Most of the world’s economies are expected to struggle in the coming year, and retail will be among the first sectors to suffer the effects.
The rising inflation rate has increased prices for both necessities and luxuries. Meanwhile, disruptions in the supply chain hurt operations, leading some stores to raise prices.
What is it? Take advantage of the momentum and promise of 2023’s top trends to give customers something fresh and engaging to try. We’ve compiled a list of the most promising retail trends in 2023 so you may get ahead of the competition and connect with today’s shoppers.
Retail Live Streaming
The world’s biggest luxury companies, from Gucci and Chanel to March Jacobs and Brandon Maxwell, have mastered Livestream Shopping and are at the forefront of the e-commerce revolution. According to estimates from Coresight Research, in-person consumer spending will amount to $35 billion by 2024, or 3.3% of total US eCommerce.
Online stores host livestreams (often through social media) where customers can view product demonstrations, ask questions, and make real-time purchases or product reservations. Live commerce combines the excitement of live events with the convenience of online shopping, giving companies a new platform to reach a potentially lucrative and growing demographic of young consumers.
The following are three guidelines for hosting a fruitful Livestreaming Shopping event:
Join the best social media site for business. Instagram, TikTok, and Snap cater to a younger demographic, while LinkedIn is excellent for making professional connections. Facebook and Twitter, with their focus on conversation, are beneficial for businesspeople: knowledgeable fans and curious newcomers alike frequent comment sections on Reddit and YouTube.
Momentum and sales can be boosted using time-sensitive strategies like one-time-use discounts.
Pick your host with care. Influencers are an easy choice because 61% of consumers say they trust recommendations from influencers, but you still need to make sure their audience is a good fit for your company. You can also use your in-house experts, sales force, and even your most devoted consumers.
A little-known fact is that live shopping is coming to the United States thanks to a partnership between TikTok and TalkShopLive. A recent study by Student Beans found that fifty percent of Gen Z buyers have made a purchase after seeing it on TikTok and that eighty percent of young people use the app daily. We anticipate that Livestreaming on TikTok will become popular after the introduction of live shopping.
The Fourth Generation of Luxury Is Here
For many years, a high-end shopping trip could be put together with just a few key elements: a stone-faced salesperson, an impersonal store, and an air of mystery. Aspects of high-end retail have evolved over the past few years, hinting at a more contemporary take on the shopping experience.
Fourth-generation luxury shopping combines the comfortable feel of brick-and-mortar shopping with the digital shopping experience.
Fourth-generation luxury shopping will allow for more targeted and specific purchases. Brands can achieve this by collecting more customer data through sophisticated analytics and big data. By utilizing this information, manufacturers may improve their processes and give customers a more transparent and adaptable manufacturing sector.
In light of the trend toward a more individualized and tailor-made buying experience, high-end items have suddenly become much scarcer and more exclusive to the buyer. Platforms that let consumers modify many aspects of a product are gaining popularity, and many high-end brands are taking advantage of this trend. Among the most well-known companies taking this approach are Louis Vuitton, with its customizable bags, Dior, with its customizable shoes; and Gucci, with its do-it-yourself initiative.
One can’t help but speculate on further developments by the time we reach the end of the current year, even though it is still in its infancy and only available with a handful of manufacturers. We think this will pave the way for new and exciting forms of individual expression through fashion. The same applies to people who are interested in starting their jewelry line: the exclusively physical buying experience is replaced with digital experiences, such as the case of a California jewelry-making supplies store that has thousands of products in one place for customers.
A Nod to the Younger Generation of Jewelry Buyers
For a long time, the concept of timelessness, as evident in De Beers’ “A Diamond Is Forever,” ruled the luxury jewelry industry, making words like “trends” and “accessibility” taboo. Not anymore.
A new generation of jewelry labels has been successful in recent years by catering to consumer desire for fashionable yet affordable jewelry. Designers attract a younger demographic by creating more experimental and less classic looks.
For example, Dior included a men’s pearl necklace in their 2022 collections with a cactus-studded with diamonds and covered in enamel flowers. There’s no question that this one goes far above the standards. To stay up with the fashions of 2023 and provide more accessible consumer-centric collections, shops can turn to lab-grown diamonds. Furthermore, they provide a less problematic option for the conscientious customer because they are manufactured by technology and may be graded with Sarine’s technology. View the digital grading report for Sarine’s lab-grown diamond here.
Moves Toward Sustainability and Diversity
The diamond business is committed to long-term viability in 2022. Without a doubt, sustainability and diamond traceability were hot topics, but they had evolved from fads to fundamental principles for any self-respecting firm. Successful retailers in 2023 will recognize the importance customers place on ethics, the environment, and long-term viability when making purchases. Market integrity in jewelry manufacturing is essential to maintaining consumer trust and confidence. The most successful jewelry companies have responded by adding positions of responsibility at the highest levels of management to guarantee the long-term viability of every facet of their operations. Sustainability experts like Malys Mantel at Cartier and Katerina Reilly at Tifanny are among them.
Diversity has evolved under the broad sustainability umbrella and has become increasingly prioritized in recent years as conscientious customers continue to shape the retail landscape. Seventy percent of Gen Yers say they make purchasing decisions based on an advertiser’s commitment to diversity and inclusion.
Here are three ways to increase the inclusiveness of your brand:
- Put diversity in hiring to work for you from the inside. According to the research, a team with a person of the client’s ethnicity is 152% more likely to comprehend that client.
- Use your website, social media, campaigns, and advertisements to highlight the unique human diversity in your target market.
- Recognize the significant holidays your intended audience celebrates and share appropriate content.
Web Innovations for the Future
The two most talked-about up-and-comers right now are Web3 and Metaverse.
Web3 is an idea of a decentralized Internet in which control does not rest with a select few individuals, groups, or institutions; it is the next generation of the World Wide Web. Web3’s foundation is built on blockchain technology, which provides users with unrivaled safety, transparency, traceability, and immutability. This means that Web 3 will change how we shop for, sell, and value jewelry, as well as how we save, distribute, and own information online. Jewelry manufacturers can create unique and personalized bridal gown and tuxedo rental accessories to complement each couple’s special day.
Many Web3 fans have been rudely awakened over the past several months as the value of their collections of NFTs and cryptocurrencies has plummeted. The monitor Messari shows that the price of Ethereum, the currency most frequently used to purchase and create digital assets, has dropped by 78.7 percent since its all-time high in November. Despite the current market slump and bankruptcies, many industry experts, including McKinsey, believe digital assets and the underlying technology can change business models in various sectors.
With augmented and virtual reality technology, jewelry can be brought to life in the “Metaverse,” a next-generation, three-dimensional version of the internet. Jewelry companies can use the infinite possibilities for client interaction, entertainment, product promotion, and creating a truly unforgettable shopping experience that can only be found in the Metaverse.
Fast-moving digital technology is forcing the fashion and luxury industries to accelerate their pace of innovation. In contrast to Prada’s growing Web3 offerings, Gucci is busy creating The Gucci Vault Discord, a Metaverse-spanning digital environment home to a vast collection of Web3 attractions.
The point? I’m willing to look past the hype and into the future, and you should be too.
Chandelier-Style Earrings
In 2023, women’s jewelry will be heavy and bulky; therefore, they must practice wearing it. The focal point of several recent collections has been extravagantly oversized chandelier earrings studded with enormous crystals and diamonds. For instance, Giambattista Valli and Ralph Lauren sported elaborate, heavy chandelier earrings.
When it comes to men’s earrings, studs are still overwhelmingly popular. But this is not the year to be shy and unassuming. Diamond stud earrings for men are crafted to draw attention to the wearer and highlight the wearer’s status and refined taste.
Pearls Have Strength in 2023
In the previous few months, pearls have seemingly appeared overnight. Necklaces, chokers, bracelets, and earrings with pearls set with diamonds, colored gemstones, silver, and gold will be popular in 2023.
Gender-Fluid Jewelry
It’s not surprising that the jewelry business is actively working to be more inclusive of people of all gender identities now that gender equality is widely discussed. Several high-end jewelry companies are doing this by rejecting traditional gender roles. Famous jewelry maker Tiffany & Co., already established in the gender-neutral market, has just produced a new piece called the Tiffany Lock. Tassels can be used to add a touch of elegance and movement to jewelry designs, from necklaces and earrings to bracelets and anklets. This stunning piece of jewelry can be worn with equal grace and confidence by either sex.
Heading into 2023, we are already seeing several well-known brands embrace the trend of gender-fluid jewelry, which was mostly ignored until recently.
