GfK State of Retail: LatAm report reveals the major focus areas of LatAm consumer tech retailers amid tough conditions

As consumer tech retailers in Latin America (LatAm) enter 2024, they face myriad consumer demands and quickly emerging opportunities. 

GfK’s new State of Retail report: LatAm 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 globally. The LatAm findings demonstrate clear trends. 

Format

Within formats, increasingly seamless omnichannel is in focus. Here, marketplaces will be critical, alongside quickly growing social commerce to boost brand awareness and secure sales. In-person shopping is also key, with strong belief in experience stores and buy online, pick up in store. 

Technology

As part of the format evolution, technology will be critical. At the top of retailers’ list is artificial intelligence, with high expectations around improving demand forecasting. Investments in Blockchain will be key for retailers expanding their non-banking payment methods.

Operational Excellence

The GfK State of Retail report also looks at major changes retailers are making to their operations. There will be a clear emphasis on improving delivery, a challenge given lengthy transport times in many markets. Nearly nine in 10 will focus on improving product assortment.

Purpose

And as consumers look to buy from businesses with a clear purpose, retailers are increasingly investing in consumer education and sustainable products. Extending device lifespans will be critical too, enabled by better warranties and repair. 

Across LatAm, retailers are investing in the future. This will enable them to counter tough economic conditions – and to differentiate with success. The GfK State of Retail report examines their critical shifts for enduring growth.