Societal, economic, and technological trends shape our future shopping experience and form a consumer culture of retail. Unfortunately, the economic outlook for most of the world doesn’t look great in 2023. Experts predict ongoing inflation, the rise of interest rates, and subdued economic growth.
On the other hand, regardless of the situation, we buy food when hungry and purchase essential products to feel comfortable at home. We buy clothes in need to keep warm or express ourselves. We shop to entertain ourselves and discovering new things, try new experiences or stay with those brands that offer the best customer experience. So, regardless of trends, the retailers who will adapt to the situation best will survive, while their efforts to win consumer attention will shape our shopping habits.
So, here is a sneak peek at what is waiting for the eCommerce and shopping experience in 2023.
Luxury shopping sites such as MyTheresa.com are reversing some established trends. Luxury shopping is not just about the super-rich, but also about the wide plethora of personal assistants, designers and professional helpers to cater for their needs.
Successful retailers know that personalization matters. Getting the right technology to execute a personalization strategy is the problem. Although currently, most retailers limit their efforts to notifying customers about abandoned baskets, technology allows for much more than that. With the right tools, retailers can track every interaction of every specific person with the store, the brand, or the product and increase the conversion rates with products the particular customer might be interested in buying. The marketing automation tools such as SalesManago.com can transform the way your store looks and performs like. Further personalization should inevitably improve the experience of search functionality. The humble search field can and should become one of the most powerful marketing tools for every merchant by delivering personalized and context-based results.
Customer experience and quality both play a part in how we make decisions and experience the process of purchasing and enjoying the products and services we spend our money on. So, eCommerce platforms and online stores must deal with problems and after-sales support. The shopping journey which started in the physical store should be extended to the eCommerce site and vice versa.
Still, customer culture evolves beyond the digital world. Albeit met with a healthy dose of skepticism, the shopping experience will further transform to “metaverse”. Whether we like it or not, the new generation of shoppers will surely interact with brands and consumers through enchanting technology, including 3D environments and AR/VR. There are more and more thoughts about virtual dressing rooms and AR-based technologies showing how clothes will fit our bodies. Such shopping trends will impact both online and offline retail as it is already in progress by Hugo Boss and Walmart.
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The fact is that shopping malls will stay, no matter how large eCommerce becomes. In many ways, they are central community hubs. Even if eCommerce for some retailers evolves into the primary sales channel, physical stores are essential for Gen Z and serve as a marketing channel. It is a massive shift that most retailers begin to focus their storefronts on selling brand experiences. This will remain the primary focus for retailers’ shops in the malls.
As trends indicate greater integration between the in-store and eCommerce shopping experience, retailers that sell luxury goods should be at the forefront of change.
Although luxury brands make their money based on the quality of the emotions and lifestyles they communicate to the high-net-worth clients who buy their luxury products. Sure they’ll use high-end tech to track their customers’ buying habits and greet shoppers with personalized service. And they’ll do their best to retain shoppers in store for as long as possible. On the other hand, luxury shopping sites such as MyTheresa.com are reversing some established trends. Luxury shopping is not just about the super-rich but also about the wide plethora of personal assistants, designers, and professional helpers to cater to their needs.
Technology and people are constantly advancing, and because eCommerce connects them all, we must always look ahead. The landscape is getting more competitive. Customers are currently in charge, and eCommerce businesses are pacing to meet their needs. If you are looking for business partners who can consult you on what is best for your project, do not hesitate to talk to us. Contact us to discuss your business strategy for 2023 and beyond.