Thursday Bytes | Seven Retail Tech Predictions for 2024

Seven Retail Tech Predictions for 2024

1️⃣ AI is making faster and more precise decision-making a reality
An IHL study suggests that retailers that have already embraced AI and ML technologies are experiencing noteworthy success, achieving 2.3 times growth in sales and 2.5 times growth in profits for the year 2023.
Retailers need to be transparent about using AI and safeguarding customer information to prevent unlawful discrimination.

2️⃣ Deepfakes could mean deep trouble for retailers and brands
Remember the image of the pope in the puffer coat? Or the picture of former President Donald Trump that appeared in police custody? All are examples of deepfakes.
AI-based deepfake videos and voice dupes have become alarmingly simple to produce and thus have the potential to unravel decades of brand reputational excellence overnight.

3️⃣ Customer interaction in physical stores is as imperative as the transaction
Retailers keep raising the bar on experiential shopping. Zara's Store Mode app feature digitally tweaks the shopper's experience to display only products and sizes immediately available at the local store.
It's safe to say that retailers are blurring physical and digital to up the ante on shopping experiences.

4️⃣ Generation Alpha (born between 2010 and 2024) is taking hold of the retail reins
Gen A leans hard into experiences and frequently shops where they can be hands-on with a new gadget. But they’re less inclined to physical ownership; downloading something digitally meshes with both their digital proficiency and proclivity for a more sustainable culture.

5️⃣ Retailers embracing circularity will evolve better in 2024
The circular retail model keeps products in use as long as possible till they are ultimately recycled when they are no longer useful.
Retailers like Amazon and Best Buy sell used tablets and cellphones, Anthropology sells gently worn fashion items, and IKEA promotes previously used furniture.

6️⃣ Delivering hyper-personalization while respecting customer privacy will be challenging
Businesses can now only deliver hyper-personalized experiences to users who voluntarily share some personal information. These types of experiences can go a long way toward increasing loyalty.

7️⃣ The conversation around augmented reality is poised to reach a fever pitch
With Apple’s Vision Pro, AR experiences will gain new relevance and renewed traction, and — as more companies follow suit — more shoppers will look to try and adopt the technology.
Meta recently debuted first-generation Ray-Ban smart glasses that can snap photos or videos at the moment and interpret images with Gen AI.

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