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Inflation and economic uncertainty took a large proportion of the headlines in the retail world in 2022 but the New Year – and a slew of positive trading updates – has brought a glimmer of hope for the retail industry.
About 38% of shoppers are already buying cheaper essential products from their usual retailers while 13.8% are switching to cheaper chains, according to GlobalData and reported on by Grocery Gazette.
It's difficult to make specific predictions for the retail industry in the UK in 2023 as it is influenced by various factors such as technology, consumer behaviour, and government policies. For example, last week in the UK, the CEO of M&S hit the headlines as he spoke about his hopes for the Spring Budget and the . However, some trends that are likely to continue or emerge in the UK retail industry include:
- E-commerce growth: The trend of online shopping is expected to continue throughout 2023, with more consumers turning to digital platforms for their shopping needs.
- Sustainability: As consumers become more environmentally conscious, retailers are expected to adopt more sustainable practices, including reducing waste, using eco-friendly materials, and investing in renewable energy.
- Use of technology: Retailers will likely continue to adopt new technologies, such as AI, machine learning, and robotics, to improve the customer experience and streamline operations.
- Omnichannel retail: Retailers will strive to create a seamless shopping experience across all channels, including brick-and-mortar stores, online, and mobile.
- Increasing demand for convenience: The trend of offering convenient shopping options, such as home delivery and click-and-collect, is expected to continue as consumers seek to save time.
- Own-brand: Supermarkets will endeavour to offer cheaper own-brand alternatives as consumers aim to cut their bills.
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These are just a few of the trends and forecasts for the UK retail industry in 2023, but it's important to note that the industry is constantly evolving, and new trends and developments may emerge as the year progresses.