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5 trends for the retail sector for 2023

2023 seems to make a strong start. As the consumer continues to be resistant, the travel comes alive and supply chains are developing, shipping costs are decreasing, and pandemia is alleviated. While e-commerce market places gain momentum, new online and in-store experiences become a focus once again. A recent study by ENSEMBLEIQ and AWS shows that 87 percent of retail technology leaders expect to protect or increase technology budgets in 2023. AWS Turkey Country Manager Burak Aydın shared five retail trends that should be considered in 2023:

  1. Retail Media Networks

Retail media network is an advertising form that allows retailers to earn better service by providing more relevant offers through e-mail or SMS while shopping in digital and physical stores.

Retail media offers a attractive business opportunity for many retailers, as it allows retailers to show brand advertisements in the store, applications and e-commerce sites or share them through external channels such as social media platforms. This is an exciting area where there may be many innovations in the coming months.

Coreresight Research estimates that the global retail media industry will increase by 80.1 percent compared to 2021 and reach a total of $ 75.1 billion in 2022 and thus becoming one of the fastest growing advertising channels. According to a survey conducted by McKinsey in June 2022, 82 percent of advertisers plans to increase retail media expenditures within the next 12 months.

  1. Smart and Tamped Stores

In the last 12-18 months, there has been a striking increase in new products and services that provide a differentiated in-store physical shopping experience. We are experiencing the first days of in -store retail services, where the obstacles that slow or make the shopping experience are eliminated.

As the technology investments in the infrastructure bandwidth and computer view increase with cloud skills for store systems, we will see that their smart and safe retail skills are progressing rapidly. New stores where infrastructure can be easily installed before they are built will become focal points.

  1. inclusive experiences

In a recent study of ENSEMBLEIQ on trading, which offers inclusive experiences, 77 percent of the participants stated that they are familiar with the inclusive retail concept. In this study, inclusive retail was defined as the development of consumer shopping experiences with in -store technological features (eg applications, QR codes, augmented reality, interactive screens, etc.) and/or online environment (for example, virtual trials, 3D product preview, etc.).

The consumer survey conducted by EPSON revealed that experience is very important to change the behavior of shoppers, and even presenting an inclusive experience can lead them to shop in the store. 92 percent of the united Arab Emirates of the questionnaire said that they would change their shopping behaviors if shopping places with an experienced element increase. This ratio is seen as 94 percent for the Z generation participants and 93 percent for generation Y for participants. The research also shows that such experiences in retail stores will increase the amount of spending of consumers.

Coresight Research estimates that the value of retail sales in Metaverse and virtual stores will reach approximately $ 1 billion in 2030 with an important early adoption increase between 2024-2026. We will see that retailers searched and tested these technologies in 2023.

  1. 360 degrees Customer (and Customer Data Platform)

Customer Data Platform (CDP, Customer Data Platform) is a permanent and holistic customer view (in other words, a single view of customer activities – 360 degrees customer). Here, the data is taken from multiple sources, cleaned and combined to create a single customer profile.

360 degrees Customer and CDP topics are now at the forefront for the retail sector because retailers develop strategies to manage customer data either with a central agency or as part of a more comprehensive loyalty proposal. CDPs allow the development of new loyalty strategies, solutions and programs that give them the opportunity to recognize the customer, to provide services where they are, to learn something from them and to interact with their sales channels and points. We will see that CDP solutions have become the focal point for 2023.

  1. Level jump of the supply chain

In 2023, retailers will have the opportunity to benefit from the cost advantages in the supply chain. In 2023, retailers will focus on the supply chain “flexibility and durability .. We can define flexibility and durability, with resistance, adaptation, or rapid recovery after a challenge. As a result, the supply chain will continue to rank 1st and 2nd in the priority list of managers in 2023.

Journey to the Cloud

Retailers are looking for a new approach to reveal the potential of digital trade. For such an approach, there is a need for new technologies and a new digital architecture that greatly benefits from modern cloud -based solutions and services.

The aim of each retailer is to provide the best shopping experience that customers can move smoothly between these channels by reducing friction during customer journey and combining traditionally differentiating channels. This experience, which has been promising for a long time, is the key to creating a agile and cost -effective digital trade solution. The adoption of shaped and headless applications supported by micro -services helps retailers to combine and personalize the shopping experience, reduce maintenance costs, increase business agility and innovate appropriate scale.

Source: (Byzha) – White News Agency

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