Retail Market Trends for 2023
The only constant in the retail market is change. So how can you stay ahead of the curve and create concepts that will truly elevate your business and lead you to True Prosperity? Through this short blog, we want to inspire you to rethink your retail business and evolve to not only meet, but exceed your customers' expectations, in a way that will result to the sustainable, organic growth of your business.If this is exactly what you were looking for, you're in the right place! Let's dive in.
Trend #1
It's all about value creation.
E-commerce is already performing better than physical stores in most countries and for the majority of retail chains. So what will happen to the physical store? Will it disappear? The physical retail store will still be important, but its purpose is bound to change completely. The store will be a meet up point for community activation through events, through workshops and trainings and much more. Apple's flagship stores around the world have already set this plan in motion as you can attend workshops on design, film editing and much more in-store.
Trend #2
Personalisation and Customisation.
Retailers are already leveraging data and technology to offer personalized shopping experiences, such as personalized product recommendations and customized products. This will only increase. In the future, we expect to see notifications popping up about products on sales as you pass in front of a shop, we expect enhanced reality assistants to guide you to the best corner depending on your personal style.
Trend #3
Nature at the centre.
We are already experiencing a shift from store to showroom and from shopping to feeling. The combination of this trend with the sustainability and wellbeing trends that are key in the retail market currently, means that many brands are turning towards biophilic design to create memorable, positive experiences in-store. Glossier's store in Seattle features a rock formation covered in moss and uses nature as a unifying force. Merging the local identity and company branding with biophilia is an approach that is bound to create massive change for your retail store success.
Trend #4
Gamification.
Keeping your customers engaged will also come down to turning your products into a game-like experience. Think about it: there's a reason why advent calendars do well every year. People enjoy being surprised and engaging with brands in a game-like manner. VR and AI will play a crucial role in enforcing this trend.
Trend #5
Artificial Reality.
The importance of immersive technologies in the retail industry is rising and the metaverse is bound to play a key role in its adaptation. This close the gap between online shopping and physical presence as they allow users to try on products online and explore the store... from their bed. Research by the SecretKey has reported that AR try-ons are capable of more than doubling conversion rates.
