The approach of a new year is a time for new beginnings, when people’s thoughts turn to making plans and making changes. Many of us will be making resolutions in a bid to make 2023 a happier, healthier, more productive year on a personal level.
But what about your business? What resolutions should you be making as an organisation? Our annual Future Shopper survey tells us in no uncertain terms that consumer habits and preferences are changing fast. As a retailer or brand, you have to stay on your toes and embrace change.
So, what better time than the start of a new year to focus on the things that are going to make a positive difference to your business in the next year? With that in mind, based on our Future Shopper findings, here are ten resolutions every commerce business should be making for 2023.
1. Make digital a strategic priority
The tipping point has passed - 57% of total consumer spend is now online and 60% of global shoppers plan to increase their use of digital shopping in the future. It’s time to make digital your priority.
2. Double down on marketplaces
Ask consumers their favourite channel to shop on - marketplaces are hands down the clear winner in every category of experience. As a result, they command 35% of online consumer spend. You can’t afford not to have a presence on marketplaces.
3. Stop long-winded shopping journeys
So, what do consumers expect? 80% of shoppers want to get from inspiration to purchase as quickly as possible when they shop. Anything that gets in the way of a fast, efficient, seamless shopping experience has to go.
4. Speed up deliveries
48% of online shoppers want faster deliveries. 41% also say they expect to receive goods within 24 hours. The bar has been set – it’s time to live up to expectations.
5. Make shopping more fun
62% of consumers say they want online shopping to be more entertaining. 64% wish brands and retailers were more innovative in how they use technology. The challenge has been set - unleash creativity to give your CX a wow factor.
6. Keep the faith with stores
Consumers might be spending more online than off these days. But 60% of shoppers prefer to shop with a retailer or brand that has both digital and physical stores. An omnichannel approach will pay dividends.
7. Clean up your act
If you want to keep your brand reputation intact, ‘go green’ and mean it. 68% of consumers say they wish brands offered better environmental practices and 60% say they choose companies that are environmentally responsible.
8. Get to grips with social commerce
65% of shoppers now say they have bought through their social media accounts, up from 44% just a year ago. 53% intend to spend more through social media in the future. Social is the growth trend in commerce - make sure you keep up with the crowd.
9. Plan for digital products
38% of everything bought online is already a digital product or service, and 49% of global shoppers say they would prefer their online purchases to be digital and instantly downloadable. What digital offers can you develop in 2023?
10. Listen to customers
58% of shoppers say they will vote with their feet and no longer shop with a retailer, brand or marketplace that does not meet their expectations. Listening to what customers want is key to keeping them loyal.
New year - New you?
No one is saying 2023 will be a walk in the park. But with the right approach, a focus on driving value across your business, and inspiring more powerful customer journeys, your organisation can face the future with confidence.
in an era of connected commerce, VML is helping ambitious brands and retailers to do just that, delivering $29Bn revenue for clients every year via digital solutions. If you’d appreciate our help in sticking to your resolutions, and demonstrating the value of every single one, get in touch.
Have a fantastic 2023!
