Change is a constant in the world of business. In the past year, we’ve seen millions of businesses show resilience and contribute to over $27 trillion in retail sales worldwide, despite the challenges posed by the COVID-19 pandemic. However, 64% of global businesses are still feeling the negative effects of the pandemic. The economic instability caused by the pandemic was further exacerbated in 2022 by the Russia-Ukraine war and the resulting sanctions, leading to increased inflation.
Online shopping saw a 77% year-over-year increase early in the pandemic, driving the rapid adoption of digital commerce. As a result, shopping, working, and socializing online became more commonplace. However, after years of lockdowns and restrictions, people are now seeking meaningful connections in all aspects of their lives, including in their interactions with merchants and customers. Physical spaces, both online and offline, provide opportunities for these connections.
In 2023, brands will need to be flexible in their products, plans, and policies to navigate the challenges ahead, including the possibility of an economic recession and changes in ecommerce. This report from Shopify outlines global trends that will help brands prepare for the unexpected.