Wishing you a very Happy New Year with lots of Cheer!😋
* Poetic Much? Eh! * But before anything else, Let me ask you this …
As a child, did you find it difficult to write the correct date when the calendars changed, or is it only me? (I am hoping not) 👀
Well, looks like it’s not a typical childhood problem, even today we struggle to do the same!
And not only dates …. 😨
But we also struggle to acknowledge the changes that happen around us.
Be it the marketing trends or the trends of consumers in the industry🤷🏽♀️
So I thought of bringing the top trends that customers are looking for this year to kick-start your Planning Journey!
Let’s start the acknowledging the changing trends:
🆕 Customer Behaviour: Changes & Adoption
The last few years have undoubtedly impacted the world drastically.
Consumer behavior and their demand, preference & loyalty have changed critically.
E-commerce Bloomed and online shopping became New Normal, a new Trend!
And not just this, but here are a few things that transformed the way customers make their purchase decisions:
- 94% of consumers said Trust & Transparency became even more critical when sharing their data
- 21% of consumers prefer the “Buy Now & Pay Later” option whereas 40% still want to pay in Cash
- 43% of the consumers expect 24*7 support from the brands from which they shop
- Seamless Omnichannel experiences attract 72% more consumers for any brand
All these led brands to drown under the relevancy crisis, to get above in the race of rivalry, and to win the customer & their loyalty.
But in order to survive the increasing industry competition, Brands first need to understand what customers really want & expect.
Let’s look at the plausible trends that might take place in 2023, and let’s prepare ourselves for the race:
🛍️ What Customers Really Want in 2023?
The Retail Industry received a huge blow in the past few years. Each year, shifting demand and the rapid growth of technology bring new trends.
We’ve gathered some of the key data points that customers are really expecting in 2023:
- In-store shopping as a preference🏬:
Even if e-commerce is blooming, around 85% of shoppers still prefer to shop in-store. In fact, 60% of consumers are willing to pay more for a product if they can try it out in-store before purchasing, and speaking directly to store employees to get personalized recommendations are some of the reasons for this.
- Personalization with Zero Party Data📈:
71% of consumers are okay with sharing their personal information with a brand if it means getting personalized recommendations. Using this zero-party data to brands can personalize marketing and other customer experiences in an effective manner to increase engagement and conversion rates.
- Customers focus on privacy more than before🔐:
With the risk of Cyber Attacks and the leaking of personal data in 2022, 60% of consumers are more concerned about their privacy now than a year ago. For customers, brands must make them feel safe about their data not being sold to third parties and to avoid cyber-attacks.
- Adoption of the Direct-to-Consumer-First Model🫂:
Consumers simply prefer the experience that DTC brands provide, including convenience, control, price, personalization, and quality. And so is why the DTC model has grown significantly (around 16%) in recent years. In fact, traditional brands like Nike have shifted to a DTC-first model in recent years. Its direct channels now comprise around 35% of its profits.
Well, all this suggests that customers are not scared to spend but rather want a trustworthy & seamless experience, which brands should take into account.
Because yearly trends are nothing but like the weather, they change! Only those who’ll adopt can survive.😋
📚Story Of The Week: The Ultimate Marketing Calendar 2023
The calendar has changed, and so is the date & festivals. We also know how difficult it is to keep an eye on 100 different events & think of unique marketing ideas. But worry not, Team Xeno has got you covered!😎
Presenting Xeno’s Ultimate Marketing Calendar: 2023 Edition🗓️ Our past editions have benefitted over 5500 retailers. This time, let it be YOU!🏽
Never skip a marketing opportunity with a calendar that has at least 4 hidden gems each month that you might miss otherwise. Keep track of all upcoming events & essential days. Download it here: Xeno Retail Marketing Calendar 2023 ⬅️ |
Bonus: You can also integrate it with your Google Calendar: Integrate Xeno 2023 Calendar to Google ⬅️(only on desktop)
That’s all for today.
I hope you have the best week ahead. Here is a tongue twister I found on the Internet which you can practice till we meet again:
“How can a boxer box a fox so the fox won't box the boxer?”
Until next time