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#BizTrends2023: #Retail2023 What to look out for in 2023 and beyond

According to a recent study conducted by Nedbank, a slowdown in retail sales reflects a population feeling the crunch, with less money to spend - this situation is likely to persist into 2023.
#BizTrends2023: #Retail2023 What to look out for in 2023 and beyond

With the economy and rising inflation on top of everyone’s mind, there are several trends at the forefront of revolutionising the volatile retail sector in 2023 and beyond. These trends can be a great catalyst for increasing traffic in-store and online for brands.

1. M-commerce

Statista recently reported that about 78.6% of South Africans access the internet via mobile devices, and it’s anticipated to increase to 90% over the next five years. M-commerce (mobile commerce) for ease-of-use for shopping on a mobile device offers both convenience and efficiency.

For shoppers, if a brand’s website is user-friendly, it means longer browsing retention and enjoyment, to achieve the end goal – checkout. Once an online customer’s first party data is given to a brand, through direct communication, affinity for real-world experiences is increasingly likely. This balance to meet your audience where they are is a healthy strategy for sustainable growth.

2. Social media advertising

Roughly 27% of youth use social media to research, browse updates and make purchases according to a recent 2022 report by the GlobalWebIndex (GWI). It is believed that this figure will rise significantly in 2023 as mobile internet usage continues to grow worldwide.

The value of social media advertising lies in personal connections. By resonating with consumers, brands are afforded the opportunity to create ultimate brand awareness and more importantly, brand loyalty. It is also a tactic to reduce marketing costs while reaching the right audiences, at any time, easily.

3. Artificial intelligence

Artificial intelligence (AI) has been a rising topic. In 2023 this poses a key opportunity for businesses and brands to use it effectively. The value of AI is evident through web automation success in eCommerce and many SaaS (Software-as-a-Service) tools used in Digital Marketing. The modern marketers’ approach from funnel to flywheel, using powerful CRM and reducing silos within teams allows for seamless customer engagement by keeping customers on the websites for longer periods, and bringing them back thanks to data insights and user-friendliness. This also means the ability to scale due to less manual time-intensive admin.

Cecil Ungerer, chief sales officer at Smart Media.
Cecil Ungerer, chief sales officer at Smart Media.

“Technology is an effective tool to stay ahead of the game and create ultimate competitive advantage. The convenience of using these tools within your business to engage better with customers and improve brand loyalty is definitely the way forward,” says Mark Norton, marketing manager for Dis-Chem.

“We invest in the best technologies and partners to ensure 100% customer satisfaction. While brands are at the forefront of what we do, as customers ourselves, we see the need for brands to use all tools available to increase awareness and foot traffic. However, we complete the conversion for thousands of in-store visitors. And often collaborate to achieve this 360-degree approach to a shopper’s journey” says Cecil Ungerer, chief sales officer at Smart Media.

9 Jan 2023 09:00