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Between market volatility and shifting consumer behavior, retail content marketers are in a daily battle to stay ahead of the curve as the landscape becomes increasingly unpredictable. Up your marketing strategy with a look at the most critical trends dominating the retail industry based on first-party engagement data from over 178,700 Retail Dive subscribers.
Read on for the latest insights across key industry issues like economic concerns, shifting shopper sentiment, and the battle between DTC and traditional retail.
3 Key Trends Across Retail in 2023
The murky outlook of the economy has retailers scrambling to cut costs and maximize profit. As they seek to weed out inefficiencies at every turn, many retail industry leaders are restructuring their orgs in addition to leaning on the latest technology to modernize everything from marketing operations, to return policies, to operations with supply chain partners. Factors like big-brand brick-and-mortar closures and bankruptcies, massive tech layoffs, and shifting consumer sentiment to off-price retail are all contributing to an increased sense of urgency to make retail operations as lean as possible.
Shifting Shopper Sentiment and Consumer Behavior
As inflation continues to spike and a recession looms, consumers’ disposable income is dwindling. As consumers keep a closer eye on their wallets, they’re funneling money towards ‘must-haves’ rather than ‘nice-to-haves,’ hurting many retailer’s profits. Consumer expectation for brands to be ethical, sustainable, and all-around socially responsible has reached a new height in 2023. With the buying power of — and scrutiny of poor business practices by — Gen Z only increasing, the retail landscape is being forced to become more scrupulous in every avenue from manufacturing to marketing. Consumers’ expectations have also heightened around the shopping experience at large, as they demand more memorable experiential retail.
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Tug of War Turned Truce Between DTC and Traditional Retail
The landscape of DTC and traditional retail is constantly in flux, and the two camps, are seemingly at odds. But it’s not as adversarial as one might think. As both sides lean into omnichannel retail and take note of one another’s respective successes, more DTC brands are partnering with traditional retailers to reach a wider audience. In 2022, we saw more DTC brands open brick-and-mortar stores than ever, while some entered wholesale. And on the other side, traditional retailers are recognizing DTC value, establishing partnerships to differentiate from competitors and get a piece of the demand.
Now that you’ve got a sense of key retail trends, get the keywords, additional data, and strategy tips you need to put these findings into action. Unlock the complete Retail Dive Audience Snapshot to build high-performance retail content marketing campaigns.