Breaking Down Four Key Retail Trends Of 2023
Retail landscapes are inclined to change rather quickly and, especially in the wake of significant technological advancements, new trends can leave many long-standing brands feeling left behind. As new retail assets and designs are continuously introduced to the high street, it is, however, important that retailers make an appropriate effort to not only remain aware of modern trends but also be able to identify those that might benefit their operation.
To support the continued success of retailers as we welcome a new year of high-street developments, we’re breaking down four key retail trends that are growing in popularity.
Omnichannel Retail
While the title of omnichannel may seem quite intimidating, its meaning is rather simple and refers to retailers embracing a variety of platforms for sales and customer service. Retailers who, for example, offer the ability for customers to order online, click and collect, or even offer in-store self-service kiosks are already embracing omnichannel retail.
There are a number of reasons why retailers are increasing their support for omnichannel retail, with much of it pertaining to service, enabling customers to access and shop for products in a way that suits them, whether this is in-store, online, or via social media platforms. Various platforms also allow for the broader and more detailed capture of customer data, helping to improve sales down the line.
Mixed-Use & Shared Spaces
A number of recent shifts in consumer habits have led many national brands to move away from larger retail concepts and toward more dynamic, smaller, and even shared spaces. John Lewis have, for example, announced new neighbourhood shops that will combine Waitrose and John Lewis offerings as ‘store within a store’ concepts. Such spaces allow retailers to cater more specifically to the needs of local areas and with reduced risk too.
Localisation & Community
Integrating a retail business within the local community has always been an important goal for retailers, bringing a number of benefits. However, we are now recognising a greater focus on locality and community focus within retail.
Shops are seeking to build improved relationships with customers, offering regional promotions and filling slatwall panels with designs from local artists. By doing so, shops are able to offer a unique experience, one valued by local customers, assuring their regular support.
Experiential Retail
We’ve spoken before about experiential retail on the Crown Display website, but, as it continues to become more widespread across the high street, it is worth diving further into.Experiential retail, or experience-focused retail, is a method of engaging customers beyond traditional transactions. By hosting events and activities in-store, brick-and-mortar retailers offer unique opportunities for customers to experience a brand and product, notably offering more than an online transaction could.
These experiences are a way to not only engage with customers and draw in new footfall on the high street but also to promote products and advertise promotions, potentially generating online buzz too. Ikea, for example, made significant waves online after welcoming customers to spend the night in certain locations.
