Top Retail and ecommerce trends that will follow suit in 2024

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    From Kanishka Tripathi

    In 2023, customer experience will emerge as the backbone of the retail and e-commerce industries. Bane and his friends. India's e-retail market is estimated to increase to $150-170 billion by 2027. The retail industry is on track for a disruptive transformation, with annual growth of 25% to 30% and market penetration of 9% to 10% expected over the next few years. As fashion, personal care and grocery create a bigger pie, retail and e-commerce platforms must gear up and embrace parallel technology-driven trends to ensure profitability during this sweet growth phase .

    The driving forces behind shopper growth in retail and e-commerce are increased fiber optics with 5G, increased comfort through digital engagement, and increased investment in gamification of immersive shopping experiences.

    For retail and e-commerce to maintain their existing positions, B2B and B2C companies must leverage technology to overcome margin compression while prioritizing customer experience, despite internal resistance. You need to rely on strategy. Here are the top three strategic advances companies should make to move toward the long-term trend of 2024.

    1. Building a loyalty loop

    By focusing on the post-sale customer experience, you help your customers build trust beyond the purchase. For this reason, retailers should focus on understanding customer needs rather than trying to sell more products. Analyzing customer questions and conducting extensive ethnographic research creates a repeat customer rate known as the “loyalty loop.” This creates opportunities for positive support, additional revenue streams leveraging the benefits of data, and associated vendor partners.

    Retailers are increasingly leveraging AI to collect and analyze customer data to personalize the shopping experience. Advanced algorithms more accurately predict consumer behavior, preferences, and shopping patterns. Increasing customer engagement and satisfaction leads to increased sales and loyalty.

    1. Correct profitability blind spots

    Many executives still think of e-com websites as building revenue rather than profit. This is a significant drawback given the economic uncertainty in the competitive field of retail and accessible e-commerce. Additionally, customer acquisition costs and logistics mitigation are the highest costs of e-commerce. With the rise of quick commerce and the challenge of traditional e-commerce models in 2024, the demand for near-instant delivery will require e-commerce players to make significant investments in logistics and infrastructure.

    To balance speed and profitability, e-commerce businesses must create a unique value proposition that is difficult to imitate. By integrating AI and cloud service providers to systematically optimize everything from pricing to last-mile delivery settings, business leaders can make non-traditional decisions. , you can leap into the future of e-commerce.

    1. Marketing in the Metaverse

    Although the legitimacy of the Metaverse is still up for debate, many experts agree that it is a space of the future where immersive AR and VR experiences can enhance the shopping experience with immersive elements. Brands are beginning to use the Metaverse to blend offline and digital experiences. Consumers are discovering richer engagement opportunities within the metaverse, allowing retail and e-commerce companies to generate additional revenue by leasing their virtual space for advertising. .

    As these trends take center stage in 2024, retailers and e-commerce companies will need to adapt and innovate to stay relevant in an increasingly competitive marketplace. Balancing customer experience with efficiency and ethics will emerge as a strategic advantage for retail and e-commerce businesses to survive and thrive in 2024.

    (The author is Mahāsa Ghar, CEO and Founder of Kanishka Tripathi, and the views expressed in this article are her own)


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