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"2024 State of the Retail Consumer"

Consumers speak and retailers listen: It’s how it has always been. Outside influences, innovations and shifts in attitudes result in new behaviors, preferences and novel trends. 2023 breathed new life into the economy and consumer spending and sentiment went up. Omnichannel commerce solidified its position as the go-to retail approach. Now as we enter 2024, retailers must look at how the economy, consumer finances and feelings will shape behaviors, trends and strategies for the coming year.

In 2023, retail underwent a transformative shift driven by an increase in consumer sentiment and a surge in spending. The industry experienced record-breaking numbers during events like Black Friday and Cyber Monday and brands showed resilience and adaptability as consumer preferences evolved. Now, as retailers face the upcoming year, they must look at the economic outlook, consumer finances, technological advancements and growing trends to understand how it will shape the retail industry in 2024.

The outlook predicts growing trends in artificial intelligence (AI), hyper-personalization, circularity and the customer journey and experience. Order fulfillment has become a critical element for customer success, delivering on brand promises while exceeding customer expectations, reducing cost and maximizing brand profitability. Brands that monitor and analyze how to leverage these trends can better adapt their strategies and position themselves effectively to gain a competitive edge.

Retailers must also use an omnichannel approach, and learn how to provide seamless integration across channels, allowing customers to have a unified experience whether they shop online, in-store or via mobile devices. To effectively reach target audiences, brands need to know the top platforms and selling channels for their products and use the right content to engage their customers. By understanding the current state of the retail consumer and their mindset, spending habits, behaviors and desires – retailers can develop powerful strategies and best practices to reach, engage and retain customers.

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