Supply chain efficiency and delivering value are among the six key trends for the 2023 global retail industry, according to insight provider IGD.

“While many of these initiatives from businesses have been reactionary, they are helping retailers to reset the cost base and develop go-to market models for the future,” said Toby Pickard, Global Insight Leader at IGD.

With inflation causing retail prices to surge and input costs also rising, retailers are looking to improve the efficiency of supply chains and deliver value to consumers in new ways over the next 12 months.

According to IGD, initiatives centered on health and wellness, sustainability and digitization will also be some of the main areas of development for companies in 2023.

1. The efficiency imperative

Technology, automation, collaboration, new ways of working and a fresh approach to marketing all have a role to play. 

2. The new value equation

Value is not synonymous with price. Other factors like experience, rewards, time and doing the right thing can move the narrative beyond price alone.

3. The magic of stores

Retailers must delight and surprise their shoppers. Time, convenience, checkout, value and range are areas that can be optimized, in-store and online.

4. Force for healthier futures

Interest in improving health remains elevated, and the grocery industry’s remit and responsibility continues to grow. Building trust and making healthy choices affordable and appealing have potential for great positive change. Meaningful progress in 2023 would lay the foundations for future generations’ health.

5. Savings for the planet

Retailers will persevere with their ESG objectives as they make their operations more efficient and resilient. Conversely, retailers will be forced to make tough decisions between achieving ESG targets and cost implications.

6. Task technology

Ongoing innovation will redefine retail digitization, underpinning the development of new propositions and business models.