According to a recent article by Susan Reda, VP of Education Strategy, the retail industry in 2024 is expected to experience “guarded positivity” despite the geopolitical challenges on the horizon. The article suggests that artificial intelligence’s influence will continue to grow, and consumers will demand sustainable actions from retailers. The customer experience will remain more important than ever, and retailers must adapt to changing consumer preferences.
Reda also highlights that the bullish spending retailers experienced during the holidays between Thanksgiving and Cyber Monday is undeniable, supporting consumers’ commitment to gift-giving despite inflationary pressure. More than 200 million people shopped online and in stores, according to NRF, spending an average of $321.41 on holiday-related purchases during the 5-day holiday weekend.
It’s worth noting that while AI is already being used for demand forecasting and customer sentiment analysis, it remains an outlier when it comes to making industry-wide predictions. A human touch is needed when the data set comprises global policies, cultural swings, demographic shifts, and various industries.
In 2024, the retail industry is expected to be cautiously optimistic, with retailers needing to adapt to changing consumer preferences and demands while navigating geopolitical challenges and economic headwinds.
