Shopful has identified five Key trends that will characterize the retail sector In the coming months. These trends Driven by changes in consumer behaviour, development of technology and increased competition in the market.
Damian Blanco, ShopFully Regional Manager for Iberia, Sharing his vision on the trends that will characterize 2024, he notes that “a triple transformation awaits companies next year: digital, sustainable and regulatory. Hyper-personalization of the buying experience, integration of ‘AI’, environmental responsibility, first-party data and omni-channel are some of the key factors to meet the challenge. It is It is essential to anticipate and embrace these trends to remain relevant and connect with today’s consumers.
1. Highly personalized shopping experiences: In a world where personalization has become critical, brands will need to be able to identify consumer behaviors to deliver highly personalized shopping experiences. This can be achieved by using data to understand customer interests and needs, and tailor offers and communications accordingly.
In this sense, Damian points out “The key is a comprehensive understanding of individual consumers’ preferences and using technology to deliver targeted recommendations and offers that match their needs and desires. Las Personal interactions are key To create meaningful connections with consumers, improve customer loyalty and increase conversion rates. Retailers who use data effectively will be able to deliver a more relevant and engaging experience to their customers.”
2. Integrating artificial intelligence into smart retail: In the ongoing search to improve customer experience, Artificial Intelligence (AI) is positioned as the cornerstone that will radically transform the retail sector. “Integrating these technologies will allow retailers to get creative Immersive and personal virtual environments, providing consumers with a unique and engaging experience. However, it is important to use AI responsibly and ethically.”
Artificial Intelligence is already an integral part of our daily lives, and its impact on the retail sector is evident in various ways, from automating routine and time-consuming tasks to personalizing content. By 2024, it is expected that there will be a significant acceleration in its integration into this sector, marking the beginning of the era of smart retail.
Smart retail involves integrating artificial intelligence into all stages of the purchasing process, to simplify its various stages and achieve greater satisfaction. “A prime example of this is the ability of generative AI to improve real-time price comparison, deal alerts and online search results, providing consumers with accurate and relevant information at every step of their shopping journey,” Damian adds.
By allowing you to improve operational efficiency, intelligently manage inventory, personalize offers and recommendations, and create more engaging shopping experiences, among other things, AI is positioning itself as a strategic ally for retailers seeking to stand out in a competitive and constantly evolving environment. .
3. Sustainability and social responsibility: Modern consumers are increasingly aware of their environmental impact, and companies that adopt sustainable practices to reduce their carbon footprint and demonstrate their commitment to social responsibility will gain consumer favor.
Damien confirms this “Sustainability is no longer an option, it is a necessity. Retailers who adopt sustainable practices such as reducing their production of paper brochures, using recycled materials or offering sustainable delivery options will not only contribute to the well-being of the planet, but will also enhance their reputation and the loyalty of their customers, in a more demanding way. Community with brand values and goals.
4. New segmentation strategy for the purpose of third-party cookies: 2024 will see big change with the almost certain decline of third-party cookies, with major impacts on advertising and retail. The tireless trackers that follow users across the Internet are already gradually disappearing and by the end of 2024 they will no longer exist. This change will have a significant impact, primarily on ad targeting practices, fundamentally transforming the way brands interact with their target audiences.
Likewise, retailers and brands will have to adapt to new ways to target their audiences and measure the performance of their advertising campaigns. “Removing third-party cookies will change the way data is collected and used for advertising,” Damien explains. “The retail sector will need to invest in new technologies and solutions to reach its audience in a relevant way, for example by collaborating with platforms that have access to data the first side.
5. Seamless experiences across digital, social and physical channels: By 2024, omnichannel will cease to be an option and become a necessity for retailers looking to provide a seamless experience. For example, a customer might discover a fashion brand on social media, browse its online store, and then decide to visit a physical store to try on clothes. In fact, 43% of consumers plan their next purchase by browsing digital channels. By providing customers with the information they need, retailers can create a more positive consumer experience and increase their sales.
“Consumers’ demand to be able to seamlessly navigate between channels, whether in physical stores, websites or mobile apps, will be higher than ever. It is the retailer’s responsibility to ensure shoppers have all the information they need to make a purchase.” Decision the purchase. The retailer of tomorrow will have to respond to the demands of digital generations and expand its communication capabilities using new channels,” declares Damian.
In conclusion, the retail landscape is changing incredibly quickly, and the companies that are able to innovate and improve their presence in new channels are the ones that will survive over time, according to Shopfully.
