2023 is expected to present big chances to companies that are willing to step in and solve a slew of new problems (recessions and struggles always mean new opportunities to assist people to solve problems in new ways) and help customers reach new levels of desire that we haven’t seen before.
Everything is changing, including shopping, travel, relationships, and morals. Nothing is the same as it was even two years ago. As we enter our first full year of “normalcy,” here are some things we expect to see and whole new possibilities.
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Circular retail
This is not a new trend, but it will continue to evolve and grow in importance. Adidas is the most recent company to offer a collection focused on promoting a circular economy with their “Made to Be Remade” goods. There has been an upsurge in the amount of Google searches for secondhand clothing over the past two years, as well as the creation of product rental services by a number of prominent brands and retailers, most recently Flannels. We believe that companies will propose innovative circular marketing strategies and novel ways to revitalize aging items. In 2023, resale collecting, upcycling, rentals, and the store return of outmoded goods will be routine.
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The new marketing is based on value and giving.
Over previous years of eCommerce growth, whenever we’ve entered a moment of global or political turmoil, brands have had the flexibility to lower prices and provide big discounts in order to remain popular. As audiences and consumers become more discerning, inconsiderate deals will no longer suffice to keep people coming back. What will genuinely set you unique are your narrative, your aim, and what you can deliver for your audience without expecting anything in return. In the era of TikTok, the most successful means of creating connections quickly will be instructional videos and free content of tremendous value. The most effective strategy to convince people to invest in your company is to express the value of your product or service through educational content.
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Storefronts of influencers
Amazon was the first corporation to provide an influencer marketplace. Influencers and artists with huge specialist audiences may easily host a landing page on Amazon with a carefully curated selection of their favourite products, according to the notion. Making it easy for influencers to earn money by collaborating with businesses through their storefront and decreasing the need for customers to shop around. Producers can construct their own storefronts on TikTok, but other organizations, particularly those with vast inventories, may leverage the Amazon model to circumvent prospective competition and claim exclusive rights to high-performing influencers with engaged audiences. Continue to monitor this space for developments.
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Partnerships
Burberry x Supreme, Primark, and Greggs are among the brands that have formed partnerships in 2022. In 2023, we estimate that more businesses will collaborate on goods, collections, and events to promote similar values and capitalize on audience overlap. We are aware that consumers after the pandemic are more choosy, value-oriented, and relationship-driven. Collaborations are a basic method for brands to express their identities and values.
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Online disappears
Earlier, brick-and-mortar stores transitioned online; now online-first brands are considering adding physical stores. Gymshark on Regent Street exemplifies this on a grand scale, but many e-commerce-only firms have expanded over the years by adding storefronts throughout the United Kingdom. It’s a newer, more personal way to talk to your clients and figure out how to get to know them better in person. When offline and online experiences work together smoothly, it opens up a world of new chances for a brand to be relevant and known.
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Even more subscriptions
Making things easier is a trend that is not going anywhere. 70% of consumers say they would be interested in receiving a subscription this year. Subscriptions are not new, but their popularity is expanding rapidly. Consumers can better plan their monthly spending with the help of subscriptions. This is especially helpful in the current economy because it gives them more time to think about buying goods or services that they will need again and again. They increase a brand’s lifetime value and decrease its acquisition expenses. They simplify the customer’s life by removing one decision or consideration. It is a win-win situation and should be considered if it fits with your approach.
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seek via sight and sound
Google is at the forefront of both visual and voice search, providing various ways for people to find what they’re looking for PLUS providing exciting new data for determining what your customers care about most. In order to capitalize on both, your website must be marked up so that it can respond to voice searches with conversational content that is snappier, sharper, and has clearer messaging, as well as informative image searches that have the correct product markup to convert these searches into purchases and revenue.
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Relaxing nesting
As the cost of living rises, consumers will spend less time outside of their houses. As a result, an increasing number of consumers will seek to invest in and spend more time in their homes. Several studies have shown that post-pandemic millennials and Generation Z find being at home more exciting than it was prior to 2020. The term “Restorative nesting” encompasses both little and substantial DIY home improvement projects. Similar to 2022 during lockdowns, this indicates that there is a chance for companies in this vertical to be at the forefront of customers’ minds and for other businesses to adapt and diversify their product offerings to meet customers where they are.
How will these trends affect your brand? How are you understanding the patterns, and what will be different from before?
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