What Will Your Business Face in 2023?

Now, with the hope of a vaccine upon us and a possible return to normal, both physical and online retailers need to take a quick look at the challenges ahead, to position themselves to overcome the challenges the future will bring.


As we approach the end of what might have been the most difficult year in memory, it’s time for retailers to look ahead, just beyond the immediate future. For physical store retailers, 2020 was particularly difficult. Social distancing requirements; city, state, and country-wide closures; stay at home orders, and a pandemic that never seemed to abate limited sales and hurt retailers.

Competitors Optimized for Voice

If you haven’t paid attention to voice-enabled search, it’s time for a crash course in natural language processing (NLP). Google Home and Amazon Echo are everywhere, and their owners are using them to order products, research options, and track shipping. More and more shoppers are buying products online without ever seeing the product on their screen.

Retailers need to optimize their web sites for voice. Those who can prioritize voice optimized SEO will have a big advantage when Alexa and her digital friends come calling. According to research by Statista, by 2023 there will be over 8 billion digital voice assistants in use globally.

A Digitized In-store Customer Experience

We typically pay attention to digitalization changes for online shopping, but physical stores have begun integrating digital tools into their stores and shelves.

Ultra wideband real-time location systems (RTLS) and IoT technologies are making it easier for consumers to locate items in store. Not only does this help make the customer experience more efficient, but it also helps increase the value of shopping carts, as consumers find the products they need.

These technologies, which frequently are used through a mobile application, provide retail managers with data to better understand the way shoppers traverse their stores. Heat maps showing popular traffic paths and high-traffic areas can be used to improve in-store product placement and shelving recommendations. The real-time analytics stemming from these systems will enable more accurate campaign effectiveness measurement, queue management, and employee management. By 2023, we expect to see a significant increase of these systems in grocery stores, clothing stores, and other physical stores.

Ubiquity of Digital Pricing

Markets and Markets predicted the electronic shelf label market will be worth over $1.4B by 2023, and it’s easy to see why. Electronic shelf labels enable a huge ROI. First, by enabling price changes from a single location, retailers don’t need their staff members putting price tags on every item they sell.

Second, electronic price tags enable retailers to adjust pricing as needed. This allows physical stores to deploy dynamic pricing engines and make important pricing adjustments in real time. As competitor prices change, inventory levels go up or down, or products near their expiration date, retailers can easily adjust to price to remain competitive or more products off the shelf.

2023 seems a long way off, and a lot of retailers are feeling fortunate to have survived 2020. However, they need to focus on the long game, and start developing their technology today.


You might also like:

Pricing Optimization
Anat Oransky Lev, VP Marketing

Planning Your Pricing Strategy for the Holiday Season

The holiday season is a great time to boost your sales, but it also presents a unique challenge: how do you price your products differently when the demand for them is so high?

Price too high, and you miss sales and revenue. Price too low and your margins erode.

Read More »
Pricing Optimization
Pini Mandel, Co-Founder & CEO

Vertical: Dynamic pricing for DIY Retailers

DIY Retailers face fierce competition for sales and intense pressure to improve margins. While traditionally DIY retailers sell paints and tools, today they also compete in other categories selling anything from household goods to various types of electrical appliances.

Read More »
Pricing Optimization
Pini Mandel, Co-Founder & CEO

Vertical: Practices and Trends in Dynamic Pricing for Grocery Stores

Grocery stores today are under intense price pressure as a result of supply chain challenges, competition and rising costs. Knowing how to increase share of wallet among current customers and attract new customers has become critical to the survival of struggling grocery stores. A critical component of this process is instilling a favorable price-value image in the minds of consumers.

Read More »
Skip to content