As 2023 begins, HBSDealer shares retail predictions from 2023 and beyond from several retail technology companies, including Navjit Bhasin's.
HBSDealer, Jan. 5, 2022
Experts from several retail technology companies gazed into their crystal balls to provide a view of what the industry will experience in 2023 and beyond.
Navjit Bhasin, founder and CEO of Newmine:
• Consumer value matters — Consumers will spend, albeit more cautiously, next year. While inflation may subdue over time, that will only occur with more rate increases from central banks, forcing customers to hold off on larger purchases and shop more for value.
• Bottom line focus— Having navigated the pandemic, inflation, the war in Ukraine, labor shortages and inventory excess, retailers will now focus on their processes to drive greater efficiency and shore up their bottom line. This will take the form of new technology deployment as well as a re-examination of resource allocation.
• Product returns gain center stage — Retailers will address their return problem more comprehensively. While some will add return fees, shoppers expect a certain level of service and will abandon retailers that charge for returns rather than risk paying for them.
Other retailers will take steps to identify and correct their upstream processes that cause shoppers to return items, thereby lowering the amount of returns and improving the customer experience.