July 6, 2023
As we enter the second half of 2023, the retail industry continues to evolve at an unprecedented pace.
From the rise of e-commerce to the integration of advanced technologies, retailers are finding innovative ways to enhance customer experiences and meet the changing demands of the market.
In this edition of our newsletter, we will explore the list of retailers that have set the benchmark for success in 2023, as well as the trends that will take over in the months to come.
THIS WEEK’S HIGHLIGHTS
- Tech takeover: What will the future of retail look like?
Ghost of retail: Retail ‘ghosting’ costing $2.4B in industry loss.
Q1 2023 Benchmark Report: Click HERE to see how your store compares to the industry average
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
What will the future of retail look like?
Will there be intelligent sensors that recognize you as you enter the store? What about floating, holographic product displays that change as you explore the aisles?
Or maybe you’ll simply shop from home using virtual reality (VR) headsets, and drones will drop deliveries at your doorstep. While many of these would’ve sounded unreal a few years ago, they aren’t anymore. These technologies exist and are a reality today at a number of retail stores, online and offline.
Learn G2 asked six retail experts around the globe about the technologies retailers should bet on as companies integrate their online and physical stores in the post-pandemic world.
Here’s the top 6 trends they expect to take off:
- AI, machine learning (ML), and generative AI
- Augmented reality (AR)
- RFID, QR codes, and other smart store technologies
- Mobile technologies
2023 Top 100 Retailers
The annual list from the National Retail Federation ranks the industry’s biggest players by domestic retail sales. It also considers Power Players in a variety of categories, each with 2022 U.S. sales equal or greater than 10% of the sales of the category leader.
Following years of unrelenting change, the country’s Top 100 retailers have delivered a surprise: greater consistency than expected. David Marcotte, senior vice president for Kantar (Kantar compiles the data), says other than just a few exceptions, “everybody grew, and at more or less the same rate.”
Here’s the top 5 retailers of 2023:
- Costco Wholesale
- The Kroger Co.
- The Home Depot