Technological Trends Analysis in Singapore Retail 2023
The retail industry is constantly evolving to meet the changing demands of customers. As we move into 2023, retailers must adapt to new trends to stay ahead of the competition. In this report, we will discuss three retail trends for 2023 that are critical for retailers to consider: Metaverse and the Virtual Experience, Payment Flexibility and in-store Automation for a ‘Friction-Free’ shopping experience, and Social Media Presence and Social Commerce.
Metaverse and the Virtual Experience
The Metaverse is a virtual world where people can interact with one another, play games, attend events, and shop. The Metaverse is growing rapidly and presents a unique opportunity for retailers to engage with customers in new ways. Retailers can use the Metaverse as a platform to showcase their products, host events, and create interactive experiences for customers. The first Metaverse Fashion Week earlier this year included big brands such as Tommy Hilfiger and Dolce & Gabbana, while Zara announced its third collaboration with the Zepeto Metaverse platform. Advertising and marketing will see increases both ‘in’ and via the Metaverse and other new virtual platforms as they arise and will present key opportunities for retailers to access new audiences, present new products, and provide an interactive space and experience for consumers to engage with brands and retailers.
Payment Flexibility and In-store Automation for a ‘Friction-Free’ Shopping Experience
The post-pandemic era has brought a shift in customer behaviour, and retailers must adapt by incorporating additional forms of payment methods. Retail shops must include not only as many electronic payment channels as possible (not just credit cards) but also contactless payment terminals in-store, PayPal, autonomous checkouts, as well as layaway and ‘buy now, pay later’ plans, such as those offered by Lightspeed Point of Service (POS) payment methods. Consumer Privacy and Data Protection will emerge as an integral part of the retail experience of the future and must become a fully-integrated aspect of both the online and in-store retail shopping experience. Retailers that offer a friction-free shopping experience with payment flexibility will likely see higher sales and customer loyalty.
Social Media Presence and Social Commerce
Social media presence and social commerce are key to accessing new advertising markets with younger audiences and clients. By establishing a strong presence in social media, utilising YouTube, Instagram, and TikTok as a means to advertise your brand and featuring new products and collections, holding live streams for special events and promotions, and ‘in-app’ purchases, brands and retailers will be able to stay on-trend with the cutting edge of consumer behaviour and preferences and advertise in key spaces where their key consumer groups are active. Retailers that fail to establish a strong social media presence may miss out on opportunities to reach younger customers who are active on social media.
In conclusion, retailers must adapt to new trends to stay ahead of the competition. The metaverse, payment flexibility and in-store automation for a ‘Friction-Free’ shopping experience, and social media presence and social commerce are three retail trends for 2023 that retailers must consider. By staying on-trend with the cutting edge of consumer behaviour and preferences, retailers can successfully reach new audiences, present new products, and provide an interactive space and experience for consumers to engage with brands and retailers.
Reference:
https://www.the-future-of-commerce.com/2022/12/06/retail-trends-2023/
https://www.lightspeedhq.com/blog/retail-trends/#section4
https://influencermarketinghub.com/retail-trends/
