MOBILE VS. SOCIAL VS. ONLINE: TOP 2024 RETAIL TRENDS EXPLORED

The retail landscape continues to rapidly transform thanks to changing consumer preferences and technology innovation. Here we explore the biggest retail trends that are likely to breakthrough in 2024.

Experiential Retail

As e-commerce expands, brick-and-mortar stores must offer compelling experiences that online can’t replicate. More retail spaces will dedicate over 50% of floorspace to experiences – placing as much emphasis on interaction, engagement and community building through cafes, events, gaming zones and workshops as much as actual products.

Livestream Shopping

During the pandemic, consumers flocked to shop via live videos demonstrating everything from makeup tips to testing products. This trend is exploding in China and Southeast Asia. In 2024, we expect livestream shopping to become ubiquitous internationally – not just through influencers but also small businesses and individual store associates. Interactive features like chat and in-video checkout will be table stakes.

Ultra-Personalization

Leveraging data and predictive analytics, retailers will hyper-personalize recommendations and experiences for each individual customer. Customizing store layouts, promotions, even prices dynamically based on purchase history, demographics and context will become the norm. Real-time data is already empowering this across industries from retail to entertainment.

VR/AR Integration

Virtual try-on for makeup and apparel has found appeal during social distancing. But in 2024, augmented and virtual reality will make much deeper inroads for evaluations, customizations and enhancing product experiences – anything from virtual furniture placement at home to AR car previews. Smooth integration into retail apps and portals will enable mainstream adoption.

Sustainability Focus

Eco-consciousness amongst buyers, especially younger consumers, drives brands to emphasize sustainability. Retailers will invest in circular business models – recycling, upcycling, repair services for items from electronics to apparel. Supply chain transparency through blockchain and clean energy usage will also be demand drivers. Sustainability claims will need certification. The ethical product story will sway buyers.

The digital and physical are merging across the retail continuum to deliver to increasingly personalized tastes and values. Successful retailers will create next-gen spaces blending commerce, community and consciousness.