5 Retail Trends for 2023 and why you need a DAM to support it

The retail industry's digital transformation has been ongoing for several years and, of course, with a boost during the COVID-19 pandemic. We're entering a phase with slightly more unsure markets due to economic changes and war in Europe; households are facing rising mortgage payments, increased food prices, and energy bills - people are left with very little to hit the shops with.

On the bright side, inflation is believed to have reached its peak, and we hope to see this impact at the end of 2023.  Shoppers also still actively embrace physical shops, which shows the great need for a balance between traditional in-store retail and online shopping.

Trend #1. In general, we expect online sale growth

Trend #2. Omnichannel retail will continue to be important 

Omnichannel Retail, which integrates digital and physical retail experiences, will become increasingly important. Retailers must provide customers with a seamless shopping experience, whether online from a desktop or mobile device, by telephone, or in a physical store.

Trend #3. Personalization is key 

Retailers will use data and artificial intelligence to provide personalized shopping experiences, including personalized product recommendations and marketing messages. Knowing your customer is vital to provide the right message and product; getting the most out of the marketing budget. Increased use of new technology makes it easier for Retailers to identify and track Personas – the customers leave clues all over the internet to be used intelligently.

Trend #5. Live shopping

Social commerce, which involves using social media platforms for shopping, will become increasingly popular as consumers seek to shop directly from social media platforms and retailers look for new ways to reach customers.  

COVID-19 accelerated the adoption of live shopping as we still want to see the products live and listen to input from early adopters.  A successful live shopping event is based on two key elements: product demos and the opportunity for genuine interaction between the brand and the consumers. Influencers and celebrities are often the stars of the event.
 

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These digital trends are expected to shape the retail industry in 2023 and beyond.  

Retailers embracing these trends and leveraging technology to enhance the shopping experience will have a competitive advantage in the market.  

As you can imagine, this type of strategy will require large amounts of digital content that must be handled both according to user rights, access, and, not least, how quickly you manage to get your products in front of your customers! 

LEARN MORE: How Lindex increases speed-to-market with the Fotoware DAM solution

By investing in digital asset management software, retailers can improve their digital content efficiency, enhance the customer experience, increase operational efficiency, protect their brand reputation, and facilitate data-driven decision-making.