The retail landscape is undergoing a significant transformation, with wavering consumer loyalty and economic volatility presenting formidable challenges. Stephen Rogers, Managing Director at Deloitte’s Consumer Industry Center, shares Deloitte’s 2024 retail outlook, providing a strategic roadmap for retailers to thrive amidst this shifting landscape.
Key Takeaways:
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Rekindling Loyalty: With consumers becoming more price-conscious and exploring alternative brands, retailers are focusing on rebuilding trust and loyalty. Deloitte’s research reveals a strong correlation between trust and loyalty, with customers who trust a brand being 88% more likely to make repeat purchases. To foster trust, retailers are focusing on empathy, understanding customer needs, and transparent communication.
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Enhancing Omnichannel Experiences: While e-commerce continues to grow, physical stores remain relevant. Retailers are investing in in-store technology to create seamless omnichannel experiences. This includes equipping sales associates with tools like generative AI to provide personalized recommendations and streamline inventory management.
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Driving Individual Engagement at Scale with AI: Generative AI is emerging as a powerful tool for personalization and operational optimization. Retailers are experimenting with AI to enhance product recommendations, improve sizing tools, and streamline back-end processes like demand management and pricing.
The future of retail is bright for those who embrace change. By prioritizing adaptability, trust, transparency, and strategic technology utilization, retailers can navigate the complexities of the market and emerge as industry leaders. Ultimately, the keys to success remain rooted in customer-centricity, innovation, and trust.
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Blake Morgan was called “The Queen of CX” by Meta. She is a customer experience futurist and author of three books on customer experience. Her new book is called The 8 Laws of Customer-Focused Leadership: The New Rules for Building A Business Around Today’s Customer. For regular updates on customer experience, sign up for her weekly newsletter here.