Business and commerce leaders are bred to combat disruption and trained to take curveballs head on. An unstable post-pandemic landscape, however, has unsettled even the most seasoned amongst them. As they approach the final few months of 2022, there are multiple questions on their mind: How will customers behave? Which direction will content and marketing take? What’s the best way to capture the imagination of an emerging (and often inscrutable) new generation? We blend insight and foresight to indulge in some crystal ball gazing and empower leaders with a heads-up on the standout trends they will want to look out for - and leverage - in 2023. Here is our shortlist of the biggest forces that will rule, and transform in the new year, starting with one mammoth trend that connects and augments all the others.
Technology trends will play a big role in commerce in 2023, and nothing captures that more spectacularly than the See-Commerce revolution of 3D and augmented reality (AR). Let’s take a quick glance at why 3D and AR will tick some of the biggest boxes for sales and revenue leaders in 2023;
By introducing a product or idea in an honest, what-you-see-is-what-you-get manner, 3D-AR combines the storytelling magic of advertising with the confidence building traits of relevant and helpful content.
As the digital and physical worlds come closer, consumer experiences are becoming increasingly blended. Organizations are transforming digitally to keep pace with evolving trends in e-commerce. The traditional TOFU-MOFU-BOFU funnel will not become redundant just yet, but it will gradually serve the role of broad guardrails. Expect the new, empowered shopper to trapeze between brand touchpoints multiple times during their phase of discovery. Brands will be evaluated not just on their marketing messages, but their vision, culture and behavior too. This means every touchpoint will become equally potent in its ability to capture shopper attention and sway buyer decision, and therefore warrant the same degree of attention from strategy makers. Buyers will also cover a significant chunk of their product exploration journey (fifty seven percent according to recent studies) before they say hello to a sales rep – choosing to navigate discovery journeys on their own. Brands must therefore build hybrid, multichannel digital and physical paths that are seamlessly unified, demonstrate value with consistency and guide buyers forward with purpose, passion and patience.
Digitally native buyers with a world of information at their fingertips – from official brand channels, online reviews and private groups (dark social) - want to be in charge of the purchase process. In fact, according to a Gartner study, thirty three percent of buyers – and forty four percent of millennials - prefer a purchase experience that’s ‘sales free’. Greater control, however, does not mean sacrificing on performance, and fans are now demanding both from brands. Businesses must acknowledge the shift and engineer deep tech, data analytics powered experiences that are (A) intuitively tailored to buyer intent, (B) brutally honest and ethical to elicit trust and confidence, and (C) simple enough for shoppers to DIY key actions – such as feature familiarization, model comparison and purchase check out - easily.
We are entering a time of contentification of ads (and vice versa). The days of one directional messaging – with brands throwing them and customers receiving them – are history. Traditional advertisements that are overbearing, random and obtrusive have long given way to permission based inbound marketing frameworks that are friendly, helpful and personalized. A tech savvy Gen Z knows when they are ‘being sold to’, and will give a brand no more than eight seconds to present its case. Consumers are getting used to being served according to their need, time and taste, and both ads and content will eventually become an avatar of information – one that leverages user behavioral insights to bring the right value to the right audience at the right moment.
A tech savvy Gen Z knows when they are ‘being sold to’, and will give a brand no more than eight seconds to present its case.
A sense of altruistic purpose is now in the top 2 to 5 reasons consumers buy one brand over another. With role models like Greta Thunberg and Emma González, it’s no surprise that the new generation expects its brands to stand for something. An Accenture study found that sixty two percent of customers support businesses that are driven by a purpose that transcends their own existential priorities, and those who take a positive stance on values like equality, transparency and sustainability. According to an IBM report, nearly sixty percent of consumers are ready to alter their shopping habits if that can help protect the environment in some way. And per a Porter Novelli/Cane report, no less than ninety percent of Gen-Z expect companies to play a proactive role in solving social and environmental challenges.
Sixty two percent of customers support businesses that are driven by a purpose that transcends their own existential priorities.
The importance of customer experience (CX) in business is growing by leaps and bounds. Seventy three percent of people surveyed in a study confided that customer experience is a key influencer in their buying process. According to recent Gartner research, eighty nine percent of companies pointed to CX as the new arena of competition. CX goes a long way in building loyalty and retention, which is significant from a revenue standpoint: A Bain and Company report establishes than even a five percent increase in customer retention can lift profits by as much as twenty five percent. The trend of building next level customer experiences has become so overpowering that the largest organizations are sitting up and taking notice. With Adweek and Adobe appointing Chief Experience Officers (CXOs), CX is clearly a leadership and strategy pillar for businesses today. How does one sharpen CX? Some proven ways are decoding patron wish lists by listening intently, taking action on feedback quickly, and building omnichannel interactions that are frictionless and engaging.
With Adweek and Adobe appointing Chief Experience Officers (CXOs), CX is clearly a leadership and strategy pillar for businesses today.