Five retail predictions for 2023

After the pandemic, Brexit, supply chain crisis and more, we were all craving a little predictability for 2022 and then along came the Cost of Living crisis to add to the retail pain.

So as we crawl out of 2022 and into 2023, here we try to predict the unpredictability whilst keeping everything crossed that next year is a little kinder.

Photo by Harry Cunningham on Unsplash

1. E-commerce

E-commerce isn't going anywhere and whilst the growth since the pandemic has slowed, the online habits are here to stay.
Almost 27% of spending was online in May 2022 vs 20% in February 2020, just before the pandemic (ONS), so having an online presence for your business will continue to be important, even if you have a bricks and mortar store.

2. Social selling

Small businesses are increasingly growing their sales through socials by building trust with their customers, which can equate to sales. If you haven't set up your shops on your social channels yet, you are missing out!

Recent projections say that 53% of all sales will occur on the internet by 2030, causing a significant shift in the market - and 1 in 3 users on Facebook made a purchase through that platform in 2022.

 

3. Sustainability

If there is any way you can make your business more eco-friendly, now is the time. People look for it and it could be a reason for them to shop with a competitor instead. Think less-waste packaging, plant a tree email schemes, an environmentally friendly component switch. Whatever it may be, try to make one pledge this year and then tell people about it, honestly. The UK Government has introduced the Green Claims Code to tackle greenwashing, so make sure you comply! 

Want more tips? Check out our sustainability ideas and inspiration, and follow Natalie Binns on Instagram for practical tips that can really help your business.

 

4. Free shipping and returns

If you can offer it, DO. Studies suggest that this is the primary factor consumers resent paying for, and with more and more businesses offering free shipping, it may be time to jump on, and try to absorb the costs or reflect it in your pricing.

Check out our pricing calculator which is the ideal tool to help you to do this and stay profitable.

5. Global crises adaptations

We haven't been short of a global crisis or two in the last few years, let's face it. As businesses however, it's important to show that we can remain flexible and adapt to whatever is happening around us - limiting the damage to customer orders, and most importantly communicating effectively with them.

Set yourself up for a fabulous 2023

Following on from the pandemic, the cost of living crisis continues to test small and independent businesses. But it is important to remember that people will still spend, so keep shouting about your USP’s and building up trust, to ensure that considered purchase comes to you.

Looking back at what happened in Q4 of 2022 will help you start to plan for the year ahead and we have a free template to get you started. 

With a recession in play for 2023, make sure you keep initial buys realistic, as this will help you to drive full-price sales and minimise risk. Track your sales each month so that you can see what is working, ensuring you can potentialise sales where it is right for you and your business.

And don’t forget, you can sign up for our emails to keep getting practical, actionable tips throughout the year.