Top Retail Themes from EuroShop 2023
Tony Boncore – Honeywell Global Retail Marketing
March 7, 2023
With the conclusion of the latest installment of the EuroShop tradeshow, we had a lot of great opportunities to learn from the show’s attendees and other vendors that participated. With over 110,000 visitors representing more than 140 countries, this year’s event was an ideal snapshot of what the global retail market is looking like in 2023 and what we can anticipate in the future.
Although there were many themes discussed, here are the top four that we felt are important to focus on from EuroShop 2023:
Technology in the Driver’s Seat
Technology continues to remain a driving force of change for retailers. With major advancements in productivity devices to help retailers and associates do more with less, many are setting their sights on leveraging artificial intelligence, augmented reality, virtual reality, and robotics. These technologies are being used to enhance the customer experience, reduce shrinkage through loss prevention innovations, improve supply chain efficiency, and streamline store operations. Furthermore, many are focused on how data derived from devices, shopping habits and eCommerce can help fuel end-to-end automation.
Unified commerce seeks to provide a seamless and integrated customer experience across all channels, including physical stores, online platforms, mobile devices and marketing. Things like highly mobile payment systems, inventory management software and personalized marketing tools all help retailers facilitate high-end, personalized and memorable customer experiences. Unified commerce also considers how retailers map out the customer journey, factoring in the importance of social commerce and engaging with customers in a personalized way to reinforce the feeling of intimate customer service.
Store Design and Visual Merchandising
Store design and visual merchandising have always been critical components of the retail industry and will continue be in 2023 and moving forward. Innovative store designs and visual merchandising solutions help capture customers’ attention through interactive displays, digital signage, and creative product placement. Retailers are focusing more on making the store engaging environment, where their purchasing decisions are influenced by modernized layouts combining both the physical and digital points of interaction, where augmented reality and artificial intelligence can help customers visualize the fit and feel of products.
Many customers are focused on how they can minimize their carbon footprint on the world, and that focus has shifted to how and what they are buying, reflecting a growing importance of how retailers approach sustainability. Now, there is a propagation of eco-friendly products and services, including energy-efficient lighting, reusable packaging, and sustainable store designs, that can help retailers center sustainability in their operations.
EuroShop 2023 was an excellent opportunity to explore the latest trends and ongoing changes facing the retail sector. Retailers, suppliers, and industry experts alike who are focused on these themes will find likely find great success in shaping the future of their retail operations in the years to come.