The retail industry evolves as much as any other. Each year brings new trends as competitive businesses search for the tactics that will help them stand out. As 2023’s first quarter comes to a close, the patterns shaping the market are becoming apparent. Various new retail and consumer trends influence the decisions businesses make when sending their products to stores.
Retail Trends 2023
The following retail trends have been prominent so far this year:
1. Returning to the Store
The start of the decade wrought uncertainty around the need for physical retail locations. As the dust settles, businesses recognize the persisting value that brick-and-mortar spaces bring. Physical retail spaces facilitate opportunities for brands to connect with customers personally and sell merchandise that is expensive to ship. Consequently, surveys show that 94% of retailers plan to increase focus on brick-and-mortar spaces. Brands can boost revenue by reaffirming partnerships with retailers.
2. Personalizing the Shopping Experience
Personalizing the shopping experience is a trend that stands the test of time. Customers appreciate businesses that tailor the shopping experience to their interests and needs.
Personalization excites shoppers, helps them find what they’re looking for and ensures they feel safe. The ultimate result is more time spent in the store and increased spending.
Store managers should implement a layout strategy that directs customers to useful products while using marketing materials that appeal to their interests. Brands can benefit from recognizing the value of display personalization when sending products to stores.
3. Preparing for an Economic Lull
Successful businesses are always looking ahead. In 2023, business leaders are finding cause to batten down the hatches and hold fast for choppy waters. The economic future is uncertain due to factors like high inflation, low labor force participation and rising geopolitical tension. Many businesses may see a decrease in sales this year compared to last. Around 44% of businesses report that raising prices will be the best way to stabilize revenue.
2023 Consumer Trends
This year’s trends show that customers display the following preferences and values:
1. Checkout Versatility
When consumers go shopping, they want to find the product they need quickly and leave with little disruption. Extra time in the store leads to dissatisfaction. One study found that customers are 18% less satisfied when their wait is long. Offering numerous checkout options is a great way to improve the customer experience.
Customers appreciate businesses that offer numerous checkout options because the actual and perceived time they spend in line is lower. Self-checkout, mobile app pay-ahead options and QR codes are valuable payment avenues for businesses to add. One survey shows that 85% of consumers believe self-checkout is faster than waiting in line. Another finds that 71% of customers prefer to buy ahead using a mobile app.
2. Openness to Communication
Customers enjoy engaging with their favorite brands. In fact, 86% report that they like to hear from their favorite businesses through email, Facebook and text messages. Retailers and brands can boost customer satisfaction by communicating sales, product additions and other useful information over digital channels.
3. Sustainable Packaging
Modern consumers appreciate businesses that prioritize sustainability. The everyday people shopping with various organizations go to great lengths to make environmentally conscious decisions — they would like to see the establishments they frequent express the same commitment. Packaging is one of the most potent areas for a company to focus its sustainability efforts. Shorr’s Sustainable Packaging Consumer Report finds that 86% of consumers prefer retailers that use sustainable packaging.
Contact Creative Displays for Visual Merchandising Based on Retail Industry Trends
Creative Displays Now is a company developing attractive retail displays for brands across industries. We leverage our experience and agility to develop time-tested designs and implement the latest market trends. For more on our custom displays, please contact us online today.