Top retail and e-commerce trends for 2023.

Q4, or the Golden Quarter, heralds the busiest and often most profitable period of the year for retailers and brands, but 2023 also looms large on the horizon, bringing with it a new series of opportunities and challenges for the year ahead.  

Online sales have fallen since the world returned to normal life following the pandemic, but the role of brick-and-mortar stores appears to have changed for good. Add to the mix rising global inflation and a social commerce revolution, 2023 promises a recipe for new developments in the world of commerce.  

An opportunity to break down siloes  

As Glen Conybeare discussed at Cannes Lions, we now live in the world of the hybrid shopper. Customers have returned to shopping in stores, but with a mobile in their pocket they can enjoy the sensory experience of a brick-and-mortar store, make a purchase online and receive that item in the mail. 

Breaking down siloes between online and offline teams and rebuilding organizational structures with these crucial links in mind will help to create a more synchronized brand experience across all touchpoints.  

A challenging economic outlook 

With inflation in the US hovering around 8%, and the Bank of England predicting the UK rate will hit 11% in October 2022, the reality is that many consumers will be tightening their belts in 2023 and we may already be seeing this happening in Q4 of 2022.  

Speaking to Audrey Kemp for an article in The Drum, Reprise Commerce’s Senior Vice President for Digital and Global eCommerce, Will Margaritis, weighed in on the unfolding economic climate.  

“Overall, brands and marketers should pull all the data they can from 2008-2010. What did consumers do then? How did they react? How did your brand react? What worked? What didn’t?  

What we are about to see will be similar. Large purchases will be put on hold while small luxuries will be seen as economic ways to splurge. 2008 was fantastic for drugstore cosmetics brands, upscale snacks, and any other daily luxury that won’t break the bank. 2023 will likely repeat that.” 

The social (commerce) revolution  

Whilst many consumers are once again shopping in physical stores, the rise of social commerce continues apace. Brands that deliver high-quality shopping experiences lay the foundation for sales, but that also entails a good deal of work.    

The recent partnership between Shopify and YouTube highlights the importance of reducing the friction between content and commerce, whilst embracing new mediums for discovery.  

“Younger generations find authenticity and trust in different places than older generations,” says Margaritis.  

“Predominantly, they trust their peers and they trust influencers. As brands reduce spending and are less present in the shopping conversation, peers and influencers will rise… 

Social commerce and live commerce have already become regular means of shopping in Asia and are rising rapidly in Latin America. The US and Europe won’t be far behind.” 

The figures certainly bear this out, with research predicting Chinese sales in live commerce will total $423B this year, and US sales exceeding $25B by 2023.[1] 

Read the full article in The Drum 

To speak to one of our experts please do contact us.

Explore our

Recent Content.

2 days ago
By Glen Conybeare
Whitepaper

Whitepaper: Overcoming Audience Blind Spots

1 week ago
By David Hall
Press

Can smart bundling boost Black Friday performance?

1 week ago
By David Hall
Case Study

Rogaine case study: Not just for men’s hair loss

2 weeks ago
By Will Margaritis
Thought Leadership

Can brands succeed on Black Friday without a Retail Media Network strategy?

2 weeks ago
By David Hall
Press

Is Singles' Day reaching critical mass in the US?

3 weeks ago
By David Hall
Event

Drew Clements joins ad tech panel at Amazon UnBoxed

3 weeks ago
By David Hall
Event

Retail media diversification: Will Margaritis on Beet.TV

4 weeks ago
By David Hall
Event

Key takeaways from Amazon UnBoxed

9 months ago
By Shashank Rathore
Case Study

Zodiac Case Study: Fashioning a new website for a fine men’s clothier

12 months ago
By Glen Conybeare
Case Study

Lego Case Study: Building the toy giant’s appeal among adult customers