In the retail landscape of 2024, the integration and constant improvement of retail technology is required for business success. As per PwC’s findings, nearly 40% of global CEOs have expressed concerns about the economic viability of their businesses without making any changes to their current course. Nowadays, the retail industry is constantly going through changes brought with the wind of digital transformation. Those changes are requirements for industry survival. To find out more about this year retail trends read our recent article https://rebrand.ly/qvn1eq5

1. BY YULIIA NYKYTCHENKO
TOP 5 TECH TRENDS
REVOLUTIONIZING
RETAIL IN 2024

2. INTRODUCTION
Nearly 40% of global CEOs have expressed concerns about the
economic viability of their businesses without making any changes to
their current course
Global retail sales are likely to approach $30 trillion by 2024

3. HISTORY OF RETAIL

4. ARTIFICIAL INTELLIGENCE
AND MACHINE LEARNING
AI and ML for sure are at the forefront of retail innovation
trends. They have become a part of every step of retail
processes, from managing operations to interactions with
customers. What can be better than a personalized
shopping experience? Customers are more likely to be
pleased with personal offers based on their previous
experience, needs and wants. All that is possible because AI
can help to analyse large amounts of data collected from
customers and predict their purchasing habits along with
their preferences. In addition, using AI-powered chatbots
can also provide 24/7 customer support which is significant
for maintaining customer loyalty and improving the
engagement experience. One example of chatbot magic is
the implementation of a Facebook Messenger by Tommy
Hilfiger. With that move the company managed to achieve
an 87% return rate for users.

5. AUGMENTED REALITY
From the moment online shopping was created it kept
facing one major problem - there is no way to try or fit
products. We now have a solution - AR in retail software
comes in handy! Now customers are able to try products
virtually before purchasing them, and that skyrocketed
customer satisfaction. One of the most popular fashion
retailers, River Island, showed us the way to combine
physical shopping experience with AR. The store employed
RFID tags and now provides detailed product information for
its customers right in fitting rooms via smart screens​
. This
mixed-style shopping experience is one of the many steps
into the retail industry transformation future.

6. OMNICHANNEL STRATEGIES
One of the major retail innovation trends is the shift towards
omnichannel commerce. Seeking comfort is in human
nature, so no wonder retailers should adjust their technology
to provide a smooth combination of all platforms used to
maximise customer satisfaction. Order online pick up in the
store tendency shows the importance of integrating online
and offline channels. We see that 17% of retailers are now
focusing on omnichannel strategies to meet consumer
demand for a comfortable and smooth shopping journey

7. MOBILE COMMERCE AND
PAYMENT SOLUTIONS
Over 10% of all retail transactions in the U.S. are expected to
occur via mobile devices by 2025​
. What does it mean?
Retailers should follow their customers preferences and
make their businesses mobile friendly. In today’s world
mobile devices are basically extensions of our hands. With
their help we read news, learn from audiobooks and
podcasts, interact with other people and of course do
shopping. You can’t expect to move with the industry flow
without implementing more and more mobile retail software
solutions.

8. DATA ANALYTICS
The retail industry is highly competitive thus you need to be
able to react fast but make important decisions wisely at the
same time. To be able to do that you need data, lots of data.
Retailers are able to collect data from customers about their
preferences, behavior, financial abilities and much more. But
to have data is one thing and to be able to use it right is
another. Consumer data is constantly changing so you must
be able to collect the most recent data fast, analyze a huge
amount of it in one click and make predictions. Counting all
of the above, it is a good idea to invest in cloud data
solutions and e-commerce data software in 2024.

9. THANK YOU
F O R Y O U R A T T E N T I O N