Over the years, our shopping habits evolve in line with societal changes. Who would have thought in 2010, for example, asking an AI bot for shopping advice just over a decade later?
2024 is set to be a big year for retailers and they’re busy assessing what our current spending habits are so they can target us with tailored promotions.
Here’s a round-up of the biggest trends of this year so far.
1. Smart carts are set to take over from checkouts
Innovation often depends on timing with technological capabilities having to wait for society to be ready for them. Some inventions, like Uber, arrive at just the right moment, while others, like Palm Pilot, falter due to premature or belated launches.
The pandemic, however, kickstarted some trends that had been waiting in the wings. E-commerce and self-checkout cover one area. Originally slow to gain traction despite early introductions, self-checkout saw a surge in adoption during the pandemic, driven by a quest for efficiency and reduced human contact.
Smart shopping carts are now evolving as a result, boasting improved design and functionality. They now have features like real-time inventory tracking so you and the store now how much the goods in your cart come to, and even personalized recommendations based on what you chose previously. They also automatically check you out and take payment, so you avoid the line at the cash counter.
While they won’t replace checkouts just yet – people still like human contact, after all – they’re set to become a viable option for people in a rush or would like to be impressed by the latest shopping tech.
2. We’re taking on board more online advice than ever
Influencers have been around for years now but 2024 is the year where we’re really starting to take their opinions to our hearts and minds.
Research from Forbes shows that the social media personalities and celebrities we find on TikTok and Instagram literally “influence” almost 50% of our purchasing decisions as we take on board their comments while we scroll through our feeds.
But there is another related trend that’s occurring alongside this: looking for expert advice. Many of us will Google what industry specialists know about a product or service before we buy it. This has led to the rise of websites that cater to connecting us to the very best option possible, be it the best value electricity provider or an online casino game that matches our tastes.
The upside of this is that people will make more informed decisions by taking on board specialist knowledge. The downside? Well, they might choose the wrong “experts”!
3. AI’s retail revolution
AI stands at the forefront of retail’s transformation, poised to rival the impact of arrival of online shopping a generation ago.
Through generative AI, retailers are tapping into novel ways to improve the customer experience, ranging from chatbots to virtual reality shopping tours that make the customer feel like they’re in a physical store.
This innovation isn’t just about the shopping experience, but it also helps to deepen your loyalty to a brand, so watch out for some clever marketing ploys to get you to buy more!
Still, the general effect will be for you to feel less stressed while shopping, with search time for products reduced and probably some cost savings to go with it, so strap yourself in for the ride!
4. Preparing for Gen Alpha’s influence
Gen Alpha represents more than just the next wave of consumers; they are trendsetters with the power to influence parental spending and shape purchasing decisions.
Raised in a world characterized by global challenges, these digital natives prioritize authenticity and social responsibility.
Retailers will adapt to this new reality by more than just updating marketing strategies, but also undergoing a fundamental shift in approach.
This will include creating visually compelling content and fostering digital communities so that retailers can forge deeper connections with Gen Alpha users and earn their long-term loyalty.
Expect to see more immersive experiences and interactive engagements than ever before as we experience a retail culture shift like no other.
5. Second-hand and rental services set to thrive
Consumers are prioritizing sustainability and value for money, driving the popularity of second-hand apparel and rental services. Deloitte reports the market for these goods and services is set to surpass $25 billion in 2024.
This trend reflects a broader shift toward eco-conscious consumption, as consumers seek alternatives to traditional retail that align with their environmental values.
As sustainability becomes a key consideration in purchasing decisions, the demand for second-hand and rental options is expected to continue its upward trajectory, shaping the future of the fashion industry, and making it easier for you to buy eco-friendly goods.
