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Five Retail Predictions For 2024

New year will bring new opportunities to connect with consumers: Acosta Group

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Five Retail Predictions For 2024
London, United Kingdom – August 31 2020: A woman with a protective face mask and shopping bags walks past a large red Sale sign in H&M Oxford Street store window

Looking to win shopper loyalty, drive sales and achieve efficiencies in another year of anticipated marketplace disruption? Business intelligence firm Acosta Group has identified five trends it believes will help retailers achieve those goals.

Those trends are:

  1. Driving growth will take standout creative measures. For example, whether dollars-off purchases, cross-marketing partnerships, or other value-based offerings, 71 percent of top retailers say that they are increasing promotions in 2024.
  2. Seamless retail will redefine shopper delight. Retailers and brands are enabling seamless shopping in the moment – anywhere, anytime, for anything – and dialing in to reach consumers with innovative tactics and disruptive technology.
  3. Artificial Intelligence will propel retail efficiency and the shopper experience. Gen Z is the most comfortable with retailers using AI to improve their shopping experience via personalized rewards/recommendations.
  4. Shoppers will prioritize what’s NOT in their products. The acceleration of the clean label trend in U.S. food was sparked by the passing of The California Food Safety Act of 2023, which takes effect in January 2027. 
  5. Retailers will turn up the heat to attract diners. There will be competition for shopper share of stomach between retailers, c-stores, and restaurants in 2024, further blurring the lines between foodservice and retail as it also drives new opportunities for channel growth and meets changing shopper demands.

“While we expect 2024 to remain as complex as 2023, brands and retailers will have opportunities to better understand and meet the evolving demands of their customers, securing meaningful growth for their businesses,” said Colin Stewart, EVP, Business Intelligence, Acosta Group. “We formulate our predictions based on the insights of our retail experts and industry thought leaders, as well as proprietary Acosta Group studies conducted throughout the year with shoppers, brand owners, and retailers.”

Click here for more from the study.

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