Leaders from across industries have gathered in Las Vegas to discuss the opportunities, threats, and innovations available in commerce today and in the near future. On the ground the conference is buzzing with news and expectations, and the Dopple team has already had some fantastic discussions.
While there is plenty of excitement, there are also cautioning words and expectations of changes on the horizon. We zeroed in on four key themes from Monday at Shoptalk 2023.
Geopolitical pressures will affect businesses this year
It is no secret the world is a complicated place right now, and confusion, expectation, and fear are driving forces in the behavior of consumers and brands alike. Supply chain issues, costs of goods, and shifts in consumer behavior, including the realities of two-track spending, will impact what is prioritized this year and into 2024 from consumer purchases and business investments.
But eCommerce spend is still growing
24% of global retail sales are expected to be driven by ecommerce by 2026, with values reaching as high as 45% around the globe. Experts expect to see 20% growth in ecommerce in Latin America and 17% in Southeast Asia in the next five years. Ecommerce’s increasing penetration is largely driven by an increasing number of consumers meeting brands for the first time through digital channels. The prevalence and accessibility of digital storefronts and channels have opened the floodgates of discovery and purchase around the globe.
This focus on digital discovery and interaction is why visual commerce, and the adoption of tools such as 3D product configuration and augmented reality are critical to the long term success of brands across verticals.
Dopple Vice President of Sales, Brant McLean, is in Las Vegas this week discussing the proliferation of visual commerce, and the growing opportunities for brands to excel as market leaders. “It's imperative to ensure digital product presentation meets and exceeds its true representation. 3D+AR allows for this presentation to become reality giving brands the tools they need to sell more effectively and buyers to purchase more confidently.”
And consumers are still planning on making splurge purchases
Despite uncertainty in the market, consumers have not shied away from planning for large purchases. While studies show an overall decrease in the percentage of consumers planning a splurge in the next three months compared to Spring 2021, 64% of Gen Z and 55% of Millennials have big ticket items on their mind.
There is an appetite for purchase behavior spanning the value spectrum, and brands must identify how to best capture the dollars available, keeping in mind a general downward trend in the number of active buyers as a percentage of consumers.
Data is the foundation of personalized experiences
Among the leading strategies of capturing the most dollars is capitalizing on data to create personalized experiences designed to convert. 80% of consumers want personalized experiences from retailers, and buyers are unforgiving of poor experiences among a wealth of options.
Companies who have previously neglected their data collection strategy or have failed to activate their data are quickly discovering the need to react to a more demanding consumer, and to deliver the types of experiences that continually drive buyers back to a brand. Dopple has prioritized our clients’ ability to capture and leverage data from our 3D product visualization platform to not only improve the buying experience, but drive actionable insights in moving the business forward based on patterns seen in visitor behavior.
Tuesday at Shoptalk is officially underway. Check back tomorrow for more insights from Shoptalk 2023!