Written By: eyos Marketing | Last Updated: November 2022
The economic outlook for 2023 presents challenges for businesses in almost all industries, but those working in retail could be some of the hardest hit.
However, the difficulties that businesses are likely to face as a result of the recessions being predicted all over the world may well result in new opportunities for companies to evolve and innovate – and that really is something to be excited about.
Retail analytics is one field that never stands still. With companies likely to have to compete harder than ever before over the coming year, heads will soon turn to the new ideas and opportunities that retail analytics provide.
We predict that businesses will begin to take up new technology at a faster pace than ever before in 2023, particularly as companies start to see how analytics and other new technology could put them one step ahead of their competitors.
So, what does the future have in store for retail analytics? Here are some of the biggest trends we can expect to see dominating the field in 2023.
Offline Conversion Tracking
Offline conversion tracking isn’t a new idea, but the takeup of technology used to measure offline conversions remains incredibly low across the retail sector. And that leaves plenty of room for change here.
Companies are now beginning to notice what offline conversion tracking could do for their bottom line, with increasing numbers of brands now starting to take advantage of the technology used to track offline conversions accurately.
With offline conversion tracking, companies can begin to make real improvements to the customer experience, introducing greater levels of personalisation and a more seamless customer journey.
When used accurately, offline conversion tracking will also make brands more aware of the ROI of all marketing initiatives, providing teams with the data they need to divert budgets to the channels where money is best spent.
We’re all more aware of the environmental impact of our retail habits now, and customers are starting to make more buying decisions based on the carbon footprint of different brands.
One way in which companies can improve their eco credentials is through the phasing out of physical receipts. Typically, paper receipts are replaced with e-receipts, but brands can now go one step further by upgrading to digital receipts instead.
A digital receipt and an e-receipt are similar in that both options are eco-friendly, with no reliance on paper. But that’s where the similarities end.
Digital receipts can be linked to other forms of data, connecting businesses with a wealth of new information that’s vital in informing the successful marketing strategies of tomorrow.
With digital receipts, companies have access to transaction data that can be linked to data gathered via all other platforms. This means that brand managers have a huge range of interconnected data at their fingertips, ready to be used to make considerable customer experience improvements that boost customer retention and sales alike.
There’s no denying that customers love online shopping, but offline purchases remain hugely important to businesses. And that won’t change in 2023.
As we look ahead to next year, we can expect to see a greater focus on omnichannel retailing, with improvements to these experiences being made possible through a number of different analytics ideas and innovations.
Brands now need to understand who their customers are and how they shop, whether they’re doing so online or offline. The latest technology in retail analytics allows brands to add personalization throughout the customer journey, tying it in with other dramatic improvements made possible through virtual and augmented reality solutions.
We can expect to see more hybrid approaches to customer experience taking the industry by storm in 2023. Look out for immersive in-store experiences, impressive improvements in logistics and stock management and some unimaginably fast home delivery options.
Retail analytics is making personalisation possible in places it never had been before. And as more and more brands start to harness the power of personalisation, we can expect to see this customer experience improvement become commonplace, no matter what customers are shopping for.
Personalisation provides endless opportunities for brands looking to improve customer satisfaction, boost retention and ensure that all customer feedback is glowing. In fact, 60% of customers say they’ll likely repeat their business if a personalised experience is offered.
Not only will brands be using customers’ names in interactions, but they’ll also be suggesting products based on customer preferences, recommending the perfect size and giving customers a sneak peek at new lines they know they’ll love.
Personalisation wouldn’t be possible without cutting-edge retail analytics technology, and behind the scenes, we can expect huge developments in how data will be managed. It’s likely that personalisation technology will become more accessible in 2023, meaning smaller brands will be able to take advantage of the opportunities it provides too.
Customers will of course benefit from the upgrade to customer journeys made possible through personalisation. Not only will this allow for more streamlined omnichannel experiences, it’ll also enable companies to learn from customers’ behaviour and provide them with an experience that’s always improving.
Get advice on post-purchase emails today
Unlock the power of in-store data with eyos. Our software is used by retailers all over the world, to see the latest developments in retail analytics technology.
Digital receipts allow you to connect 100% of in-store transactions to a platform of your choice. And that means huge amounts of valuable data at your fingertips – ready and waiting to be put to great use in your next marketing campaign.
If you’d like to find out more about digital receipts and how they work, get in touch with our team.