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Insights into the retail landscape in 2024 including consumer experience, sustainability, generative AI, immersive reality, hyper-personalisation, intelligent growth, and more. Stay ahead, stay informed. Dive into Retail Revolution now!
Trying to figure out today’s consumer expectations is like predicting weather in the UK. It takes a lot of guesswork and a little bit of luck!
Here, we’ll tackle the key challenges retailers are facing today, chat about the top trends, and investigate why staying informed is vital for continued success.
Customers want to know their purchases mean something to the world. It's really that simple.
The highest customer expectations involve dealing with a more conscientious brand. Retailers must take note of this, adjusting the experience to meet the customer’s evolving needs. Focusing on customer demands helps to improve customer loyalty.
Legacy systems are a burden for retailers, creating data silos, interrupting workflows, and capturing inaccurate information.
Consumers have heard enough broken promises. As people become more environmentally conscious and informed, it’s harder for companies to “fake” a green initiative. This shouldn’t be hard if you already have eco initiatives built into processes.
Customers are holding their feet to the flames and expecting them to show, rather than tell them about green procedures and systems in place.
At this point, shoppers are experiencing what is known as “green fatigue.” This is when sustainability talk becomes so ubiquitous, it blends into the background, creating disengagement and greater scepticism.
Shoppers want to buy from brands that offer real solutions and are genuinely working to be regenerative. If you’re not there yet, don’t promote it until you are.
Organisations need to better communicate green initiatives and engage customers in the conversation. 70% of UK shoppers spend more with brands they perceive to be authentic.
Retailers who have already embraced AI and machine learning (ML) tools are experiencing noteworthy success. With 2024 projections indicating a similar trend.
What else? Read more in our eBook below.
Today’s customers can easily buy things online. That’s why they are going into stores for the experience, more than anything. Don’t miss this opportunity.
Overall, 73% of shoppers state they would spend more time and money in a store that offered experiences. The Rolling Stones’ new retail destination, RS No.9. features an exclusive mix of collections and collaborations (curated by Bravado and The Rolling Stones).
What are some other examples of experiential shopping? Download our eBook below.
Immersive reality, when it pertains to tech-driven retail, offers a 3-D experience to customers via augmented and virtual reality (VR). Studies show that shoppers who have a positive experience with virtual representations of products are more likely to buy, and less likely to return items.
The challenge for today’s retailers is delivering a hyper-personalised journey, without crossing the boundaries of privacy. Companies are using AI-driven personalisation techniques to pull customers in, and then deliver through brick-and-mortar experience.
What does hyper-personalisation look like?
Find out more in our full eBook below.
Grow smarter, not faster. For today’s retailers, driving growth will take some standout creative measures.
The average store size will continue to shrink. Across the entire retail sector, the average size of a UK retail shop unit is 2,010sqft in terms of deal size. The average price per square foot of those retail properties was £24.23 per sqft.
Retailers need to integrate marketing, trade, and retail media spend, targeting specific consumers and “need states” with in-store merchandising. This helps to grow sales, maximise the budget, and improve margins.
Retailers are already using AI and machine learning for personalisation and demand forecasting. Now, they are expanding its usage to other areas, like labour optimisation,fulfilment decisions, and dynamic pricing.
Advancements in ML and the increase in computing power have enabled a myriad of computer vision solutions. One example is “Just Walk Out” technology, which has removed checkout friction, while providing store analytics about consumer behaviour data. The system uses RFID tags to automatically track purchases as customers exit the store.
Retailers are now looking to automate more tasks with solutions like device management, modern self-checkout, fulfilment robots, and RFID adoption.
In-store employees continue to utilise improved tools (tablets and apps) for inventory management, sales, and training.
What are some other advanced technologies you can explore? Read more below.
The bottom line is you gotta make the customer happy.
With consumer expectations constantly on the rise, simply providing products isn't enough anymore. Retailers need to curate experiences that resonate with evolving consumer values.
Retailers need to be more than just providers of product.
The need for AI cannot be understated! Legacy systems burden even the best salespeople.
The retail experience is undergoing a paradigm shift from immersive reality to experiential shopping. Companies are now compelled to create personalised encounters that go beyond the transaction.
Smart growth strategies, propelled by data-driven decisions, are essential for prioritising customer needs. Those who embrace innovation, prioritise sustainability, and focus on creating an authentic experience for consumers, will emerge as industry leaders.
If you put the customer experience first, the rest of the pieces will fall into place.
Take a deeper dive with our eBook Retail Revolution: Trends Shaping Retail in 2024 and Beyond.
