Consumer trends every business needs to understand in 2023.
Written by: Tarek Ibrahim
To help your business stay ahead of the competition, IG Strategies has compiled a list of trends consumers are expected to focus on in 2023.
1. Value and Trust
In 2023, consumers are focused more than ever on whether a product or experience is trustworthy and can provide them with good value. Consumers are considering their budgets more and may become more price-sensitive during a recession.
- Consumers are turning to reliable reviews and word-of-mouth to assess brand trustworthiness and value.
- Budget-friendly and sustainable products or experiences can help build loyalty amongst your customers.
- Consumers are increasingly seeking out products and services that offer speed, simplicity, and ease of use.
- Having influencers promote your products or services can help you reach a new, engaged audience that may not be familiar with your brand.
2. Community and Health
Consumers are looking for brands that prioritize action over words and are supporting movements that are compassionate, not only to their customers, but also for communities around the world.
- Consumers are placing greater importance on physical and mental health, and seeking products and services that support their overall well-being and the well-being of their neighbors and communities.
- Consumers are becoming more aware of the impact their purchasing decisions have on the environment and society, and are demanding environmentally friendly products and practices from brands.
3. Evolving Technology
In 2023, consumers are seeking out products and experiences that enhance their lives. More people are working from home or have hybrid work schedules which has allowed them to explore more virtual spaces and experiences. Customers are researching before making decisions to ensure they prioritize the products and services that best suit their needs.
- Consumers are increasingly adopting new technologies, such as voice assistants and smart home devices, and brands need to keep up with these trends to remain relevant.
- Marketers should combine traditional advertising with new insights and AI-powered tools.
- AI-powered chatbots and virtual assistants can provide 24/7 customer support, handle simple inquiries, and direct customers to the right resources.
- Since consumers are looking for more personalized experiences, businesses can use AI to personalize customer experiences, such as recommending products based on previous purchases or preferences.
By implementing these changing consumer trends for 2023, IG Strategies can help your business develop a comprehensive marketing plan that outlines your goals, budget, and target audience, while staying ahead of the competition and evolving market trends.