Select’s job is to keep you up to date on all the latest shopping and product news. As we head into 2023, we spoke with commerce and product industry experts to discuss emerging trends, upcoming products, and what to watch out for this year.
The beginning of 2023 could be very promotional as retailers look to clear excess inventory.
Marshall Cohen, Chief Industry Analyst, NPD Group
Combining expert insights with our own observations, we’ve highlighted four trends expected to have a major impact in 2023. From extended sale events to more pre-owned items, 2023 will be the year consumers control the entire lifespan of their products. From purchase to disposal.
Prediction: Sale Events Spread Over Months, Not Days
“Consumer engaging sales will be a key driver in 2023,” said Marshall Cohen, principal industry analyst at the NPD Group, a global market intelligence firm. “Retailers tend to have anniversary sales, so expect more deals during Black Friday and Cyber Monday sales in October.” explained that sales are based on major holidays including President’s Day, Valentine’s Day and Easter. Project monthly sales based on these holidays in 2023.
Economic turmoil and rising inflation have led to lower earnings across most shopping categories in 2022. In an attempt to drive spending, retailers and manufacturers ramped up promotions and sales activities throughout the year, especially in categories such as apparel and footwear. “Early 2023 is likely to be very hype as retailers try to clear excess inventory,” he said.
Prediction: Increased interest, investment and profits in used goods
The last year has been huge for second-hand goods – and there are no signs that this interest will slow down. I’m here. A growing resale market, rising inflation, environmental concerns and unique values combine to drive consumers, especially her Gen Z shoppers. To second-hand markets such as Depop and TheRealReal.
Brands and retailers are beginning to invest in consumer resale opportunities, devoting more time and resources to what is now called “recommerce.” According to his 2022 Resale report for thredUp, he says nearly three of his four retail executives are offering or willing to offer second-hand goods to customers. Of all the brands surveyed, the number of brands offering second-hand resale has increased by 275% since 2020.
This interest in second-hand goods is not limited to apparel brands. According to his 2022 Recommerce Report by OfferUp and GlobalData, 76% of used items bought and sold belonged to categories such as appliances, furniture, home goods and outdoor gear.
Prediction: Electronics repair will become easier
Keeping pace with the rise in used goods, the repairability and replaceability of products, especially electronics, will increase in 2023. As it stands, consumers have few options when it comes to repairing items such as smartphones, TVs, and other gadgets. According to the FTC’s 2021 report, “Nixing the Fix,” manufacturers limit their customers’ ability to repair their products using tactics such as inaccessible product designs, unavailable replacement parts, and non-existent repair information. is guilty of But the recent backlash against this kind of manufacturing centered around the phrase “right to repair.”
Elizabeth Chamberlain, Director of Sustainability at iFixit, a popular online repair community, said: “Whether you fix it yourself or take it to a shop of your choice, you should have the right to fix it however you like.”
Last year saw more interest in ‘right to repair’ than ever before, driven by consumer interest in both saving money and reducing environmental impact. Laws focused on consumer rights to repair electronic devices and farm equipment have brought awareness to the issue. New York State has passed the Digital Fair Repair Act. This is a first-of-its-kind comprehensive repair bill that promises consumers more options for digital device repair.
“Many manufacturers are trying to talk about repair in a way that has never been done before,” says Chamberlain. “These manufacturers are making parts, tools, and repair information available to customers who never had it before.”
Retailers such as Apple, Best Buy, Amazon, and GameStop offer store credits and discounts in exchange for older, working products. But in 2022, brands such as Apple also began offering consumers ways to repair their products, albeit with overly complicated tools and instructions. From 2023 onwards, we expect to see increased interest in product repairability.
Prediction: Smart Homes Will Be More Accessible Than Ever
Many of the tech products Select readers purchased in 2022 were smart home devices such as garage controllers and smart plugs. This is no coincidence. Data from Research Markets, a global research distribution network, predicts that the smart home device market will grow by around 17.9% in 2022.
Yet, according to PR Newswire’s year-end report, more than one in three Americans have received a holiday gift they’ve never used because it’s too complicated to set up and use. Smart home gear is part of these gifts.
“The biggest barriers to entry into smart home devices are that they are too difficult to set up, the setup process often does not work reliably, and it is too difficult for consumers to understand which products work with each other. said Dan Wroclawski. , content creator for Consumer Reports.
The final barrier, smart home products that work together, is about to change. In late 2022, a new smart home standard will be launched with the aim of making nearly all smart home devices compatible with each other. The standard, called Matter, was developed in collaboration with “Amazon, Apple, Google, Samsung and about 300 other companies,” Wroclawski said. Matter-compatible products share a common setup process and communicate through his one smart home controller, such as Amazon Echo or Google Nest Hub.
“Matter fills in some gaps in previous standardized protocols,” said Patrick Miltner, director of software product management at Savant company and smart home brand GE Lighting. According to Miltner, Matter is a big step toward closing the “trust gap” for smart home users. Matter helps gain consumer confidence that new smart home products not only work, but are easy to work with, easy to set up, and work with all other smart home gadgets. Technology like Matter will help users upgrade from a “smart room” to a “smart house,” Miltner said. Smart home adoption is expected to increase in 2023, especially as brands embrace Matter standardization.
meet our experts
At Select, we work with professionals who have expertise and authority based on relevant training and experience. We also take steps to ensure that all professional advice and recommendations are made independently and that there are no undisclosed financial conflicts of interest.
- Marshal Cohen is a Principal Industry Analyst at The NPD Group, a global market intelligence company.
- Daniel Wroclawski Multimedia content creator for Consumer Reports.
- Elizabeth Chamberlain He is the Director of Sustainability at iFixit, a popular online repair community.
- Patrick Miltner is Director of Software Product Management for GE Lighting, a Savant company and smart home brand.
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