4 retail trends for 2023 and onwards

The economy is ever-changing, and the retail landscape follows its trail. Below four retail trends our company will focus on within the next few years.

1: Sustainability and Corporate Social Responsibility (CSR)

Sustainability has been on the marketing forefront for a while and will continue to grow in importance.

Consumers have a growing interest into reusability, repair, recycling etc… The product life cycle will slowly become more important than its novelty. Ethically sourced products and green business practices are and will be a priority in the current economic and environmental landscape.

Currently more than half of consumers believe that companies should have an opinion about key environmental, political and social issues. And 77% percent of consumers support companies that take their corporate social responsibility. Sources

2: ‘Experiential’ shopping

The 2020 pandemic kicked off a trend towards online retail activity. A lot of economists assumed this was the beginning of a market revolution. But as the world went out of quarantine, consumers went back to the old school way of shopping, proving there is still a strong demand for physical retail.

In addition, ecommerce growth has slowed in 2022. Physical stores will continue to play an important role in the customer buying journey, with an increased focus on ‘Experiential’ retail.

Experiential retail prioritizes customer engagement over sales; in-store events and services aim to create a ‘shareable’ and memorable experience to shoppers. Word of mouth based on real life examples is extremely effective; especially through social media such as Instagram, LinkedIn and Facebook.

The experience you provide your customers depends on your brand’s sector and image, but most of all on what makes your target audience tick. That’s why it’s important to measure the interaction of your customers in relationship to your marketing campaigns. This allows your brand to optimize its experiential strategy based on your customers’ behaviour.

3: Flexibility

The market is changing rapidly, and it’s hard to predict in which direction it will change. That’s why it’s important to evolve towards an agile way of operating that can counteract or quickly adapt to the evolving market(ing) landscape.

4: Labour shortages and team-spirit

The retail industries are projected to continue having a shortage of workers.

Keeping a positive mindset and team-spirit will aid the mutual understanding between employees and management. This will already get you a long way towards keeping your staff and attracting good workers. During these times it’s important to feel a sense of stability and security. That’s why a focus on health & safety with fitting insurance packages are crucial in the decision-making process of your employees (especially since COVID).