As a marketing agency serving retail and finance, we are close to the consumer and the merchant. As a result, we’ve defined five trends for 2023.
Retail: Back to the Store
Retailers face the opportunity and challenge of welcoming consumers back in store. However, there will be consumer hesitancy (and even disappointment) as selections are poor and customer service lackluster. Retailers who win will have to focus on a great welcome back: ample selection of high-quality, well-displayed merchandise, complemented by knowledgeable sales associates who put their phones down enough to say more than “hi.”
Finance: Apps All the Way
Consumers want access to their finances on their phones to check balances, pay bills, and manage their savings, spending, and investing anywhere, anytime. Finance providers keep amping up the functionality and security, along with implementing steps to reduce friction and improve the consumer experience.
Retail: Vintage Keeps Growing
Curated wardrobes now have room for vintage. As quality of fast fashion apparel and accessories has plummeted in recent years by all but luxury brands, the appeal of vintage and slightly used products will continue to grow. The stigma of “used” is over and consumers are well aware of the environmental impact of overproduction of apparel.
Finance: Buy Now, Pay Later (BNPL) Loses Some Steam
While Covid-19 helped build the BNPL demand, high interest rates, a return to store, and payment fatigue will taper the growth of BNPL demand. The trend did confirm that young consumers seek out and use innovative financing and will continue to do so as they use it to purchase more than jeans.
Retail: Capsule Wardrobes / Less Bargain More Quality
While in-store shopping will experience an uptick in 2023, shopping for entertainment will be replaced with strategic shopping: selecting a capsule wardrobe for an upcoming season. This means consumers will buy multiple pieces at once (they will want to touch and feel them) and then wear them in mix-and-match ways over multiple seasons. This may mean that consumers will spend more in “chunks” seasonally rather than dribbly little purchases over time.
What is your brand doing to innovate, get your team on board, and put your brand and products in front of the customers you want to reach? We have some ideas! If you could use a new perspective for the new year, let's chat.