay relevant in 2023, you need to be doing something to reduce the impact that the retail industry has on the environment. Keeping sustainability in mind should be at the top of your mind.
7. Create a Community
As a retailer, it is important to create a community in 2023. You want to relate with your customers on a human level. Many companies are already doing this by partnering up with influencers and photographers/videographers that create user-generated content for them.
This added human element creates a big difference in consumer attitudes toward a brand.
Retail Trends in 2023
Retail trends are continuing to move toward more technologically savvy practices. From automation to e-commerce stores, virtual reality try-on, and the use of social media for advertising, it is important to stay up to date with the constantly changing digital world in the retail industry.
Once you do this, you can continue to improve the technology that you use in your stores. At Gateway Payments, we want to make it easier on you to accept credit card payments in-store, online, and on the go. Visit us today to get started today.
