6 Transformative Retail Trends that will Break Through Disruption in 2023
Produced by Axsium
Harvey Ma, SVP, Retail at NielsenIQ
(Harvey Ma is now the Vice President of Albertsons Media Collective.)
In a Nielsen IQ session on six transformative retail trends, Harvey Ma, SVP, Retail at NielsenIQ discussed the state of the 2023 consumer, who is unsettled, cautious, and financially focused. The consumer is affected by multiple catalysts to fragile times, which are happening simultaneously, and this is impacting their spending habits. Many consumers believe that they are currently in a recession, and a third of American consumers only have enough for basic needs. Wallet shift shows that there is continued strength in the CPG and household product industries, but there are some categories where consumers say they will likely spend less. Harvey Ma then discussed six transformative trends in the retail industry, which are universal and agnostic to industry and vertical.
1. Financial Polarization
2. Notion of Concept of Global Supply Chain
3. Sustainability: Shifting from a promise to proof
4. Geography: Shift in spending across the U.S.
5. Merging of Digital and Physical Worlds
6. Gen Z: Transforming the future of Shopping
Harvey Ma further talked about the three key building blocks to help retailers unlock the opportunities in the market. The first is to truly know the consumers and their needs by having a full view of their preferences, which is possible through the use of first-party data that retailers possess. The second is to collaborate with suppliers and retailers in a mutually exclusive two-way relationship for the common goal of generating insights and market intelligence. Finally, having a full view of the marketplace through a unified source of data, including sales performance, to help retailers understand trends, customer behavior, and develop strategic plans accordingly. These building blocks help retailers gain a competitive advantage and achieve growth in an ever-evolving market.