Emplifi, a leading unified customer experience platform, released its predictions for the top retail trends in 2023. According to Emplifi, omni-channel approaches, user generated content (UGC) and live video will be integral to online retail success next year. Because consumers currently have unlimited options when buying online, and customer expectations are at an all-time high, retail brands will need to meet consumers where they are and provide a customer experience that exceeds customer expectations to outperform the competition. The combination of an omni-channel approach, UGC and live video addresses the primary challenges retail brands will face in the coming year.
Also Read: Lawmatics Announces New Integration Partnership with MyCase
“With looming economic uncertainties in the coming year, online retailers will need to reconsider current customer experience strategies and fully embrace a more diverse marketing approach to outperform the competition”
According to the National Retail Foundation (NRF), consumer confidence is down and consumer spending’s rate of growth has slowed. Though not as striking as the double digit growth retailers experienced for the bulk of last year, year-over-year increases in sales have been strong.
On the upside, the Blue Chip Economic Indicators panel of forecasters predicts the economy will improve, but at a slow pace (0.6%) in 2023. Last year, global online retail sales surpassed $5 trillion dollars – that number is expected to grow by 56% over the next four years, reaching more than $8 trillion dollars in 2026.
These economic forecasts make clear online shopping will continue to drive major revenue gains for online retailers, but brands still must be strategic if they hope to capture the lion’s share of online retail spending in the coming months. An omni-channel strategy that expertly leverages UGC and live video will be imperative for brands to gain a competitive edge.
Retail trend #1: An omni-channel approach
The customer journey is far from linear – consumers jump from one channel to another throughout their day and expect a consistent brand experience along the way. An omni-channel approach ensures a consistent brand experience while creating multiple opportunities for consumers to connect with an online retailer.
Retail trend #2: User generated content
Research shows that consumers crave a more authentic experience online and trust other customers more than they trust ads, making UGC a crucial component of a successful online strategy. Ninety percent of consumers claim UGC holds more influence over their buying decision than other marketing and sales content.
“With looming economic uncertainties in the coming year, online retailers will need to reconsider current customer experience strategies and fully embrace a more diverse marketing approach to outperform the competition,” said Zarnaz Arlia, Emplifi CMO. “The goal is to give customers the best possible experience each and every time they engage with a brand. A comprehensive omni-channel strategy enables brands to create more opportunities for consumers to discover and buy their products. Integrating UGC and live video into the customer journey at critical touchpoints, optimizes the customer experience and helps build long term customer relationships.”
SOURCE: Businesswire
Comments are closed.