Top 5 Retail Technology Trends in 2023
Retailers have experienced quite a big shift in the industry ever since the pandemic began. The industry is still recovering from supply chain constraints, economic turmoil, and rampant inflation.
But the start of 2023 brings reasons to believe that economic improvement is on its way. Let’s look at retail technology trends and reasons why retailers have something to look forward to in 2023.
Ecommerce is Exploding
Surveys show that the number of consumers that make at least one online purchase each week has grown to over 58%. With that increase, experts believe that the global ecommerce industry will grow to $8.1 trillion by 2026, up from $5 trillion in 2022.
So it’s more important than ever to build a brand online to acquire new customers and retain them. Companies must get on board now because ecommerce will only continue to grow both in size and intricacy.
Social Media Monitoring
Collecting and analyzing customer data can help retailers discover customer behaviors and preferences for not only their own company but for their competitors. Creating a large following on social media allows retailers to more accurately forecast trends and make adjustments to their products, marketing tactics and business strategy.
One crucial feature to understand about social media is that it’s focused on influencers and not brands. Once you figure out the formulas of Tiktok & Instagram, capitalizing on these formulas is easy.
Convenience is key when it comes to the modern consumer. Hybrid shopping has exploded since the pandemic. A company’s physical store and its digital presence are more connected than ever.
In order to stay ahead of the game, companies must leverage these various channels: brick-and-mortar stores, email marketing campaigns, apps, social media, and websites. In today’s world, you must reach out to consumers wherever they are. Giving them as many ways as possible to make a purchase is vital.
Omnichannel retail provides unique services suited to each consumer’s preference. Consumers feel they are getting a personalized experience which in turn, provides high customer retention and loyalty. That’s imperative to a company’s ROI. These tactics will continue to be the future of the retail industry.
Improved Customer Service
Shopper expectations have really risen when it comes to superior customer service. According to Retail Dive, an impressive 93% of individuals surveyed said they would be more patient about shipping delays if the company had above-and-beyond customer service. Given persistent supply chain delays, that patience is key to customer retention.
But realistically, it’s hard for companies to provide live 24/7 customer service. That’s why chatbots can be helpful. E-commerce chatbots are the perfect addition to your customer service team because they can truly work at all times, save a company money, engage customers over multiple channels, and answer FAQs at a moment’s notice. Talk about a customer service improvement!
Changing Store Designs & Mixed Use Spaces
The pandemic caused stores to modify designs to accommodate new health standards. This has allowed for experiential retailing. Many retailers are adding new features such as self-service checkout options, and curbside or indoor pick-up.
Mall developers and local government leaders are turning to mixed-use spaces that offer shopping, living, and dining options.
Anticipating customers’ needs as the current retail environment shifts is paramount for companies to thrive. Focusing on superior customer service, growing social media presence and omnichannel shopping options will take companies far.
Want to learn more about how you can implement this technology, contact us today!