Within the last three years, the retail world (and the world itself for that matter) had to face unexpected and unprecedented challenges— pandemics, war, inflation, and energy crisis to just name a few. Consumers are shopping in a more mindful way, carefully selecting where to spend their time and money. With uncertain times ahead, there are a few things that all retailers should keep in mind while going into the new year: these retail trends will help you shape a more efficient strategy and prioritize the elements that can sustain your small business in the best way. Read on to discover more about the six retail trends to watch in 2023.

Conscious Consumption and Selective Shopping

The conscious approach to shopping that has influenced consumers' behavior in the current year will continue also in 2023. This will be noticed on a double level, both financially and ethically. Shoppers will ponder their purchases with attention, spending less but better to save the planet and their wallets at the same time. Sustainable and eco-friendly products will continue growing in popularity then, but with more attention to their price point than ever before. The retail industry will see consumers being price-conscious across all categories, luxury included, with a selective mindset guiding their purchase decisions.

What does this mean for retailers?

When choosing the right products for your store, consider sourcing brands that favor small and ethical production, looking for pieces that will make for timeless investments and that support a slower approach to fashion and luxury. On Mirta you’ll find local brands that create mindfully, and our curated selection of sustainable brands will give you access to vegan, organic, and cruelty-free products.

Online Shopping

Despite the return to physical stores having seen a considerable increase after the lockdown, online shopping will continue to remain a favorite for most consumers. Used as the main channel or in combination with in-store physical experiences, retail news says that online shopping is meant to keep growing throughout 2023: according to the latest data from Shopify, the online fashion industry will go from a market value of $759 billion in 2021 to $1 trillion in 2025.

What does this mean for retailers? 

If you don’t have an online store yet, consider opening one. If you have it already, consider investing time and effort to make it as efficient as possible. Make sure to keep your online catalog updated and work on smoothing the customer experience: allowing your clients to buy both in-store and online will increase your chances of sales. Another idea for leveraging online shopping is to combine online and offline together, creating phygital experiences: you can invite customers to browse the full online catalog while physically in-store, or set up an online checkout for all purchases done in the boutique.

Omnichannel Strategy

Very much connected to the point above and to the increase in popularity of online shopping, is the fact that an omnichannel strategy will be the favorite approach for most retailers in 2023. With omnichannel strategy we mean all those marketing efforts that integrate the different methods of shopping available to consumers, in order to give them the best possible experience. An omnichannel approach is crucial in gaining more attention from consumers, and it often makes a difference when it comes to finalizing a purchase. It can include both offline and online channels, and it works best if backed up by data and analysis of your clients’ behavior and habits.

What does this mean for retailers? 

Think about making all of your channels into a single purchasing experience, offering consistent messages, information, and brand values across different touchpoints: connect your Ads to your marketplace, your organic social media to your online catalog, and your in-store customer assistance with the email one. Opportunities are endless.

In-Store Meaningful Experiences

Another one of the retail industry trends that we’ll see in 2023 is the rise of in-store special experiences. If online shopping is often the best option for ease and speed, offline shopping remains the favorite choice to live 360-degree experiences that emotionally impact consumers. We still love going into stores to interact with other humans, touch the products, and feel something meaningful: this human need won’t go anywhere, shaping one of the main shopping trends for the year ahead.

What does this mean for retailers? 

To stand out among the crowd and attract new consumers, physical boutiques have to get creative about the in-store experiences they can offer to their clients. You can join forces with other small businesses organizing special evenings with food tastings, or invite one of the brands you stock to have a demonstrative activity during business hours, or again collaborate with social influencers for styling or personal shopping sessions. Think about what your community would love and have fun.

Personalization

Contemporary fashion consumers actively look for personalized experiences— they don’t want to be just a number for you, but expect you to know who they are, what they like, and what they might want. In retail marketing, this translates into two different trends: personalized products and personalized marketing communications. Many brands and retailers have already started to give clients the opportunity to personalize some pieces from their collections and this tendency will increase in 2023, especially when related to special occasions or public holidays. At the same time, social media algorithms got us all used to see only things we might be interested in, and when it comes to shopping we make no exception. Boutiques and retailers will address their clients in more and more targeted ways, proposing personalized product recommendations and offers.

What does this mean for retailers? 

Address both approaches in your business strategy. Start by personalizing all your communications, even with the simplest thing like adding the customer’s name to your newsletter or purchase emails. Move on analyzing your clients’ purchase history and behavior, and work towards proposing them pieces that are in line with their tastes, needs, and financial availability. Regarding personalized products instead, think about a few easy options you can implement at special times of the year, such as a name embroidery for Christmas.

Live Shopping

Live streaming has emerged as a strong trend in the fashion market during the last year, especially in the US and Asia region, and according to trend forecasts, it is set to become the future of retail. The way we shop began with brick-and-mortar stores, then online shops emerged, then it was the turn of social commerce, and now we arrived to live shopping— the combination of e-commerce and video live streaming. Live shopping is a live interactive experience where a seller showcases content to their clients, re-creating the in-store experience online. Differently from browsing an online store, customers don’t have to look for info themselves and scout hundreds of product pages: it’s the seller bringing them all they need to know and showing the characteristics of the products or how to use them, while clients can ask questions and have real-time conversations as they would do in store.

What does this mean for retailers? 

There are two soft ways to start exploring your live shopping opportunities. You can start by yourself, by involving a small group of your store’s loyal customers: they know your products and your way of selling, so it will be easier to connect with them online and this can be a fun thing for them to experiment, as well as an opportunity to buy from the comfort of their home without having to come to the store. Alternatively, we suggest partnering with experienced international sellers that use live streaming as their main revenue channel, engaging with close-knit communities that trust their tastes. This will allow you to leverage the seller’s experience, benefit from great exposure, reach new markets, and boost sales. At Mirta, we offer live shopping as one of our marketing services to support brands and retailers.

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