Trends and insights for 2023

Each day at KnoweldgeHunt, we hunt valuable resources that will help you ideate, discover new and upcoming trends and solutions, and grow your business.

Today, we hunted a truly amazing report by Shopify 'Commerce Trends 2023'.

This resource provides insights on the latest trends shaping:

1. Marketing
2. Money
3. Supply chain
4. E-commerce
5. Retail

General Trends

1. Unexpected is the new normal - As brands grapple with the challenges in 2023, they’ll need to respond by adding flexibility to their products, plans, and policies. With an economic recession on the horizon, being agile has never been more important. This report outlines the global trends equipping brands to confront the unexpected.

2. The economic outlook forces e-commerce businesses to brace for a sluggish economy - Even if there is no actual recession, the possibility of a recession affects how businesses spend, how venture capitalists invest,
   and how people shop

3. Consumer are becoming much more complicated - Having good quality product is not enough anymore. Consumers want their shopping to be personal, instant, and responsive - and they want you to be value driven

Supply chain trends

'$184M Average loss in USD revenue for businesses due to global supply chain disruptions in 2021'

1. Consumer expectations are getting higher - Fast and free shipping is the new standard, but supply chain issues make that hard to meet

2. Brands pivot to meet consumer demands - Resilient brands are holding more inventory, diversifying product sourcing, cracking down on return rates, and leaning into digitization

3. Adapting now could lead to stronger logistic networks - Slower and less consistent supply chains are transforming how brands think about and strengthen them in the future

Marketing Trends

'The biggest opportunity flying under the radar is collaboration. It’s the best way to increase the number of buyers who know and care about you in a way that turns you into not competitors but cooperators, perhaps even allies and friends. It’s the best way to have fan bases come into contact with new kinds of brands'

1. Cookies are out - Data privacy regulations tighten as acquisition costs continue to climb

2. First-party customer data is in - Instead of looking to big data,
   brands are using first-party data to engage their audiences with more relevant and personalized content

3. Brands are working together - Collaborating with other brands and
   creators opens up new audiences— and customer bases

E-commerce trends

'75% Of global business decision makers believe interacting with customers in the metaverse will become commonplace'

1. Online shopping growth steadies - The dust has settled on the exploding ecommerce market, but brands now find themselves up against global competitors

2. Social media is taking over commerce - Brands are leaning heavily on social media to engage, convert, and retain customers

3. Digital advancements revolutionize social media - Innovations that make the metaverse possible could give early adopters an edge over the competition

Retail trends

'Before, customers went to brands. Today, brands must go where their customers are. Brands would be wise to start adopting this behavior now.'

1. The purpose of retail is evolving - Instead of being the ultimate
   destination, storefronts are now just one of several stops on a customer’s journey

2. In-store experiences are trending - Competition is ramping up,
   so brands are captivating customers with one-of-a-kind, immersive interactions

3. Happy employees mean happy customers - Today’s workers need more out of their role if brands want to keep the customer service bar high

Money Trends

'What research has shown is companies that have continued to establish and retain relationships with customers have flourished post-recession.'

1. Merchants and consumers feel the weight of inflation - Profit margins are getting thinner as prices rise and shoppers cut back
   on spending

2. Adapting to economic uncertainty is the only sure strategy - Brands are responding with strategic pricing, timely discounts, new income streams, and cutting overhead costs

3. Customer loyalty is a win-win - Businesses are building trust that can outlast a recession by investing in retention

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The resource is curated by KnowledgeHunt -it provides an easy way to discover new and upcoming trends, ideas and solutions that you may not have come across otherwise. With the wide range of curated resources, you will be able to gain insights and knowledge that can help you in the growth and success of your business.