Omnichannel Retails Trends 2023
Whilst the pandemic acted as a phenomenal catalyst for digital transformation, current economic pressures are testing retailers’ resilience. They are needing to do more with less, and protecting profit margins will be essential in the near term. At the same time, retailers recognize the urgency to continue progressing store digitization efforts to keep up with evolving shopping habits. In fact, more than a quarter (26%) of retailers we spoke to for our 2023 omnichannel survey, told us that ‘upgrading technology and getting a modern point of sale (POS) system is one of their top three business priorities over the next 12 months.
Meanwhile, the consumer appetite for digitally enabled experiences continues to grow. The vast majority (84%) of consumers now research online before visiting a store, primarily to search for the best deals (50% in 2023 versus 40% in 2022) and to learn more about a product or check inventory availability. An overwhelming majority (89%) of consumers are adapting their behaviors in response to the rising cost of living, and it’s clear that many are turning to technology to help them seek better value for money.
Affordability concerns are also hindering the shift to sustainable shopping. Forty-five percent of consumers still consider sustainability a top or essential factor when choosing where to shop, but this is slightly below the 50% who agreed with that statement last year. In the current climate, frugality trumps sustainability.
In this report, we explore the biggest technology-enabled consumer trends based on exclusive sponsored research into their expectations and retailers’ ability to meet them.
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