Regardless of the type of business you run, it’s always smart to sit down at the end of a year and vision cast for the days ahead. With the holidays in the rearview, you have some time to look at what’s happening in your industry and make a game plan.
In this guide, learn what’s in store for 2023 and how you can plan for these trends in your retail or ecommerce business.
Educate Yourself on the Shifting Retail Landscape
Online sales have grown significantly as compared to retail over the last five years. Expect that to continue, but also to see a big change in retail—for the positive.
How is there room for growth in both? Well, one trend that sticks out is the stagnant growth of work from home employees. In America, about 30 percent of employees are now fully remote. Many experts thought it would climb, but that number has held steady for a year.
Routines for both online and retail shopping should lead to increases in both retail and digital shopping in 2023.
Look at 2023 Social Media Trends (and Plan Accordingly)
Short video content on TikTok, Instagram, and YouTube Shorts are dominating social media right now. More of this is around the corner in 2023, so having some sort of social media presence could be a smart move.
What’s more important about social media trends in 2023? Analytics and shifting guidelines for the apps that many people rely on for their businesses. Stay up to date on the social platforms you use most and make sure any changes being made won’t affect you.
Look At 2022’s Shopping Patterns
To look forward, look behind you. We were having these same conversations last year, after all.
Here are some of the 2022 trends that could linger (or grow) in 2023:
- COVID had less of an effect on shoppers than in 2021 (expect that to continue).
- Grocery shopping and meal ordering through third-party services popularity hit an all-time high.
- Social media influencers became a major differentiator when it came to sales; consumers trust those they follow on social now more than ever.
- People returning to work or working hybrid; they spent more time commuting than in the two years prior.
Consider Your Incentives for Ratings and Reviews
Today, many people go straight to the source: Google reviews, Yelp, Yellow Pages, and even your Instagram or Facebook page to see what others are saying about your business. This was a trend before 2022, but has only grown in importance for business owners this year—and will continue to be a factor in 2023.
If these spaces show negative information, or (almost worse) no data at all, you are likely losing business without even realizing it. Use incentives with your customers to get a presence on these pages!
Look At Your Overall Vision
The beginning of a new year is the best time to set goals for each quarter and the year. As you create a vision and set goals for 2023, use these strategies to set up for success.
- Break your goals into quarterly chunks: There are approximately 91 days in a quarter. What do the first two weeks of January need to look like to put you on pace for achievement by mid-March? Where do you need to be in February to stay on track?
- Identify Your Success Metrics: How will you define success? It’s easy to cast a vision, but knowing what metrics will determine success or failure is how business owners keep themselves accountable.
- Identify Weak Areas: Where did you fall short in 2022? Does your social media plan need work? Are you too heavily in retail or ecommerce and need to diversify? Is your online payment processor creating friction for customers and losing you sales?
- Narrow Your Focus: The theme here is, again, priorities. What are your big three for the year? Where will you be by the end of Q1?
Contact us to learn how our digital payment solutions and services can have your back online.
