Global conglomerates are raising the prices of luxury goods and necessities due to rising inflation.
FREMONT, CA: There are signs that the global economy is heading for a rocky road over the next year, and retail has traditionally felt the bumps first. As bricks and mortar retailers recover from the disruption caused by the covid-19 pandemic, this is likely to cause more headaches. As well as keeping customers' less disposable income flowing in their direction, online e-tailers must continue to innovate.
Prices of everyday necessities, like groceries and clothing, as well as luxury goods sold by multinational conglomerates, are rising due to rising inflation. While stocks run low, supply chain disruption negatively impacts operations, leading some retailers to raise higher prices.
Hybrid and Omni channel customer journeys: With online shopping, we can shop anywhere, at any time, from anywhere, enabling us to obtain just about anything without ever leaving our homes. Moreover, retailers can learn a lot about us by tracking our customer behavior, combining it with other online sources, and constructing a detailed picture of our preferences.
Conscious consumers continue to define retail habits: In 2013 increasingly based their buying decisions on ethical, environmental, and sustainability concerns to succeed in retail.
Most consumers consider themselves "belief-driven buyers," wanting to be assured that the products and services they purchase are crafted sustainably by organizations adhering to ESG principles. The trend for increased customer loyalty and trust should not be viewed as a hindrance but rather as an opportunity to strengthen relationships and establish more efficient processes and operations.
Customer experience personalization: Fashion and footwear products are not the only products that fall under this trend. From sales and marketing, where email and e-commerce portals offer consumers personalized recommendations, to upselling and after-sales support, consumers have shown a positive response to personalization. Business leaders who successfully respond to this trend in 2023 will be able to leverage the myriad of data points they have at their disposal today and create products and services that appear "special" to each individual. Throughout the customer journey, they will create personalized touch points, making customers feel unique and relevant to them and everyone. This trend requires enabling "personalization at scale" through technology.
The metaverse, AR, and VR drive immersive and experiential shopping: Recent research suggests that consumers today are more concerned with customer experience than anything else. We ensure that great service is delivered hassle-free, efficiently, consistently, and in a memorable way. This is why the metaverse concept has gained so much traction - immersive, experiential, digital environments where users can work, play, and - yes - even shop.
Cashless, contactless, and autonomous shopping and delivery: It also emphasizes the all-important "last mile" of the retail experience, which is the convergence of hybrid and Omni channel innovations. Streamlining and reducing the time and effort it takes to pay for goods and services is a top consumer demand. We have become accustomed to convenience trends such as buy-online-pickup-in-store (BOPIS), buy-online-return-in-store (BORIS), and buy-online-pickup-at-curbside (BOPAC). Automation of complex inventory management processes is made possible by artificial intelligence and advanced analytics. As retailers increasingly test, pilot, and deploy autonomous delivery methods, it is also imperative to their success.