The retail industry changes every year, and so do its trends. Because of this, people who work in retail often struggle to keep up-to-date with the latest trends in this field. Given the fact that 2023 is almost over, it is now time to look at the future and find out what new trends are about to appear in the field of retail. This way, you will be one step ahead of the others and will start the year with a clear picture of what trends you will have to follow.
Generative AI and Design Principles
Yes, you are right; people these days talk about artificial intelligence way too much. But like it or not, Generative AI will soon become one of the most trendy topics on the market. Several companies are developing and sharing new language models, called LLMs, which are created to help retailers in a variety of ways. There’s an interesting duality here to consider, as generative AI is becoming a product and a selling tool.
Retailers are realizing that artificial intelligence is a powerful instrument, and therefore, you should be on the lookout for how you can incorporate it into your retail strategy moving forward into 2024.
Design principles are also entering the market at a hyper-speed. This means that everything in relation to microservices, API-first, and cloud-native programs will be featured heavily in next year’s trends. Retailers who incorporate these tools into their selling strategies will be more likely to make a profit and thrive in this next year.
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Livestreaming and Socials
People love to watch live streams, that much we know. From fashion shows to literature seminars and from gaming sessions to the Leopardstown races, you can find something for everyone these days. What is important to consider from a retail point of view is the potential for these events to create a stream of income and popularize your company and products. In other words, combining entertainment and shopping is a great trend that is taking more and more ground with each passing day. If you want a winning sales strategy, you have it there.
Socials were looked at as momentarily popular, but let’s face it, they are going nowhere. So if you can’t beat ‘em, join ‘em, as they say.
Having a solid social media strategy to implement into your selling strategy is a great way to obtain visibility, reach more people with your products and show what your brand is all about. From Facebook to TikTok, find the socials that your targeted customers use the most, and then start creating amazing content to share with others.
Sustainability and Re-commerce
Sustainability is becoming more and more important each day, and frankly, that was bound to happen. With the planet struggling with climate change, it is important to focus on the importance of sustainable products and ways in which the field of commerce and retail can become more sustainable (without losing profit) in the long run. In light of this, one of the best ways to channel this energy and infuse your business with sustainability is to approach the concept of e-commerce.
Re-commerce simply means the practice of buying and selling used products while maintaining a high standard of quality and resources. Many famous companies have entered this game, and now smaller retailers are experimenting with it to give commerce a more sustainable face.
These are some of the trends that you can expect to see in the retail field in 2024. This article can work as a useful overview of this matter and a helpful map of what’s in and what’s out. Now that you know all about it, you are ready to enter the new year.
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