Evolving Retail: What to Expect in 2023
The retail sector has continued to go through massive transitions in recent years with COVID-19 only furthering the boom of eCommerce. However, with 2022 truly leaving the pandemic in the rearview mirror, retailers have seen consumers return to in-store shopping, reinforcing the importance of the brick-and-mortar experience. With that said, in-person shopping isn’t the same today as it was pre-pandemic. With consumer expectations having grown exponentially over the past few years, in-store sales channels have had to become far more advanced, relying on digital technologies to cater to these demands.
Consumers today demand a physical shopping experience which is convenient, seamless and less time-consuming. Retailers that lack any one of these can fall behind in what is a fiercely competitive industry. But how can retailers stand out in the current retail landscape? The key to edging out competition is through the right technology investment.
Of course, there are a wide range of solutions available, and retailers must make their technological investments wisely. In order to confidently make such an important decision, retailers must first understand the landscape that they will be operating in – and 2023 is expected to be a significant year. Here are three key factors that will shape retail in the 2023:
1. In-Store Convenience Will Be a Key Driver
Consumers now demand more than just products, they want a fully fledged customer experience. Competition today goes beyond simply having the best prices and discounts, it lies in the level of convenience a retailer is able to provide. If retailers want to drive consumers to their physical stores, they must be able to make the entire experience enjoyable and seamless.
The fear of COVID-19 has vanished, and more consumers want to shop in-store. In-store footfall is only likely to increase in 2023. To ensure consumers receive a top-tier shopping experience, retailers must ensure faster and more convenient processes.
From a consumer perspective, convenience lies at the heart of their shopping experience and time plays an important role. How quickly retailers are able to serve their customers makes a significant difference. In fact, 88% of US adults want their in-store checkout experience to be faster. Teamwork Commerce’s mobile point of sale (mPOS) helps retailers facilitate this and streamline the entire in-store experience by queue busting and allowing staff to complete transactions in any part of the store.
2. Personalization: a Competitive Advantage
In the past few years, the role of personalization has only grown in importance across both physical and online sales channels. The bounce back of brick and mortar is a testament of the significance physical shopping holds, signaling that 2023 is likely to see heavier footfall. This makes the role of the personalized in-store experiences more important than ever before as shoppers seek personalization. What’s more, retailers must understand that personalization has a direct positive impact on conversion rates and increased revenues.
The Teamwork Commerce mPOS app provides in-store associates with access to all the relevant information related to customers, including their purchase history, preferences, and frequency of purchases. With this information at their fingertips, staff can offer customized options, answer specific product queries, and provide personalized discount offers to customers. All this helps retailers ensure a top-tier shopping experience for their consumers which can be a gamechanger – boosting consumer loyalty as well sales.
3. Omnichannel Approach to Maximize Profitability
The post-pandemic recovery throughout 2022 has helped retailers recoup in-store footfall but online shopping is here to stay too. Retailers must be able to deliver on both to remain ahead in this competitive landscape. Deploying next-gen technology to seamlessly cater to consumer demands across every channel and platform will help retailers boost sales and maximize profitability.
The management of different technologies and platforms is very complex. To ensure a frictionless customer experience, retailers need a tech stack to manage several integrations seamlessly. In other words, in an era where consumer demands are constantly evolving, retailers require composable architecture to combine different tools flexibly and with ease. Composable commerce also allows retailers to make individual upgrades within a stack without affecting other parts of the application.
To scale up operations across both offline and online platforms, retailers should lean on all-encompassing automated solutions that communicate in real-time to provide unrivaled efficiency and the ultimate customer experience.
Teamwork Commerce’s all-encompassing software can help retailers manage everything offline and online all through a single application. We offer a range of retail solutions including mPOS, automated order management system (OMS), clienteling, and GDPR compliant secure CRM. The insights gained from a next-gen reporting & analytics, strengthen retailers with increased visibility of different platforms in one place and help in effective decision making.
2023 is expected to bring a number of challenges. However, retailers, who are able to incorporate appropriate technology in their business strategy, will be able to gain and hold a competitive advantage. Understanding what 2023 is likely to entail can help retailers make the right choices when selecting their retail technology stack.
Need some help in choosing the right retail solution for your business? Schedule a meeting today with one of our retail experts to prepare your business for a revolutionizing 2023!
What is a Customer Loyalty Program? A customer loyalty program is a type of rewards system used by businesses to reward their customers for their repeat purchases. It enables customers to earn points, discounts, and other rewards for buying the company’s products or...
Retailers are realizing the need for omnichannel strategies to stay ahead of the competition. Omnichannel strategy is key to success in today's retail world. By applying a holistic approach and taking into account all contact channels with your customers, retailers...
Retailers are facing unique challenges in today's retail landscape. Customer behavior is rapidly changing and well-established retail organizations cannot rely on their old ways of operating. The world has seen accelerated changes in customer behavior in the last few...