As in-person shopping is expected to grow exponentially in 2024, immersive and interactive experiences within the shopping environment are something retailers should keep an eye on. Experiential Retail can be defined as a type of retailing that aims to provide customers with a unique and memorable experience. Combine your shopping with entertainment, education, in-store events, interactive displays, pop-up shops, as well as virtual reality (VR) and augmented reality (AR) games.
With the advancement of technology, retailers can utilize data to personalize shopping experiences for their customers. This includes recommending products based on past purchases, sending targeted promotions, tailoring store layouts to individual preferences, offering personalized customer service, using AI to create chatbots to answer customer questions, as well as providing product recommendations. These initiatives will make your customers more valued,
Retailers create a seamless omnichannel experience that makes it easy for customers to shop however and whenever they want. This includes offering buy-online, pick-up-in-store (BOPIS), and ship-to-home options, providing consistent product information and pricing across all channels, allowing customers to start their shopping on one channel and finish it on another, and using data to track customer behavior across channels and personalize their experience.
To get ahead, appealing to the masses is crucial. One way to do this is by leveraging the use of social media platforms such as Instagram and TikTok. This is to connect with your customers, promote your products, and drive sales, and it would be wise to utilize influencer marketing to reach new customers that people can relate to. The main idea is to make your products relatable - Influencer marketing shows people that your products are within their reach.
In correlation to the previous point, the fusion of social media and e-commerce is expected to grow exponentially. For example, TikTok’s live shopping function works similarly to home shopping channels - influencers and retailers engage with their audience in real-time all while showcasing exclusive promotions and products. Live shopping is very interactive and will draw in younger customers, as they are more active on social media.
As a retailer in the 2020s, it’s imperative to have initiatives to reduce carbon emissions and footprint, as well as promote sustainable practices to customers. We all have a responsibility towards the world we live in, so it’s best to act according to those responsibilities.
You can also use the “Circular Economy” model to minimize waste, make the most of your resources, and reduce the environmental impact of your products and services. Although this economic model has been growing in popularity in the past few years, it’s expected to become even bigger in 2024. You can invest in upcycling or recycling programs not only to reduce your carbon footprint, but it can also to open up new streams of revenue and provide customers with an affordable
In tandem with personalized shopping, you can utilize AI–driven personalization. AI can help you take personalization to new heights - machine learning algorithms are able to analyze a substantial amount of customer data pertaining to browsing behavior, purchase history, and even social media activities to create a highly personaized shopping experience for your product.
With the help of AI, you can effectively deliver tailored product recommendations, personalized marketing messages, and even pricing strategies that will invoke your customers to to explore your product selections.
