If there was one thing we could learn about the business world over the last two years that would be that no crisis, even as severe as COVID-19, can stop commerce. On the other hand, there were a lot of companies that had to learn the hard way that social and economic shifts of such magnitude also entail a change in the customers' habits and desires.
On the one hand, a growing number of people started choosing e-commerce stores instead of their brick-and-mortar retail counterparts. On the other, the products that were in high demand at the start of the pandemic have given way to new trending items.
Let us then quickly cover the latter part of this equation, see what products will trend throughout 2023, and, finally, how you can market these items in the most efficient manner.
The US toys market simply exploded soaring to the total market value of $156.5 billion and, if the forecasts come true, it will reach the record-breaking number of $249.6 billion by 2027. That is not that big of a surprise since the toys market is growing both in relevance and in adoption covering some very lucrative niches like action figures, vehicle replicas, and youth electronics. And then we have the market heavyweights like toddled and explorative toys that will never lose relevance. Keeping in mind the family-oriented nature of these items, influencer-based recommendations are the best way to go.
Drills and home improvement tools
Home improvement tools have always been considered one of the safest evergreen products you can put into the store. Even so, this niche market still managed to become a very pleasant surprise and is expected to reach a total market value of as much as $1 trillion in sales. That shouldn’t come off as a surprise since more time spent on homes combined with the skyrocketing real estate prices force people to give more attention to existing properties. Since this type of product is very utilitarian and uses high specs as a key selling point, paid targeted ads should be an adequate marketing channel.
Health and fitness products
The outbreak of COVID-19 had a devastating effect on public health. Even the people who were spared infection had to endure months of lockdowns, compromised health services, and a lifestyle that could hardly be considered healthy. That caused people to take matters into their own hands and invest more money into fitness equipment as well as vitamins and supplements and similar health products. But, this development shouldn’t be observed as a one-time occurrence. Since Millennials are traditionally the generation that takes good care of their personal health, you should approach them via social media.
Motor vehicle parts
This trend has a similar driving force as the home improvement market. The average price of a new car in the United States reached $42,000 and went up by an additional 12.1% after that time period. As a result, the sales of new vehicles dropped by a pretty substantial 7.3%. Now that they don’t get an opportunity to get new vehicles so easily, the drivers need to take the maintenance of their existing rides much more seriously. So, we can expect to see motor vehicle parts like batteries, filters, and wheels becoming market-heavy hitters. Once again, paid ads and sourcing apps are the way to go.
This may sound like a very mundane and negligible addition to your inventory but keep this fact in mind – as much as 16% of all companies in the world have fully transitioned to the remote work model. All these workers who are now moved to telecommuting positions will need to set up their home offices in order to attain the same level of efficiency they had at the offices. With that in mind, it is only logical that the office chair market is on a good way to climbing from the current $13.4 billion to $22.4 billion by 2032. And since they make a part of the home décor, office chairs can be effectively marketed on Pinterest.
Everyone with a passing interest in the world of entertainment knows that theaters were one of the biggest victims of COVID-19. While this industry still tries to get back on its feet streaming services like Netflix and Amazon Prime kicked in to provide top-tier entertainment right in the comfort of your home. The only thing missing to get the actual theater-like experience is a screen and a high-quality projector. Well, according to market trends that shouldn't be the case for a very long time since the projector sales are scoring some rock-solid numbers. Like any other tech, these items are best marketed via paid ads.
These few mentions make only the tip of the iceberg but they should give you some general idea about what items you should use to fill in the inventory for the rest of the year. The success of a retail store depends on countless factors. Knowing what products are currently in demand probably makes it to the top of this list. Getting a good grasp of the market takes a lot of time and research but now you have a very good place to start.