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Top Global Trends That Are Shaping the Retail Industry in 2024 June 17, 2024 (0 comments)


New York, NY--Retail brands must be aware of emerging trends that significantly impact their operations and consumer relationships. An article by Brandwatch examines the top five trends currently shaping the retail sector.

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The rising cost of living has driven consumers to voice frustrations over "shrinkflation," where product sizes decrease while prices remain the same. From January 2023 to April 2024, discussions about shrinkflation increased by 112%, with significant mentions of grocery prices, rent, food, and gas. Megan Barron, Insights Sector Lead in Retail, highlights in the article the need for retailers to update in-store signage and packaging to avoid misleading consumers.

The article adds that AI is enhancing convenience through personalized shopping experiences, with mentions of AI in retail contexts growing by 27%. Innovations like AI-powered smart grocery carts and shoppable TVs are narrowing the gap between consumers and products. Retailers should focus on AI, which simplifies the customer journey.

Increased retail theft has led stores to adopt AI-powered surveillance technologies, sparking consumer anger over privacy and job displacement. Retailers must balance effective loss prevention with customer comfort and monitor consumer perceptions.

Customer service automation remains polarizing. While some consumers appreciate the convenience, others find it ineffective for complex inquiries. Retailers should balance automation with human touch and test systems to avoid frustrating customers.

The article notes that sustainability is a critical issue, with mentions in retail rising by 46%. The deinfluencing trend, where consumers discourage unnecessary purchases, is gaining momentum. Barron advises in the report a solid CSR strategy to address sustainability issues and avoid backlash. Retailers should use greener materials, offer recyclable packaging, and promote recycling initiatives.

Learn more in this article on Brandwatch.

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