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The retail world isn’t slowing down.
No matter what part of the industry you are in, competition for customers with tight pockets and fast demands will only grow. Retailers that leverage the latest tech will stay ahead of the curve, innovating to overcome pressures against the bottom line.
Here are 5 tips about the key trends that are emerging for smart retailers in 2024.
1. Retail media should enhance and enliven the in-store experience
In 2024, value and memorable experiences will be king in retail. Leveraging the latest display and marketing tech at the shelf will not only enhance that customer experience but help to make it more efficient by getting customers to what they want, faster. Shopping should be fun for the consumer.
2.Value, value, value: what’s on nearly every customer’s mind
In a competitive, inflationary economy, how do retailers continue to deliver value to customers with tight pockets? By using digital solutions such as in-store IoT and data that offer keen insights into their needs, informing marketing and promotional decisions for better targeted results.
3.Monitoring availability at the shelf with the right digital tools
Shoppers today are less inherently loyal than ever. If one retailer regularly has the products they want, faster, they will continue to go there first. Modern tools such as Captana with computer-vision & AI monitoring capability can help to ensure you avoid a critical Out of Shelf (OOS).
4.Use AI to inform decisions for planogram, merch, promotions and inventory
AI is set to revolutionize the industry, and retailers should identify their best use cases now. For grocers, that might mean leveraging analytics to help reveal trends, better understanding customers via AI-powered solutions such as Memory to make better decisions for stores.
5.Unify your data to maximize operations
The call for omnichannel commerce has been clear for years now, but what it really means in practice is tearing down silos and unifying data. Utilizing cloud-based solutions such as VusionCloud, you can do just that to achieve greater efficiency and true operational transformation for both your backend and your customers.
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