Capitalise on these 5 retail trends that’ll be making waves in 2023

In the world of retail, things change quickly. So what got you through 2022 isn’t enough to ensure more success in 2023. Every retailer, from big to small, must stay on top of emerging retail trends that will impact their business to stay relevant in the ever-evolving retail landscape.

However, we know it can be hard for business owners/proprietors like yourself to stay aware of new developments and rising trends in the retail world. That’s why we’ve rounded up the latest retail trends for 2023 in an easy-to-follow blog post. Keep reading to be ready to get trendy!

Personalisation is the next big thing
In every business, personalisation has become a key component of success. The ability to tailor services and products to an individual’s needs is what drives consumer loyalty in the long term. It not only allows you to boost brand loyalty but also helps you provide a personalised shopping experience.

By leveraging data like customer information and purchase history, you can make tailored product recommendations during checkout or give special discounts and offers on birthdays. And with the integration of online and offline channels through Tagrain point-of-sale, you get more opportunities to offer personalised customer experiences across all channels.

Ecommerce is here to stay
COVID showed retailers that e-commerce is no longer a nice-to-have. It has become a necessity for nearly every type and size of retail business. Technology has made it easier than ever to buy and sell online and as a result, 58.4% of internet users are buying online each week.

Every retailer is facing a growing need of creating a seamless experience that bridges the gap between physical and digital stores while staying competitively priced. That’s why you need a POS technology that integrates with online shopping platforms or supports advanced inventory management to run a successful omnichannel/multichannel business.

Friction-free retail is still gonna be the priority
Today’s customers have no patience for long checkout lines, complicated sales transactions, or non-flexibility in payment options. So whether you’re selling online or in a physical store, you’ve to make sure that shopping has to be convenient for your customers, along with a wide array of hybrid experiences, such as “buy online, pick up in-store”.

Therefore, it’s essential to have a frictionless and engaging sales floor that facilitates the offline shopping experience. You can start by upgrading your point-of-sale, ensuring convenient sales/returns and offering multiple payment options. At the same time, you must optimise your stock for seamless order fulfilment—including in-store pickup, shipping and delivery.

Social eCommerce is going to trend up in 2023
Social commerce is catching on fast, and experts predict it will top $30 billion in sales in 2023, making up 20% of global retail e-commerce sales. More and more consumers are using platforms like Facebook and Instagram to discover and purchase products.

Plus, you get more tools, such as personalised and targeted advertising or live streaming, to connect with potential shoppers and create new sales opportunities to help consumers discover products relevant to their interests and needs. For more information, read our blog: How to sell on Facebook Marketplace.

Omnichannel will be the new norm
Nowadays, shoppers use a blend of devices and platforms in their shopping journeys, so it’s vital for you to be present on multiple channels and ensure the same brand experience at every touchpoint. By becoming omnipresent across all channels, you can provide a consistent experience and meet customer demands faster than ever before.

Since consumers expect the convenience of eCommerce from retail businesses, you must invest in digital tools that streamline operations between their physical stores and e-commerce sites so they can optimise inventory management and logistics more effectively.

So now is the time for you to double down on your commitment to omnichannel retail and utilise POS technology to make sure that customers have access to their favourite products when and how they want them.

To wrap it up
Forecasts and trends aren’t absolute. However, one thing we know for sure is that the most successful retailers in 2023 will be the ones who can quickly adapt to changes. And at Tagrain, we’re committed to serving ambitious retailers like you by helping you implement new technologies quickly, levelling up operations easily and finding ways to do better with less—now and in the future.

Happy new year!

Bicheng Gu
Bicheng Gu
Product Analyst at Tagrain