Digital advancements are transforming the landscape of the retail sector. Both online and traditional brick-and-mortar stores are harnessing the power of digital tools for diverse applications, such as inventory control and tailored marketing strategies.
As we approach 2024, innovation will take center stage for retailers aiming to streamline operations and refine marketing efforts. Digital tools, data-driven insights and emerging real-time payment platforms will enhance decision-making processes, fostering business growth in the face of inflation and economic volatility.
The following trends are top-of-mind in retail as industry leaders shape priorities for next year.
Machine Learning
Retailers are using machine learning to enhance and automate processes such as demand forecasting, price optimization and delivery logistics. By analyzing historical data, employees can swiftly predict shifts in demand at a granular level, enabling rapid problem-solving.
Artificial Intelligence (AI)
AI tools equip retailers with the ability to customize the shopping experience, leading to increased engagement and sales. This can manifest in various ways, such as bespoke landing pages showcasing products aligned with a customer’s preferences or digital kiosks directing shoppers to targeted products.
Omnichannel Sales
Shoppers are increasingly making purchases across various digital and physical platforms. Retailers are striving to provide a unified experience that blends all these channels. This includes implementing solutions that can facilitate services like same-day delivery and “click and collect” options for online orders.
Improved Customer Experience
Cutting-edge technology enhances the shopping experience for retail customers. With the advent of digital kiosks for self-service and virtual try-on features, customer service is being revolutionized, offering enriched experiences both in physical stores and online platforms.
Enhanced Personalization
Data and analytics help retailers gain a deeper understanding of their customers and tailor their offerings accordingly. They are also utilizing customer data in their marketing strategies, personalizing messages and choosing the most effective delivery methods to enhance engagement and foster customer loyalty.
Business Efficiency
The upcoming year will be dominated by the theme of digital transformation and the adoption of new technologies within finance departments. By embracing these emerging technologies, finance teams can enhance transparency, increase productivity, improve supplier relationships and attract top-tier talent.
In September 2023, AvidXchange conducted a survey of 500 finance executives at middle market companies to understand their priorities and concerns as they plan for a new year. Most finance departments are implementing and embracing tech tools that will enable them to work efficiently, innovate more and quickly respond to market changes.
By placing a high priority on the adoption of technology, finance leaders can elevate their team to a strategic partner role within the organization, fostering business growth.
To read the full report and learn more about the top trends our survey identified for finance departments, download our free whitepaper, “2024 Retail Forecast.”