The COVID-19 pandemic proved a boon for many online retailers and e-commerce brands. With physical movements restricted, online channels became the go-to shopping destination.
According to a report by consulting firm Bain, the e-retail market in India witnessed 25% growth in FY2021.
But while the last couple of years might have been stellar for the digital ecosystem, what about the future? How should brands and marketers prepare themselves for 2023? Here are 3 retail and e-commerce trends expected to shape the online landscape in 2023-
1. The Hybrid Future
While many brick-and-mortar stores moved online in the last few years to capitalize on digital growth, offline shopping is here to stay. The experience of being able to touch and feel the product before purchasing gives brick-and-mortar stores an edge over their digital counterparts.
In fact, the growing popularity of omnichannel purchases has encouraged many online-only brands in India, like Lenskart, Pepperfry, and many more, to aggressively expand their offline store network. As a result, the future of retail in India is hybrid, where online and offline shopping will complement each other to offer an immersive shopping experience to consumers.
What Should You Do?
Brands should combine online and offline retail efforts by building a seamless experience across channels to gain a competitive edge and reach a wider audience.
2. Building a Sustainable Future
Sustainability and environmental consciousness have been a raging trend among global consumers, especially since the pandemic. And Indian consumers are undergoing a behavioural shift too.
According to a Bain report, 48% of Indian consumers started buying sustainable products in the last two years. Moreover, 94% of consumers are willing to pay more for more sustainable products. The change in shopping behaviour is also evident in the growing number of sustainable D2C brands across categories like health & wellness, fashion, nutraceutical, and FMCG.
What Should You Do?
Brands should assess their current operations to look for opportunities to make sustainable changes. Environmental organizations and experts could help you in the process.
3. The Rise of Social Commerce
Social media has become an inevitable part of our everyday lives. And the COVID-19 pandemic contributed to their popularity further. According to a Hammerkopf Consumer Survey, Indians spent more than 4 hours every day on social media a week after the lockdown, registering an 87% weekly rise in social media consumption.
E-retail brands can leverage the growing popularity of social platforms through social commerce. All the leading platforms, like Facebook, Instagram, Pinterest, Twitter, TikTok, and more, now offer social commerce facilities, allowing brands to sell their products/services directly on their platforms.
What Should You Do?
Social commerce success relies on trust and value. Encourage followers to engage with your posts, write reviews, and share your shoppable content to drive trust and engagement.
Succeeding with your Retail Strategy in 2023
The digital landscape is constantly changing, and the pandemic only accelerated the rate at which changes occur. Like every other year, 2023 is also expected to present a myriad of challenges but far more opportunities for brands to refine their operations and reach more customers.
With 2023 just a couple of months away, online retailers and e-commerce platforms should start working on their marketing strategies for 2023 to prepare for the challenges and capitalize on the opportunities. Brands can also consider consulting with a leading digital marketing agency to get the most from their digital marketing spends and achieve business objectives.
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Is it too early to talk about 2023 trends? We think not. The earlier, the better. Read this post for 3 retail and e-commerce trends that could shape the industry in 2023.