Top Retail Trends in 2023
The retail industry is constantly evolving, and it is difficult to predict the next top retail trends and changes. Technology is still reshaping the shopping experience in 2023, redefining how we shop and sell, where we shop and what we buy. Below are the key trends we see commencing and continuing this year.
1.Artificial Intelligence and Machine Learning
Retailers are likely to adopt more advanced technologies such as AI and machine learning to improve operations and enhance customer experiences. For example, chatbots powered by AI can provide instant customer support, and machine learning can be used to analyse vast amounts of customer data to make informed decisions.
2.Online shopping and e-commerce
The trend towards online shopping is likely to continue, as consumers increasingly prefer the convenience and accessibility of buying goods and services from the comfort of their homes. Retailers need to optimise their digital offerings to meet the online demands of eCommerce. Key areas to review are website stock integration, click and collect and selling through social media.
3.Automation
Like AI and Machine learning, retail customers are a fan of automation. Automating tasks such as inventory management, for instance, communicates to the customer what’s in stock without them having to ask a member of your staff. This saves time and hassle on the shop floor, and it also saves your staff time from having to manually check.
To support this, retailers may consider investing in automated software or upgrading what they currently use to meet the changing needs of customers. Many POS systems (Including RMH) have built-in tools that let you manage what you have in stock and alert you when your items are low. Alternatively, mobile technology will keep your staff on the floor and allow them to instantly check stock without crowding the till area or leaving their station.
4.Personalisation and customization
Another Top Retail Trend in 2023 is to differentiate in the marketplace retailers are likely to focus more on personalization and customization to provide unique shopping experiences to customers. This could include tailoring product recommendations and promotions to individual customers based on their preferences and purchase history.
5.Sustainability- Top Retail Trend
A Top Retail Trend here to stay is sustainability! Sustainability is becoming increasingly important to consumers, and retailers are likely to respond by offering more environmentally-friendly products and adopting sustainable practices in their operations.
Check out the SIRA guide an exciting partnership promoted by Retail Excellence. The SIRA guide is a free practical guide to becoming more sustainable in retail. Access the guide below
6.Experience-based retail
Retailers are likely to focus on creating an immersive, experiential shopping experience for customers, going beyond just selling products. This could include offering in-store events, interactive displays, and other activities that engage customers and create a memorable shopping experience.
Our retailer Fishers of Newtownmountkennedy have engrained events such as monthly fashion shows within marketing and business operations.
You can learn more about this here.
