Heading into 2023, retailers face a more somber sales environment.
The pandemic e-commerce boom is now fully in the rearview mirror. Instead, retailers are tasked with getting shoppers who have been hit hard by inflation to spend more. In turn, the strategies and growth tactics that powered retailers the past two years are falling out of favor in the new year. Gone are the days of sacrificing profitability for the sake of growth. Brands are investing more resources into creating clever TikTok videos or Instagram reels with the hope that the’ll be able to go viral organically, instead of betting the farm on paid social.
To help retailers navigate all these changes, we at Modern Retail have written a simple guide to help you navigate what’s in and what’s out heading into 2023.