The Future Of Retail: Informing Your Strategy By 2024

Finally, the French should do their Christmas shopping earlier this year, and not wait until the week before the holidays. In particular to take advantage of Black Friday and Cyber ​​Monday promotions. But the main reason that pushes people to anticipate their shopping is still the COVID-19. Who can say a few weeks before the end of the year celebrations. What health context we will face around December 25? In 2024, traditional stores as we have always known them will certainly have changed a lot. For the most part, anyway. The digital revolution that has disrupted the book. Music and tourism industry is also shaking up all sales categories. By 2024, many shopping malls will have closed. And Amazon may have crossed the 50% market share mark in the e-commerce sector. As for consumers, the shopping preferences of millennials/millennials and Gen Z will inevitably have taken over.

Retention: The Ultimate Growth Strategy Intermediate Retention: The Ultimate Growth Strategy Retention: The Ultimate Growth Strategy To download The businesses that will still be around in 2024 will necessarily have embraced digital technology and the new ways of serving their customers that come with it. And it’s supply chains that will take center stage, as the digitalization of commerce has rewritten the rules of competition for every aspect of selling. Here’s what trade will look like in 2024. A new customer In 2024, Generation Y (also known as “millennials”, i.e. people born between the early 80s and the late 90s) will dominate the commercial landscape as the majority customers, representing the largest generation and ahead of the baby boomers. What characterizes millennials, as consumers?

 

 

They Love Anything That’s Convenient And Easy To Use

The simpler and more effortless the buying experience is, the better. Millennials expect the latest technologies to be applied and available, from the moment they start researching products, and then through purchase, shipping and delivery. These consumers also have a preference for visual and experiential commerce. Millennials not only expect immersive and interactive customer journeys, but also fun and unique experiences, supported by Latvia Phone Number List  such as augmented reality (AR). The merchants who will do well in 2025 will be those who have the ability to adapt to the demands of this generation. Not to mention Generation Z, which is fast approaching. These young people born at the end of the 90s and at the beginning of the new millennium will represent almost ¼ of the population in 2024 and 40% of consumers.

Unlike millennials who have a collaborative spirit, Generation Z would be more focused on themselves. The store reinvented: technology responds to changing customers By 2024, digital interactions will have replaced many types of routine exchanges. For example, it is predicted that customers will manage 85% of their business relationships without interacting with a human. Demand for space for big-box retail will continue to decline, thanks to improved logistics for online deliveries and also the click-and-collect model. All of this will reduce the need to keep full stocks in store. Most stores will likely be converted to distribution centers or used for other purposes. Diminishing space requirements will intensify the pressure for stores to become even more efficient. But it is likely that many of the spaces currently occupied by shops will be redeveloped into health care centers, workspaces, restaurants, and more.

 

 

After A Stellar Start On The Web, The Company,

Retailers of a certain size will move to a storefront model that will be able to provide differentiated services. For example, men’s brand Bonobos started its story online, but currently operates over 30 physical stores. These particular stores provide highly personalized attention and allow shoppers to try out products. Rather than stocking its goods on site, the store organizes a free home delivery service. The same goes for Samsung’s new flagship store in New York’s Meatpacking District. Samsung presents the 5,000+ square meter store as a “playground” where consumers can explore Galaxy novelties and gadgets, but not buy them! They will have to look elsewhere if they wish to acquire these products. This type of “flagship store”, or flagship/main store, will play the role of essential marketing vector in the near future. We can also take the example of the American online eyewear seller Warby Parker.

 

Which would operate exclusively online. Began to respond positively to requests from customers for places where they could try on the eyeglass frames offered by the brand. The start-up has therefore opened dozens of stores. And strengthened its relationships with customers. Between now and 2024, more new companies will follow. In the footsteps of these pure-players (company that carries out a unique activity, in particular online) online. And will gradually test physical sales spaces. First with “pop -ups”/pop-up stores, then with a real network of showcase stores. Omnichannel: the path to success Huge profits await sellers. Note, for example, that customers who use several forms of channels have a CLV (Customer Lifetime Value) 30% higher. Than that of customers who adopt a single channel for their shopping.

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