As consumer tech retailers enter 2024, they face myriad consumer demands. These expectations also present powerful growth opportunities.
GfK’s new Retail report examines the four areas of growth in which retailers are set to invest: formats, technology, operational excellence and purpose.
For the report, GfK surveyed nearly 800 retail executives in 76 countries. The findings demonstrate clear trends in the strategic plans of omnichannel, pure play online retailers, and offline stores.
Format
Within formats, 79% of retailers believe in omnichannel, meaning as seamless as possible a transition across multiple digital, social and in-person channels. There is also strong confidence in areas as diverse as retail media networks and shopping experience stores, the report reveals.
Technology
As part of the format evolution, technology will be a priority. At the top of retailers’ list is artificial intelligence, with actionable insights essential to holding the necessary stock and presenting it to the right customers. The report examines this and the other key technologies on the agenda.
Operational Excellence
The GfK State of Retail report also looks at major changes retailers are making to their operations and processes more broadly. Everything from flexible delivery and payments to better staffing is high on the list.
Purpose
And as consumers look to buy from businesses with a clear purpose, retailers are increasingly investing in selling premium sustainable products, cutting waste, and extending device lifespan. We examine the many significant changes being initiated.
From Europe to Asia-Pacific, and Latin America to the Middle East and Africa, retailers are investing in the future. This will enable them to counter tough economic conditions – and to differentiate with success. The GfK Retail report examines these critical shifts globally.
For retailers, taking the decision today to understand the four areas of change means they can invest wisely tomorrow. It is the only way to build a strong future.
