2023 was the year of the resilient consumer. 2024 will continue to see consumers around the globe flexing their resiliency as they define exactly what they want from their favorite brands. See what strategies retailers should take as retail industry trends reflect this shift towards a more customer-centric and digitally driven landscape.
- Understanding and connecting with consumers - Consumers will be reprioritizing their spending and engaging with brands through new channels. In response, many retailers will rely on analytics and testing to determine the most effective pricing strategies, promotions and channel investments.
- Turning consumers into loyal customers – It's no surprise that consumers today want brands to care about them. As the bar continues to rise in 2024, consumers have grown to feel entitled to certain perks, so retailers will look to embed their offerings into customers' daily lives and provide an authentic experience.
- The shopping experience - The lines between online and in-store continue to blur as the consumer will navigate between the two becoming one cohesive and seamless experience that is consistent regardless of the format. The empowered consumer is now looking for the best product at the best prices and are willing to look and wait for the right time and place.
