2023 Retail Trends: Video Emerging Leader in Tech Innovation and Retailers to Double Down on Data and Digital Literacy | RIS News
Shopper Trends and the Consumer Journey
“Shoppers are going to continue to search for extra value in their foods and will invest in products with better-for-you nutrient profiles. Nutrition basics such as whole grains and a focus on clean label ingredient profiles will be a feature tenant as established brands look to expand their footprint.” — Dan Buckstaff, CMO of SPINS
According to Stitch Fix’s 2023 Style Forecast:
“In 2023, we forecast that three-quarters of total U.S. retail sales will still occur offline. And U.S. consumers will continue to ramp up using cross-channel shopping such as buying online for in-store pickup.” — Brendan Witcher, Vice President, Principal Analyst, Forrester
“The post-COVID resurgence of in-store shopping mixed with online convenience has brands wanting more cohesive omnichannel customer journeys that deliver unique, memorable shopping experiences. New and interesting hybrid shopping experiences will grow in 2023 in order to attract new customers.”— Jennifer Stevenson, Senior Director Product Strategy, Uberall
Supply Chain
“Micro fulfillment will become the dominant investment choice for any retailer looking to improve distribution to their end-consumers, reduce cost, and minimize transportation times.” — Ira Dubinsky, Director, Go-To-Market Strategy, Peak
“By 2024, 50% of manufacturers will prioritize digital literacy as a key skill set during the talent acquisition/retention process to support digital transformation and enterprise-wide technology adoption.” — IDC FutureScape: Worldwide Manufacturing 2023 Predictions
“In 2023, circular supply chains will become the norm — starting with consumer transparency. A circular supply chain ends with recycling or reusing a product instead of throwing it away. This can happen through the retailer, through the consumer, or through a joint effort.” — Publicis Sapient’s 2023 Guide to Next Report
“Focusing on sustainability will bring competitive advantage. Ignoring environmentally-aware customers who demand eco-friendly practices will not be advisable. Green practices will cut across sustainable products, ingredients, production, packaging, and delivery.” — Rajesh Varrier, SVP, Head of Digital Experience and Microsoft Business, Infosys
“We need to work on averting a climate change disaster. The impact on the supply chain from the pandemic will be small as compared to the scarcity created by a climate change crisis. Even in digital advertising, there are still things we can do to promote a carbon neutral footprint for ourselves and our clients.” — Mary Matyas, SVP and General Manager of North America, MediaMath
“Retailers will lean on data to help them refocus on brand loyalty growth, sustainability, and ethical labor practices. In the past, brand values like that were hard to identify. Now brands are upfront with messaging about how they’re building a sustainable future in ways that are meaningful to their customers.” — Dan Mitchell, Global Director of Retail & CPG, SAS