The new year is well and truly underway and with the current climate of increased production costs, retail costs, and borrowing costs, more businesses are looking for the best possible way to deliver value to customers. Whether its improving efficiency or making an effort to be more sustainable, the coming year is looking like we will see retailers develop initiatives that give them a go-to-market model. Here is what we can expect to see from retailers in terms of global trends in 2023:
Efficiency is key:
After three years of disruption to supply chains, we are seeing a desire to get back to some normality. Against a backdrop of tightening purse-strings, efficiency will be key to this. For retailers, who are expected to consistently improve operations for their customers, this will be particularly important. New ways of working will likely be introduced; customs processes and increasing ports automation seem areas which are due for innovation and could provide a real boost to the sector.
The healthier, the better:
Public interest for living a healthier life is on the up. With this, the food industry’s responsibility to honour the public and cater to these needs is high priority. This means that healthy food alternatives are expected to price-match with the less-healthy to make this revolution realistic and affordable. We can expect this to happen in 2023, as more people than ever are choosing their health first.
A greener planet:
ESG ambitions are expected to accelerate in the retail world. As the Net Zero agenda grows, for businesses and individuals, there will be an added pressure to do the right thing for our planet, including how we transport goods from one place to another. However, with this comes costly initiatives, which means retailers will have to choose between driving their ESG targets and shifting a hefty bill.
The technological revolution:
There’s no doubt that technological innovations have seen a drastic boom over the past 10 years, and this shows no sign of abating in 2023. Retailers have access to a range of new tech that enables them to provide more self-sufficient services to their customers and suppliers. This will define the growth of this industry throughout the year, arguably more than any other factor.
These types of trends do not exist independently of each other, and most will only have an impact in the long term but capitalising on new tech will undoubtedly shape innovation in the retail industry for the better. Across physical and digital stores, sustainability and health will be evident and contribute to the drive for greater operating efficiencies. For more information on what to expect in the food industry in 2023, get in touch with one of our team at firstname.lastname@example.org.
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