2024 Retail Trends: How the Latest Technologies Continue to Shape the Industry

Our rapidly digitalizing and globalizing world hasn't been kind to the retail industry these past few years, especially for brick-and-mortar stores. As a result, many retailers have begun to wrestle with questions concerning the nature of the retail experience and what it means to succeed in 2024. Despite this anxiety, brands can be sure of three key trends: customer loyalty, retail media, and immersive experiences. These trends will play prominent roles in the retail sector this year.

Retaining Customers Through Customer Loyalty Programs

In times of economic uncertainty, it's far more cost effective for retailers to retain existing customers than acquire new ones. Customer loyalty programs will be indispensable to retailers this year as they strive to protect profits and customer share. Unfortunately, customer loyalty is on the decline. A survey of more than 10,000 consumers globally, including 4,000 in the U.S., found that the U.S. experienced a decrease in brand loyalty from 79 percent to 68 percent.

Retailers need to change how they manage their loyalty programs, and artificial intelligence (AI) will be the key ingredient that separates average from exceptional loyalty schemes. AI helps retailers see their customers as individuals, not numbers. For example, retailers can leverage AI analytical tools to glean insights from massive amounts of customer data, enabling them to deliver personalized promotions, discounts and experiences at scale.

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