The events of 2022 have had a huge impact on the trend forecasts of 2023. With the global pandemic still having an effect on the way people interact, shop, and live, there has been a shift to more sustainable fashion, at-home entertainment, and virtual experiences. The rise of social media influencers and virtual events has also had a huge impact on what will be popular in 2023. People are also seeking more escapism through fashion, music, and entertainment, with a focus on the ‘90s and ‘80s making a strong comeback. Finally, there is a focus on mental health with self-care and mindfulness being at the forefront of the 2023 trend forecasts.
We've broken down 6 ways how 2022 will ultimately shape 2023.
1. Accelerated digital transformation
Accelerated digital transformation in 2023 will focus on using digital technologies to enhance customer experience and operational efficiency. This includes the use of AI, machine learning and blockchain technology to improve customer service, product design, supply chain management and other areas of the business. We're already seeing companies implementing accelerated digital processes and investing in the necessary infrastructure and training to ensure longterm success.
2. Inflation and supply chain security
Inflation and supply chain security will be a major focus in 2023. After the supply chain downfalls of recent years, companies will be under pressure to maintain their supply chain integrity in the face of rising inflation. This will require companies to invest in more secure and efficient supply chain management systems and processes to ensure that goods and services are delivered on time and at the correct cost. Companies will also start looking for more efficient ways to reduce the cost of goods, such as utilising digital solutions to reduce costs and increase efficiency. Additionally, companies will look to re-design alternative supply chain flows, inventory storage capabilities closer to their customers, and determine how to best enhance risk management and security protocols in order to protect their supply chain from disruptions.
3. Sustainability and accountability
In 2023, companies need to make sure that their environmental, social, and governance (ESG) processes are moved to the center of their strategy. This will start with measuring the impact any business is having on society and the environment and then move to increasing transparency, reporting, and accountability. Every business will need a plan with clear goals and timeframes of how to reduce any negative impacts, and then the plan needs to be underpinned by solid action plans. The assessment and plans should also go beyond the company walls and cover the entire supply chain and the ESG credentials of suppliers. Companies will also look to invest in renewable energy sources, sustainable materials, and innovative technologies that help reduce the impact on the environment. Additionally, companies will focus on ethical sourcing, social responsibility, and corporate governance in order to meet the demands of a more conscious consumer.
4. Immersive customer experience
Immersive customer experience in 2023 will involve creating customer journeys that are thoughtful, memorable experiences. This can include offering in-store experiences that customers can talk about with their friends, and share on social media. Additionally, businesses will be creating products, goods and services that are personalised, providing details on where the products were made, and the materials used. They will be offering the chance to make ethical decision as part of the buying experience, such as making a charitable donation when customers make a purchase. Companies will also be building authenticity into their customer experience by being open, honest and transparent about how their technology is used and providing open, honest answers to customer questions. Finally, businesses will be leveraging metaverse platforms to create more immersive crossover between real and virtual experiences. Technology will be a major catalyst for change, with virtual reality, augmented reality, and artificial intelligence being used to create immersive customer experiences.
5. The talent challenge
The talent challenge in 2023 will be to attract, develop and retain the right people with the right skills. Companies will start focusing on providing an appealing working environment that is suitable for the new digital world. This should include job flexibility, authentic leadership, diversity, and opportunities for continuous learning. Companies will also focus on upskilling and reskilling their existing workforce, as well as recruiting new talent, in order to have the right skills and capabilities for the fourth industrial revolution.Additionally, companies will look to create an environment where employees can innovate, experiment, and develop their skills. Finally, companies will focus on developing their employer brand in order to attract the best talent.
6. Back to the 90s
2023 is set to be an exciting year for fashion trends with Grunge, Post-Apocalyptic, Barbiecore, Mermaidcore, and Abstract styles all having a presence in the industry. Global music tours from Blink-182 and Paramore will drive Grunge narratives into the mainstream with womenswear apparel using the descriptor ‘grunge’ seeing a 28% increase year on year. Menswear will feature a Post-Apocalyptic theme, with leather bolsters and beiges taking center stage. The rising Mermaidcore aesthetic has cemented beachy looks as a must for beauty, with hair wavers, SPF products and summer-inspired scents being key items. Homeware products with value in art over purpose are also set to be popular in 2023, with the Weird Girl aesthetic being popular among a younger demographic.Finally, luxury resale will continue to boom and companies will have to take control of their second-hand markets.
