The eCommerce world is constantly growing and shifting. According to research from NetElixir’s retail intelligence lab, there has been an 8.2% growth rate across categories from 2021 to 2022.
But what should brands prepare for in 2023? How do you compete effectively in the aggressive retail market?
One of the best ways is to plan in advance. Although no one can foresee precisely what will happen in retail in 2023, some predicted key trends could help you jumpstart success in the new year.
Research undertaken by the McKinsey Global Institute shows that 71% of shoppers expect personalized interactions with retail companies. But how do you cultivate personalization throughout the brand experience?
It starts with data. Leveraging big data like psychological traits, digital records, consumer outcomes, and psychological states can help you get to the root of a customer’s behavior and tailor the shopping experience to serve their needs.
Moreover, hyper-personalization can help your brand deduce where to spend advertising dollars. Using AI capabilities, you can decipher who your high-value customers are and target them directly rather than targeting the average customer.
Retail media is a marketing technique that targets consumers in their decision-making phase when they’re near the point of purchase or are choosing between competing brands. Retail media is the third big wave of digital marketing, and it’s transforming the entire advertising value chain.
The team at NetElixir predicts that retail media networks will expand into stores. Founder and CEO Udayan Bose explains, "I think we have to stop talking about online and offline separately and just talk about one shopping experience and the shopping journey." Integrating the online and offline experience allows you to "engage the shopper in a more responsible, creative, and precise manner — a personalized manner across their entire journey, whether it be in-store or online. And that's what I'm really excited about...it's definitely going to be big," adds Udayan.
With the rise of social apps and platforms, social commerce will likely see a significant spike in 2023. Currently, TikTok is leading the charge; however, it’s expected that other video-centered platforms like Instagram and YouTube will also influence the retail space. In line with the social commerce boom is the rise of mobile-friendly eCommerce experiences. NetElixir’s research found that mobile has become the primary shopping method for consumers by a wide margin, so it’s crucial that your brand elevates the mobile experience.
The metaverse is another prominent topic for 2023. This next iteration of the internet is slowly but steadily gaining loyalists and is expected to grow due to continuous innovation. By getting involved early in this space, your company could make considerable progress this year. Udayan reiterates that “this is going to be an important playground for any business [or] any marketer” in 2023.
Have you ever stumbled upon amazing content on TikTok and wondered how you can amplify your own content for users to see? What does it take to boost your engagement and see a return?
TikTok doesn’t generate or embrace the same content that Instagram and Facebook do. Not only that, but the platform doesn’t require the high production, high-quality video that you would run on YouTube.
Ragen Cooper, the Paid Social Manager at Blue Wheel, says that Spark Ads, a TikTok ad option for already established content, is the best way to promote your brand while seamlessly integrating into the native format audiences like.
Another strategy involves leveraging influencers. Using established content influencers to feature your product or brand, you can have them generate an interactive ad or coupon code, to keep track of the success of the product and the marketing campaign. This can lead to future engagements with your brand without generating new content.
Plus, using the resources available to you, you can create content that is raw and authentic while still promoting your product or brand.
Everyone wants to go viral on TikTok, but understanding the algorithm of the newest digital platform can be difficult to master. Unlike other platforms, like YouTube, Facebook, and Instagram, TikTok comes down to consistently posting — but there are some notable trends you can follow to improve overall conversion and advertising performance.
Tayler Carpenter, Director of Advertising at Blue Wheel, says that the more content you have out there, the more likely you’ll show up on someone’s FYP (For You Page). This can be done by partnering with macro and micro-influencers who will be able to generate more content and resonate more easily with consumers, while also remaining current on trends.
But Tayler cautions against using the material too many times or creating content that isn’t authentic for your brand. Because of this, it’s essential not to repurpose the same high production or editorial creative you use for your Pinterest, Snapchat, or Instagram on TikTok. That is not going to work on the platform, so influencer selection is key when promoting your products.
If your goal is to build brand awareness for your storefront, collaborating with an influencer and providing a link on your profile is crucial. While you are still at the mercy of TikTok’s unpredictable algorithm, influencer marketing is still a highly cost-effective and strategic way to promote your brand and increase traffic to your store.
Connecting the dots to locate where your conversion increase came from can be more difficult on a cookieless platform like TikTok. But, Ragen and Tayler explain that it’s possible to find out where an increase in sales is from by examining the use of hashtags, coupon codes, and leveraging relationships with your brand influencers.
Ultimately, what’s the best way to build that awareness you’re looking for? By creating partnerships outside of the brand itself and combining different tactics to see what works.