The Covid-19 breakout in 2020 changed many markets, creating new expectations and habits in consumers. It has been an important lesson not only that markets can change unexpectedly, but that marketers need to constantly learn about consumer behavior and industry trends in order to respond with the most suitable e-commerce strategies.

Can we predict how retail consumers will behave in 2023? What trends will affect retailers and e-commerce stores? Here are our thoughts.

Understanding the current situation

We’ve seen how e-commerce has increased in importance since the 2020 pandemic. When mobility restrictions were commonplace, marketers and businesses turned to the digital world to reach their customers and offer their products and services. However, brick-and-mortar stores have slowly recovered their activity in the last year.

Also, consumers have become more mindful about how they spend their money as recession and increased inflation hit many countries. According to a survey conducted by business experience platform Medallia, pricing has become one of the main factors affecting purchase decisions.

Consumers have also become more choosy when it comes to the e-commerce experience. Fast deliveries and free shipping options are, for instance, some of the most important aspects when shopping online, as PowerReviews has revealed.

Will this kind of consumer behavior continue during 2023?

Consumer behavior in 2023

Many studies have been conducted about how consumer behavior might evolve during the next year.

Top 4 retail and e-commerce trends for 2023

1. Intentional purchases are on the rise

While some argue whether spending is going to increase, it seems certain that purchases are going to be more mindful and intentional. This means that consumers will do more research about the products they are planning to acquire, so businesses need to ensure that this information is readily available.

There may also be increased spending on single-purchase durable and high-quality goods that have a greater probability to pass the test of time when compared to low-quality, easily replaceable products.

In such a climate, user-generated content (UGC) will be an important aspect for businesses when building their marketing strategies. It is a compelling and effective form of social proof that a brand or a product/service is trustworthy.

2. In-store shopping and e-commerce will have different roles

We are already experiencing this trend. Although brick-and-mortar stores are gradually becoming more active, they are still not reaching pre-pandemic levels because physical stores have become more of a showroom to display new products to consumers. They are a way for retailers to inspire customers and create unique experiences for them.

On the other hand, in a world where people expect almost instant gratification, e-commerce has become a must for retailers who want to meet evolved consumer needs. E-commerce is convenient, fast and a sure bet when people want to acquire something quickly. It is here to stay.

4. The rise of social media and new technologies

The use of social media and new technologies such as VR, AR and contactless or cashless technology will be helpful in offering unique shopping experiences.

Social commerce and live-streamed shopping, for instance, are on the rise. Since most consumers shop in e-commerce stores for convenience, being able to purchase products directly through social media platforms and live-streaming apps seems like a perfect opportunity.

The Gen-Z generation in particular is changing the game on how to sell and buy products. Retailers and marketers need to step up their game to meet this audience’s needs.

In general, the world of e-commerce and retail is a lot different, so adapting and taking into account new trends is crucial to create a successful sales and marketing plan. Are you already following any of these trends?