The only certainties in life are death and taxes, so we’re told. Anyone working in the retail trade will quickly add a third: change.
As content creation specialists, with a client portfolio that includes clients such as Boden, The White Company and Charles Tyrwhitt, we know this behemoth of an industry never stands still.
That is why we’re looking ahead to 2024 when we’ve barely shaken the dust off the current year.
The next 12 months are packed with excitement and promise, and here at ec2i, we’re as eager as anyone to break the seal on 2024 and get cracking.
Let’s take a look at the trends we think will dominate retail, and help you grab a slice of an industry worth over £22 billion today, which is set to reach £29.6 billion by 2027.
AI in the retail industry
There has been a lot of discussion about the rise of artificial intelligence, taking in everything from “it’s going to make life brilliant” to “bow down and serve us, humans”.
For the retail industry, there’s a huge amount of excitement about what AI technology can do, as one of the top retail trends.
Let’s check out the benefits it could have for both consumers and internal teams.
Processing consumers’ data
Using AI to process the vast amounts of customer data generated by online behaviour will give you precious insights into who is doing what, when and where.
These valuable insights will help you meet customer expectations and enhance operational efficiency, both online and in brick and mortar outlets.
Creative content
The huge leaps in sophistication made by AI systems mean they are now capable of analysing data to generate everything from product descriptions to page copy.
Both will perfectly match a brand’s tone of voice and incorporate all keywords. AI will even hit specific character limits.
Product data
AI is ideal for eliminating duplicate supply chain data, as well as entering categorisation and classification, freeing up your team for more creative tasks.
Our award-winning Renaissance platform takes care of all this data and more, giving you greater control over your production workflows and processes.
Boosting automation
Smartly deployed AI can speed up workflows, allowing staff to work on more creative projects, boosting job satisfaction and productivity. That’s a big win-win.
Supporting customer service
AI chatbots have made some huge technological advancements in the past few years. They are now ideal for intelligently filtering specific requests or routing questions to specific people or departments.
That enhanced connection and communication will create instant responses that delight both consumers and staff.
Help you go global
Want to enter a non-English-speaking retail sector but are worried about offering consumers a platform they won’t understand? Don’t let the language barrier hold you back.
More and more businesses are using AI to personalise content at scale and in any language.
Sustainability and the retail sector
More businesses, from big box retailers with lots of shelf space to indie outlets selling pre-loved items, will adopt or increase their sustainable practices in the new year.
For some, it will be in response to overwhelming customer demand, while other retailers will aim to boost customer satisfaction and brand loyalty by building on what they have already achieved.
Either way, customer expectations for greater transparency and demonstrable ethical practices in the retail landscape will be higher than ever.
Brands in the retail industry will need to maximise their supply chain visibility. Customers will want to know which sustainable materials were used to make products, if they came from ethical sources, and the overall carbon footprint for both new and pre owned items.
Sustainability enhances customer satisfaction, and remains one of the top retail trends, having changed the customer journey forever, whether they shop online or go to brick and mortar stores.
Brands who don’t recognise that shift in demand run the risk of being left behind.
Combining the digital and physical retail landscape
The blending of digital and physical retail - known as omnichannel retailing - is expected to be one of the major retail trends for 2024.
Many consumers shop in physical stores, but the shift to online shopping shows no signs of slowing down, even in these times of economic uncertainty.
To capitalise on that consumer demand, brands will have to use all the tricks in the book to maintain their supply chains and enhance the shopping journey, while also offering customers a superb experience.
Technology rules
Using technology to enhance the digital and in-store experience will be key to making the most of this notable trend.
Deploy mobile checkouts and QR codes to streamline the omnichannel customer experience. Use machine learning to predict trends and ensure your supply chain can keep up.
As well as facilitating the way consumers shop, your brand is showcasing its ability to be nimble and responsive.
Embrace innovation
E-commerce continues to tout technology as one of the biggest emerging retail trends, because much of it is tailor-made for omnichannel shopping.
VR fitting rooms help customers using an online store to find a perfectly sized garment using just their smartphone.
Brick and mortar establishments will increasingly engage with online consumers via live video shopping, while interactive displays that use augmented reality and even in-store robots are becoming commonplace.
This blend of innovation and convenience is helping to close the gap between online purchases and a physical store.
It also increases brand loyalty and enhances consumer satisfaction - both core aims in the retail world.
The personal touch
The retail industry will become even more adept at using technological advancements to enhance the consumer experience in the new year.
Once the preserve of the in-store experience, omnichannel retailing brands will employ influencer marketing campaigns and live streams to personalise the act of buying online.
As well as providing customers with that personal touch, they will also increase the trend of hybrid shopping - e commerce in physical spaces and on digital platforms.
Expect a boom in retail media networks
One trend for 2024 will be an increase in the number of retailers selling advertising space across a range of outlets, from websites and streaming services to in-store displays.
US giants including Amazon have already seen the benefits of using retail media, and where Jeff Bezos’ behemoth goes, it’s widely expected others will follow suit.
In-store shopping is still a thing
The industry is awash with online retailers. While they have transformed the world of shopping, for a while it looked as if they would be the death knell for physical stores.
As 2024 approaches, the opposite is true. Many online retailers have either launched or increased their brick and mortar presence (to offer in store pickup, for example). Expect this trend to continue and reshape the way some businesses operate.
Social commerce
Social media has its drawbacks but it has been a gift for retailers looking to reach their customers in a way they previously could only have dreamed about.
The global proliferation and popularity of sites such as Facebook, TikTok and Instagram mean that online shopping is definitely here to stay.
Now and moving into the new year, thousands of brands are looking to maximise the potential of social commerce. It’s an offshoot of e-commerce, and relies on social media posts to serve content about products to users.
Consumers then click through to the brand’s website to find out more or make purchases directly online, without leaving the social media platform’s ecosystem.
As one of the biggest retail trends 2024 has to offer, businesses looking to leverage social commerce should ensure their supply chains are robust and their pricing strategies are 100% spot on.
Get them right and the end result is happy customers and a rising bottom line.
How we can help you in 2024
With more than 20 years’ experience, we are a Creative Production Agency that can handle everything from strategy to implementation.
Our state-of-the-art technology and creative team consistently deliver exceptional results for our clients, every day of the year.
Through our solutions like Renaissance, we streamline and execute your retail campaigns, ensuring your brand’s marketing strategy is always on target.
Contact us
At ec2i, we take pride in our commitment to offering exceptional service. Contact us today and find out what that can mean for you.