As we approach the middle of 2024, the retail industry is starting to see some significant changes. Here are the four retail predictions that businesses can expect in the coming years:
- Live Shopping
Live Shopping is a new trend that is quickly gaining popularity, with TikTok and Instagram investing in it. The TikTok shop is set to launch in Australia, with around 30 stores already testing it out. TikTok Shop will allow customers to interact with the brand owner or ‘influencers’ on the platform through live chat.
- AI
AI is taking over several aspects of businesses that are algorithm-driven. AI technology is becoming more sophisticated each day, and it can help business owners focus on data and inventory planning, automate tasks, analyze data, and provide insights that can help them make better decisions.
- Creator-Led Brands
Partnership marketing is on the rise in the retail industry. We are likely to see more and more businesses partnering with creators or influencers to create unique products and content. This trend is known as ‘creator-led brands,’ where creators collaborate with brands to come up with new products or services. By doing this, brands can leverage the creators’ following to reach a wider audience.
- Omnichannel
Customers today want to physically interact with brands, not just see them on social media and websites. As such, businesses are exploring various omnichannel strategies such as pop-up shops, meetups, and experience centers to provide a more immersive customer experience. This will enable customers to experience the brand in a more tangible way, which can help them make more informed purchasing decisions.
With the rise of the popularity of Temu and Shein, business owners need to think about their value proposition, rather than comparing on price alone. It is also crucial for businesses to be aware of the trends, stay ahead of the curve and continue to thrive in an ever-changing retail landscape.
