A look into the future: Top 9 retail trends that will change how we shop.

“There’s a reason why the windshield is bigger than the rearview mirror. Where you are going is more important than where you’ve been.” — Unknown

It’s been a while since we looked forward — 12 months or so. With the year being relatively new, now seems like a perfect time to do just that. The past year has been challenging for most businesses. There has been an incredible number of changes along with the challenges coming from the aftereffects of the global pandemic, Russia’s invasion of Ukraine, economic concerns, new technologies, and political factors among others. These won’t be slowing down in 2023. In fact, we expect the road ahead to be bumpy.

Retailers, in particular, have been impacted by the challenges — the supply chain, inflationary pricing, economic uncertainty, a shift in consumer demands, and the high rate of staff turnover. But with the new year upon us and better-than-expected holiday season results (7.6% growth rate from last year according to the latest MasterCard report) there is a positive outlook in the industry and more focus on the customer’s shopping journey.

So, what are the trends that would impact the retail industry and change how we shop in 2023?

1. Evolving social media. Retailers will expand their use of social media and influencer marketing more than ever before to engage and understand customers’ sentiments, preferences, and attitudes toward their company. And, whenever possible retailers/brands will continue to sponsor/offer ongoing access to their Metaverse and special live event streaming (concerts, fashion shows, sporting events).
2. Hybrid shopping and seamless shopper journey. Retailers need to synchronize consumer data in near real-time across all shopping channels — in-store, online, mobile, social media, and live streaming, for a seamless shopping experience.
3. Store design shifts and mixed-use spaces from smaller and more convenient strip-style centers like the Target Campus Stores and Walmart’s Neighborhood Markets to bigger store space to include new design features (curbside pick-up, in-store pick-up, and fulfillment)
4. Consumerism curtailment. Consumers are likely to remain careful and choosy about what they…