Consumer behaviors will be shaped by continued uncertainty, heightened in an election year, and cultural trends spilling over into commerce (think Krispy Kreme and Ozempic). Retailers that lean into tech advancements and get back to basics will win.
In 2024, consumer behavior will be shaped by continued economic uncertainty. Meanwhile, retailers will have to contend with a variety of competitive forces that will impact how they run their business. Stores will have a reawakening; newer ecommerce players with ties to China will shake up shopping; the retail media network (RMN) long tail may fold; and AI will continue to push the hyperpersonalization envelope.
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Table of Contents
Retailers will take on Amazon by leveraging the in-store experience
China’s influence will shake up online shopping
TikTok Shop will give livestreaming commerce a glimmer of hope
In retail media, the long tail will need to forge partnerships to compete
GenAI moves from experimentation to implementation for hyperpersonalization
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Despite the Rise of Ecommerce, About 80% of US Retail Sales Still Come From Physical Stores (trillions of retail sales and non-ecommerce % of total, 2023-2027)
Despite the Rise of Ecommerce, About 80% of US Retail Sales Still Come From Physical Stores (trillions of retail sales and non-ecommerce % of total, 2023-2027)