Ever-evolving consumer behaviors. Wavering economic confidence. Political volatility and global uncertainty. These are just three of the many dynamics shaping commerce in 2024.
To understand how these and
other factors will influence holiday
results, Retail TouchPoints
reached out to 12 industry
experts to share their research,
opinions and predictions.
Click through to hear their insights.
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The big theme this year is that shoppers are buying less and saving more. Value is the name of the game, and one of the biggest ways consumers are stretching their shopping dollars is to look overseas, so it’s no surprise that Chinese shopping apps are taking over; two-thirds of Western shoppers have already bought from apps like Temu and Shein, and this year they’re set to capture $160 billion in global market share.
Insights from Caila Schwartz, Director of Consumer Insights and Strategy, Salesforce
Value-Seeking Shoppers will Boost Chinese Shopping Apps
View Holiday Predictions
View the Holiday Planning Guide
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Driving Loyalty Amid a Hectic Holiday
Insights from Bobby Stephens, Principal, Deloitte Digital
The economy is sending us mixed signals, which is leading 70% of consumers to still feel concerned about inflation. Brands and retailers can tackle this hesitancy, and stand out against the competition, by investing in:
Digital-led omnichannel experiences;
Exclusive events and experiences that inspire connection; and
Flashy and attention-grabbing tech tests and campaigns.
The driver of all these strategies is a deep customer understanding and a powerful personalization strategy, which should serve as the foundation of all holiday activities.
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Putting Value Front and Center
Insights from David MacDonald, Head of Retail & Commerce Experience Practice, Razorfish
Value means a lot more to consumers than “low price.” Brands need to level up their messaging and marketing strategies (especially on social media) to emphasize value propositions that not only align with customer needs but help them stand out from the crowd.
Zero in on key differentiators such as:
Customer service;
Seamless access to product information; and
An immersive in-store experience.
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Three Dynamics Shaping Supply Chain
Insights from Inna Kuznetsova, CEO, ToolsGroup
The political environment and other global dynamics play a central role in retail, especially shipping and logistics. Artificial intelligence is creating new opportunities for brands and retailers to plan better, especially their supply chain and assortment. The resale market is growing due to shifting consumer behaviors and preferences, unlocking new revenue streams for brands.
Learn how you can turn these realities into tangible actions in Q4.
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The Holiday Feast Gets Personal
Insights from Katherine Black, Partner, Kearney
Say goodbye to turkey dinners! Well, sort of. With only 14% of Americans enjoying most “traditional” holiday fare, consumers are expanding their culinary endeavors.
The opportunity for grocers and specialty food brands is clear: double down on personalization and analyze how consumers have shopped during prior holiday periods. Using these insights, brands and retailers can level up retail media tactics, promote the right brands and truly empower your customers to create a joyful feast for their friends and loved ones through digital marketing channels.
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Fandom Leads to Holiday Fanfare
Insights from Lindsay Kunkle, Director – Head of U.S. Consultancy, Foresight Factory
Fandom is no longer a niche part of culture; it’s a real business opportunity, driving consumer spending across channels. Nearly all consumers are a fan of something, so brands and retailers need to encourage them to become fans of their brand this holiday season and beyond.
How can you do that? By promoting products and gift ideas that speak to super fans and by using timely trends, new film releases and other cultural moments to drive marketing decisions.
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The Tide Will Not Raise All Boats
Insights from Matt Katz, Managing Partner – Head of Retail Practice, SSA & Company
In today’s environment, performance wins over perception. Although there are various factors impacting the broader retail industry, including wavering consumer sentiment as well as political forces, retailers need to focus on bolstering their own internal capabilities to drive operational performance.
Success hinges on proactive adaptation and taking a consumer-centric approach. Focus on what your brand and business can exploit the most to drive demand and operational excellence.
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Embracing the (Digital) Holiday Destination
Insights from Melissa Minkow, Director – Retail Strategy, CI&T
Digital storefronts are nothing new, but this year we’ll see a whole new level of creativity and efficiency in the design and experience of these spaces. Brands can design these storefronts to not just spread the holiday cheer but also to engage (and drive exclusivity) among highly loyal fans.
Brands can further level up their holiday strategies by embracing generative AI, which offers incredible opportunities for more personalized marketing, improved search results, robust tools to help customers find the best deals and even one-to-one product customization. But be mindful of the timing and execution of these efforts!
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‘Tis the Season for Social Shopping
Insights from Rick Watson, Founder & CEO, RMW Commerce
There were a lot of debates about whether social shopping would truly be embraced in the U.S., but the data shows this trend has come to pass. In fact, product searches on Amazon have declined while traffic on social platforms, especially TikTok, has increased.
How will this trend shape holiday shopping, especially as consumers try to stretch their dollars? Get creative with the content you create on social. Find ways to inspire and empower consumers to stretch their dollars and find creative ways to bundle products.
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Balancing Social Media Fundamentals and Innovation
Insights from Stephanie Harlow, Senior Trends Analyst, GWI
Since early 2021, Gen Z is more likely to say they’re mainly researching products on social media — not search engines. These consumers also are increasingly buying from new brands after they discover them on social platforms.
This holiday season, brands and retailers can capitalize on social platforms’ reach and cultural power; they’ll just need to select the right destination for their goals and target audience. To stand out on these platforms, merchants will need to balance tried-and-true content marketing tactics and more cutting-edge creative approaches, powered by timely trends and even AI platforms.
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In-Store Tech Becomes a Priority
Insights from Steve Rowen, Managing Partner, RSR Research
Only 25% of consumers say retail stores are still enjoyable to visit. Their biggest issue? Finding a reliable store associate to help them.
Retailers need to tackle the new realities of the workforce and invest in in-store fulfillment solutions and mobile technology to empower employees effectively. These implementations will have a long-term effect, especially as it relates to associate acquisition and retention.
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An Eye Toward Luxury
Insights from Brian Ehrig, Partner, Kearney
Although there is an air of pessimism in the luxury market, there will be a turnaround leading into the holiday season. Consumers’ economic sentiment will likely stabilize and/or improve with the U.S. election behind us.
To move products effectively, luxury brands and retailers will need to reduce prices intelligently and also zero in on their core customers. In luxury, the top 2% to 4% of spenders account for up to 60% of sales. Brands need to double down on those folks to win this holiday season.
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About
Grow revenue and relationships with the #1 AI CRM. Acquire profitable customers faster with unified, real-time data. Scale personalization and growth with the #1 AI CRM, built for retail. Boost loyalty with connected experiences across marketing, commerce, and service delivered through the Einstein 1 Platform.
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Retail TouchPoints and Design:Retail give all members of the retail world access to a vibrant community that combines insights, inspiration and opportunities to interact with their peers. We sit at the intersection of the art and science of retail strategy, providing granular data, high-value commentary, and aspirational success stories to help readers optimize customer experiences across all channels. Touching all facets of the retail ecosystem, including store experience and design, workforce management, digital marketing and engagement, and omnichannel optimization, our editorial content, multi-media resources and events take timely news and trends and transform them into tactical takeaways that meet the unique needs and priorities of our executive readers.
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