Loss Prevention Research Council Weekly Series Episode 133 - Retail, Economic, and Technology Predictions for 2023
With Dr. Read Hayes, Tony D'Onofrio, and Tom Meehan
Visual Capitalist 2023 Predictions
https://www.visualcapitalist.com/predictions-2023/
This week I want to summarize 2023 predictions on what to expect this new year from various sources. Let me start with the list from Visual Capitalist.
- Regulators will clamp down on TikTok and other tech companies
- Energy will remain expensive
- Broad equity indices will rise, but a rising tide will not lift all boats
- Google’s strong hold on search will loosen
- European Unity will be tested as individual economies face headwinds
- Value will trump hypergrowth
- China will maintain its aggressive stance, but NO Taiwan invasion
- Artificial intelligence will pop up everywhere
- China’s economy will bounce back after reopening
- The US dollar surge has come to an end
- The outlook is positive for emerging markets and their currencies especially commodities exporters
- Bonds are back baby
- Global recession risk is high, but the USA may narrowly miss it
- The Russia Ukraine war will NOT end in 2023
- The crypto winter will continue
- Work culture will continue to bend towards flexibility
- Tension will grow between citizens and governments particularly in authoritarian countries
- Following Elon, Silicon Valley will slash headcount and cost
- Education will face disruption from various angles
- Real GDP growth will be in the 1.5% to 2% range with a high variance between nations
- Interest rates will peak in 2023
- India will have a strong year
- Inflation will begin to cool off, but will remain well above target levels
- More retail brands will launch recycling programs
- More manufacturing will shift away from China
5 Retail Trends to Watch in 2023
https://risnews.com/5-retail-trends-watch-2023
Switching sources, here are six retail trends to watch in 2023 from RIS NEWS
Retail Media Networks will expand
- Frictionless trends in retail will accelerate
- More immersive commerce is coming
- Customer 360 views or a customer data platform is on the horizon
- Supply Chains will level up
- Expect an acceleration of the journey to cloud applications in 2023
Where is Tech Going in 2023?
https://hbr.org/2023/01/where-is-tech-going-in-2023
Switching sources again, from the Harvard Business Review, here are some predictions on where Tech is going in 2023.
2023 will likely be a more sober year in tech. Geopolitical and economic uncertainties are injecting more caution into the next phase of tech’s evolution. Leaders will have to search for ways to do more with less, find value where innovations overlap, and strategically invest in technologies that are hitting a tipping point.
In 2022, we identified 14 technology trends that have the potential to change how we work and live. These included space technologies, clean tech, AI, and immersive reality technologies. For executives in 2023, the challenge will be not just betting on individual trends or ramping up software engineering talent, but thinking about how all these technologies can create new possibilities when they’re used together — what we call combinatorial trends.
In 2023, we expect to see combinatorial approaches start to scale. That might include the approach that led to MRNA vaccines — a combination of bioengineering technologies such as genomics, applied AI, and the industrialization of machine learning — being applied to other diseases. We also see signs that the combination of advanced mobility, advanced connectivity, and applied AI will be applied to less sexy but economical critical logistics problems as a path to building supply chain flexibility and resilience. When looking at how you plan to invest in technologies over the next year, try to think holistically and consider how they make work together to unlock new opportunities.
Game-changing technologies, such as 5G, AI, and cloud, are hitting tipping points for mass adoption. Our research shows, for example, that companies are looking to move about 60% of their IT estate to cloud by 2025. And more than 50% of companies report they’ve adopted AI in at least one function in their business.
10 Retail Predictions for 2023
https://nrf.com/blog/10-retail-industry-predictions-2023
Finally, from NRF, prep for the Big Show next week, here are their ten predictions for retail in 2023
- Investments in the metaverse would be best described as a hard maybe
- Progress in Web3 is advancing — especially blockchain technologies, but overall acceptance is still in the early stages.
- Look for more retailers to jump on the retail media network bandwagon. The channel casts a wide net when it comes to new possibilities for increased revenue.
- In 2023, AI shifts from singles and doubles to home runs.
- Smaller footprint stores will flourish as retailers experiment with new formats.
- Generation Alpha, better known as Gen A which succeed Gen Z, is poised to be the largest and most technologically connected demographic in history. And they will test retailers like none before.
- Sustainability becomes the thread that weaves through every business process; greenwashing is tantamount to brand sabotage.
- 2023 marks a new normal supply chain. Expect less chaos, a greater focus on projects that enable visibility and a spotlight on emerging third-party logistics platforms.
- Retailers have been sounding the alarm on theft for years; 2023 could generate a collective response on the federal and state level.
- Consumers’ shopping behaviors will ultimately determine is 2023 is a good year for retail OR not.
