The past three years have seen a profound change in how consumers spend money and engage with retailers. The era of COVID-19 forced many consumers to turn to e-commerce and online shopping like never before, regardless of whether they were ready or not.
Likewise, just as the pandemic started to recede, the war in Ukraine started, disrupting supply chains and kickstarting a lengthy period of inflation. For this reason and many others, the resale business is projected to grow by 80% over the next five years.
Aravenda decided to look at the top retail trends in 2023. This article aims to help your consignment business to stay ahead of disruption, predict consumer shopping motivations and fulfill unmet consumer needs.
- Physical Retail Stores Need to Support Sales and Fulfillment.
If you’re selling online and off (and you totally should) you must ensure that your physical locations support all the ways your customers want to shop. Aravenda seamlessly syncs inventory, sales, and orders across e-commerce and brick-and-mortar, so you can manage your catalog across all channels.
- Consumers will Increasingly Expect Payment Flexibility.
Ensure that you’re able to support the payment needs of your customers. In addition to accepting credit cards. Be sure to explore the Aravenda platform’s payment capabilities.
- E-commerce will Continue to Grow in Both Popularity and Complexity.
eMarketer predicts that, by 2023, e-commerce websites will make up 22.3% of total retail sales. Get your shop online! We’re approaching a state in retail where online shopping will be non-negotiable for consumers.
- Corporate Social Responsibility & Sustainability.
Shoppers are motivated to buy from businesses that are committed to making the world a better place and 55% believe companies should take a stand on key environmental. Consumers are looking to make more sustainable purchases and luxury items hold their value longer than the span of one owner’s enjoyment of an item, such as handbags, clothing, watches, and accessories.
- Data-Driven Decisions More Important Than Ever
The only way to be sure about what might be the best path forward for your retail business is to make effective use of real-time data across all available channels. Data decisions provide businesses with the capabilities to generate real-time insights and predictions to optimize their performance.
Aravenda has created a simple system to help manage your inventory, pay consignors (if applicable), and sell your products online.
Here’s how it works:
- We create a custom website on Shopify for you to showcase your inventory
- Log into your Aravenda account and upload & track your inventory with automated payouts.
- Sell Sell Sell – Globally
Aravenda is the only platform that offers 24/7 service and enables inbound shipping allowing someone who has a dream of becoming the next Real Real to execute it.
We would love to chat with you about taking your resale business to the next level.
Contact us today and set a time to chat with an Aravenda representative about your business needs. Our in-house team will convert any existing data you might have in another system and can create your website for you – with your guidance as to look and feel. *
*Additional design charges may apply depending on the complexity of the design.
I would love to chat with you about taking your resale business to the next level. Aravenda can grow your small business, please schedule a time to talk about your needs here.
Check out our quick start guide for online store and brick-and-mortar quick start guide for your physical store, or start your free trial today.