The WTO (World Trade Organization) estimated the volume of trade growth as 2022 progressed.
The organization's estimate for 2023 was 3.4% growth in April. In October, the forecast for the year had fallen to 1.0%.
As trade growth slows, concerns about inflation rise.
How inflation is affecting businesses
83% Are very concerned about the risk inflation poses to business growth
82% Say high inflation is forcing them to cut business costs
81% Plan to increase product prices due to inflation
71% Said their business is preparing for a recession next year.
Consumer behavior: Buying beyond the “price” factor.
Consumers have more options than ever and, in the current economic climate, are ready to exercise that freedom of choice.
According to Shopify data, 7 in 10 consumers bought from a competitor of their preferred brand between May 2021 and May 2022.
And, if purchasing power decreases as expected in 2023, consumers will continue to look for better deals.
But shoppers are not only considering prices.
Sustainability, socio-environmental concerns, and governance influence about half of consumers worldwide.
Shoppers want to support more ethical businesses with more sustainable supply chains.
Russia-Ukraine conflict pressures supply chains.
The coronavirus pandemic was a major setback for businesses across all sectors, and just as the situation began to improve due to falling case numbers and mass vaccination, another event shook the global economy: the war in Ukraine.
Russia faced heavy sanctions and economic blockades for invading the neighboring country, primarily from the United States and the EU, and in retaliation, cut off natural gas supplies to several countries on the European continent.
The result was a drastic increase in electricity generation costs, forcing Germany, for example, to reopen coal mines.
Social commerce is becoming more interactive.
E-commerce may be growing at a slower pace than during the pandemic, but it is still capturing an ever-larger share of total retail sales worldwide.
By the end of 2023, one in five retail sales will be made online.
And highlighting the importance of social commerce, the report shows the power of social media for building brand awareness, fostering customer relationships, and creating content.
Nine in 10 people buy from brands they follow on social media.
The 5 main customer acquisition and retention strategies brands are using to drive growth.
28% Use social media more for marketing and promotions.
28% Offer more premium products and services.
27% Increase participation in marketplaces.
26% Offer more payment methods.
26% Use customer data to better segment marketing campaigns and personalize ads.
As we have seen, retailers face major challenges that require ongoing effort from all teams involved (marketing, sales, IT, operations, etc.).
Our mission at Check Commerce is to democratize high-quality e-commerce for everyone, which is why we have a solution for every stage of your business.
Click the link to request a demo and take the opportunity to download the ebook “15 Content Ideas for E-commerce”
