Articles February 29, 2024
2024 Consumer Retail Trends: Harnessing Emerging Tech to Meet Evolving Consumer Demands
- Author
- CapTech
Advancing digital customer experiences
Refining workforce management along with staffing and pricing strategies
Enhance efficiencies and instill hyper-personalization through the integration of AI
Executive Summary
Thrifting and second-hand shopping, particularly among Gen Z and conscientious consumers, is on the rise. Apparel companies can capitalize on this trend by integrating strong resell programs with tailoring services to attract new customers. Additionally, AI-driven sustainability initiatives offer opportunities to streamline operations, reduce waste, and forecast demand, ultimately appealing to eco- conscious consumers and enhancing profitability.
Despite the resurgence of brick-and-mortar shopping since the pandemic, social media remains central to consumer habits, offering a platform for trend-tracking and product discovery. With influencer marketing on the rise, retailers must excel in digital engagement. Social channels not only enhance the shopping experience but also provide crucial research insights for brands to innovate, share stories, and connect with consumers.
AI is revolutionizing retail, enhancing customer-facing interactions and internal processes. On the front end, AI is powering virtual stylists, virtual try-on rooms, and data-fueled hyper-personalization. On the back end, AI can optimize staffing, pricing, and merchandising decisions. Yet to unlock AI's full potential, retailers must also focus on data quality, governance, and transparency, which are increasingly important to consumers.
Innovative retailers will embrace mobile-first loyalty platforms and integrate features like one-click rewards and AI-driven recommendations. Building emotional connections via exclusive content, events, and personalized interactions fosters long-term customer relationships, while partnerships between brands offer unique experiences and data-sharing opportunities — shaping modern loyalty programs.
The future of retail lies in seamlessly integrating physical and digital elements to create a unified shopping experience. Retailers should harness applications that enhance the online and in-store experience, including mobile apps for coupons, interactive displays, in-store augmented reality, high-tech fitting rooms, and store navigation apps. Retailers will delight customers while empowering them to interact with the brand on their terms, ultimately driving engagement and loyalty.
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Anthony Scott
Principal, Consumer and Retail Portfolio Lead
As CapTech’s Consumer and Retail Portfolio Lead, Anthony helps our clients transform their businesses to maximize the value they inspire to deliver for their customers. Looking across various retail domains, from food and beverage to consumer-packaged goods, he connects industry and technology solutions to the problems retailers face in a customer-centric digital economy. Driven by his passion for retail, Anthony engages with our clients through a genuine curiosity and empathy to see them succeed organizationally and personally.
Clinton Teegarden
Technical Director, AI and Mobile Lead for Travel and Hospitality
Clinton is a seasoned innovator with over a decade of experience spearheading technological advancements across diverse industries. His expertise in AI, mobile, and cloud technologies has enabled him to lead teams in crafting solutions that revolutionize customer experiences at every touchpoint. With a proven track record of delivering products used by over 50 million people, Clinton's impact spans the hospitality, retail, finance, and sports industries.
LesLea Carey
Director
As a Director in our Customer Experience practice, LesLea combines data-driven insights with business objectives to create user-friendly solutions. LesLea's experience in user insights and experience, coupled with her role as a CX partner, enables her to deliver impactful and user-centric solutions in the Consumer Retail portfolio that bridge the gap between user needs and business goals.
Morgan Wisener
Director
As a leader within CapTech’s Consumer and Retail Portfolio, Morgan leverages her understanding of industry trends and challenges to drive innovative solutions and strategies that build brand loyalty and generate meaningful digital experiences for clients and their customers. Plainly, she loves to problem-solve and strategize ways to create meaningful connections between retailers and their customer base.
