What will the retail landscape look like in 2023? This is a question that many business owners are asking as we pass the halfway mark of 2022 and cruise toward the new year. While the answer is not easy to determine as economies and politics play a growing role, there are a few key retail and shopper trends that we can expect to see.
As always, a shopper marketing agency can work directly with your team to create a custom marketing plan that helps your business stay in front of your consumers and ahead of the competition.
The rise of online shopping and its impact on physical stores
According to the United States Census Bureau, the portion of e-commerce in the United States increased from $5.0 billion to $519.6 billion between 1998 and 2018. One of the most significant changes we’ve seen in recent years is the growth of online buying and its effect on physical locations.
And that was before a pandemic and lockdowns fast-forwarded eCommerce and online shopping’s popularity.
This trend is only expected to grow, with more and more shoppers purchasing items online instead of in-store. Coupled with digital-first shopping, another trend we see evolving is the move towards sustainable and ethical practices. As consumers become more aware of the environmental impact of their purchases, they are beginning to seek out brands that share their values and have a purpose or cause built into their shopper marketing plan.
How retailers are adapting to the changing landscape
Retailers must be able to adapt to the changing landscape to stay ahead of the competition. This means being able to anticipate trends and adjust their retail brand experience accordingly.
Some of the ways that retailers are doing this include:
- Partnering with shopper marketing agencies to create personalized marketing campaigns that target specific audiences and “remember” them
- Focusing on sustainable, ethical practices with products, events and services that leave the world better than they found it
- Offering a unique shopping experience that benefits charity or a cause which aligns with the values of their consumer base.
By working with a shopper marketing agency, you can ensure that your business can stay ahead of the competition and adapt to the ever-changing retail landscape. The future of retail is uncertain, but 2023 promises to highlight a few key shopper marketing trends.
The future of brick-and-mortar retail
It’s no secret that online shopping and COVID-19 have taken a toll on brick-and-mortar stores. Many retailers have had to close their doors due to the lack of in-store traffic or competition from online businesses.
Yet, as we are settling into our new normal, it seems consumers aren’t ready to say goodbye to their neighborhood store. Although some shoppers prefer an online experience, many still enjoy brick-and-mortar stores for a few key reasons:
- They can see, touch, and try on products before they buy them
- They can get help from knowledgeable sales staff
- They enjoy the social aspect of shopping with friends or family
A Fundera study states that E-commerce will account for over half of all retail sales by 2040, with 95 percent of transactions handled through the internet. Although digital retail is on the rise, traditional stores can still hold their own by having a shopper marketing plan that features digital and in-store strategies to curate a familiar brand experience that keeps shoppers coming back for more.
What consumers can expect in the next few years
As the retail landscape continues to change, so will the way consumers shop. In 2023, we expect to see more brands commit or renew their focus on sustainable and ethical practices while moving more budget and attention towards online shopping.
Retailers who can adapt to these changes achieve success in the future. Partnering with a shopper marketing agency is a great way to give yourself an edge over the competition. They can help you create a unique shopper marketing plan to keep your business ahead of the curve.
We’re hungry for success – yours!
At Cliffedge Marketing, we are proud to have over 20 years of experience under our belts, working with your favorite retail brands to deliver a retail brand experience that captures the zeitgeist of the moment and engages consumers where they live.
We know what it takes to be successful and would love to help your brand on its journey of growing market share and sales velocity. When you’re ready to grow, contact us today.