The unexpected emergence of Covid-19 completely transformed the retail ecosystem around the world. With prospects for growth and technological adoption on the horizon, the Retail Commerce Center of the Tecnológico de Monterrey Business School has identified 5 trends that will mark innovation and transformation in the retail industry during 2024.
In the coming year, a significant transformation is forecast in the retail sector, reconfiguring the dynamics of interaction between consumers and companies, something that will affect both large chains and small businesses.
The professors from the Tec Business School, experts from the Retail Trade Center, anticipate these 5 main trends that will mark the retail industry in 2024:
Evolution of the Omnichannel Shopping Experience
Customers and companies interact in various channels, such as physical stores, websites, applications, calls and social networks. The challenge is to ensure a smooth interaction during the purchase. Assigning a unique identifier to each customer will help businesses keep track of them, merging the physical and virtual world for a seamless experience.
Redefining Efficiency and Experiences with Technology and Artificial Intelligence
Technology, especially artificial intelligence (AI), will be key to business success in the digital age. Generative AI, now more accessible to businesses of all sizes, will transform efficiencies and customer experiences. This year is crucial to adopt these tools.
Digital Communications in Store as a Source of Inspiration and Profitability
Integrating digital communications into stores drives transformation of the shopping experience and improves profitability. Interactive displays, augmented reality, and personalized messaging not only engage shoppers, but also offer valuable information and promotions, improving customer engagement and simplifying the purchasing process.
Rise of New Formats and Distribution Methods
Strong growth is anticipated in the adoption of new formats and distribution methods in the retail industry. This trend reflects constant adaptation to meet changing consumer expectations and take advantage of emerging opportunities. With the growing demand for faster deliveries, dark stores are expected to increase and the Hard Discount format to consolidate.
Renewal of Interaction in Physical Stores in the Digital Age
The rise of e-commerce has led brick-and-mortar stores to reconsider their strategies for engaging customers. In this context, improving engagement activities in physical stores becomes essential to survive and succeed. To compete with online shopping, brick-and-mortar stores must offer engaging and interactive shopping experiences.
