Glimpse into Retail @ 2024

Retail leaders must continually evolve their spaces and operations to deliver quality products, services and experiences. It's obvious that brick-and-mortar stores still have a place in the retail landscape, but how will they evolve their offerings and experiences to keep up with changing customer demands?

Here are the trends to impact the retail industry in the next year.

Sustainability at the Forefront

Sustainability is on the minds of both retailers and customers these days, and most of the consumers are making purchases either at the same rate as they have or even more. Retail leaders can capitalize on this trend by making their products more sustainable or featuring products from sustainable companies. Look at sourcing from sustainable partners in the supply chain as well, and audit your operations to find more eco-friendly approaches, from energy-efficient lighting to recyclable packaging

Personalized Customer Experiences

Customer demand for personalization has only been growing, and almost every customer expect the retailers they buy from to get to know their individual interests. Retailers can offer personalized experiences through in-store technology where customers can bring up accounts and carts on digital screens and receive specialized suggestions or offers in the store. Retailers can provide multiple options for how the customer wants to drive their experience, like self-service kiosks, BOPUS options and self-checkout alongside traditional methods. Of course, personalized customer service from friendly associates goes a long way as well.

Rise Of Experiential Retail

Customers are looking for the retailers they shop with to offer them unique in-store experiences they can't get online. According to Salesforce data, 75% of surveyed customers agree that the customer experience a business provides is just as important as its products and services. There are several different experiential options retailers can offer: digital, interactive screens and signage; self-service kiosks and self-checkout options; AR and VR experiences to learn more about products or for virtual try-ons; entertainment, classes or events or even ambient lighting or music.

Integration Of Smart Devices & IoT

As tech integrations increase, so will the use of IoT technology in inventory management and customer interaction. One example is smart shelves, which can track if products are on the shelf and automatically place orders if they're not. Smart shelves can also use dynamic digital displays to tell customers about the products or show personalized offers for them. Look for IoT and smart device-enhanced stores to make retail management more efficient.

Shift In Retail Workforce Dynamics

Retailers have seen massive shifts in the workforce over the past few years and will need to plan for the same in 2024. Take steps to make sure your workforce is engaged and satisfied. Do this by providing them with the tools and technology they need to do their jobs well, as well as providing training through apps or roleplaying. Create a supportive environment by listening to employees and taking action to resolve issues and use rewards and recognitions to boost engagement. Studies have shown that happy employees result in happy customers.

The Social Media Influence

Social media has been an ongoing channel for brand and product discovery, but it's also recently become a place for product purchases. Social media platforms like Instagram and TikTok have integrations that allow retailers to create in-app browsing and purchases, reducing steps and friction in the e-commerce shopping experience. We'll only see this trend increase, with U.S. consumers expected to spend nearly $80 billion annually on social commerce by 2025 which is 5% of total e-commerce.

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