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As 2023 draws to a close, it’s time for retailers to consider where and how they’ll invest their marketing dollars in the new year. To help with this process, we partnered with Worldwide Business Research (WBR) and eTail on a survey of 100 retail leaders. While the study covered a broad range of topics—everything from augmented reality (AR) to “computer vision”—one topic we focused on was retail leaders’ 2024 retail technology predictions.
Keep reading to learn about the top retail technology trends retailers can anticipate in 2024 and beyond.
More Hyper-personalized Shopping Experiences
58% of survey respondents said they expect hyper-personalization will become more popular over the next 12 months. With so many anticipating a greater shift towards hyper-personalization, it’s time to think about what your brand can do to stay competitive in this new landscape.
Because hyper-personalization requires a large amount of consumer data, consider investing in tools that enable automated personalization. Software that leverages artificial intelligence (AI) and machine learning (ML) can alleviate many of the burdens associated with gathering, analyzing, and applying consumer data to create custom shopping experiences.
A Greater Shift Toward Mobile Shopping
According to our survey, 52% of retail leaders anticipate increased mobile shopping in the next 12 months. With more and more shoppers using their mobile devices to make purchases, you’ll need to optimize your mobile shopping experience.
Take time to identify drop-off points on your mobile site and experiment with changes to improve those points of friction. In doing so you can positively impact shopping cart abandonment rates, average order value (AOV), and many other key ecommerce metrics.
Increased Ecommerce Shopping
With its meteoric rise in popularity over the past 15 years, it’s no surprise that retail leaders anticipate that ecommerce will continue to grow in 2024. 43% of survey respondents stated that they expect a greater shift toward ecommerce in the next 12 months.
Even if ecommerce is already a primary driver for your business, take time to audit your strategy and find opportunities for improvement. From display ads to email programs to your website, there’s no shortage of places to focus your efforts in 2024.
We hope these three retail technology predictions for 2024 help you identify where to focus your efforts in the new year. If you’d like to see the complete list of 2024 retail technology trends, be sure to download Emerging Technologies in the Retail Sector. This report contains the full findings of our survey with WBR and eTail and gives tactical suggestions you and your team can implement to stay ahead of the curve when it comes to retail technology.
