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Retail predictions in 2024—do you have what it takes to face them?
  • By SellerBites
  • December 22, 2023
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Retail predictions in 2024—do you have what it takes to face them?

ECOMMERCE NEWS

With the constant changes in consumer habits and market trends, we can only guess what’s in store for the retail industry in 2024. Fortunately, Internet Retailing shared valuable insights into what we can expect based on this year’s milestones.

🔮 Here are 3 predictions as to how the retail and fulfillment scene will look like next year:

1. Digital domination

The role of technology in changing the ecommerce landscape is undeniable. As such, digital changes could pose threats to those who’ll stick to traditional means.

Moreover,

  • Social commerce will continue to boom. As consumers can now come from multiple channels and platforms, brands should have a clear message across them to inspire engagement and purchases.
  • Personalized shopping will be a hot trend. Research shows that 77% of consumers choose brands that provide personalized experiences.
  • Immersive marketing will be the ultimate customer magnet. Of course, AI and predictive analytics will be the main tools to predict the trends this strategy should adopt.

2. Value-focused shopping

Despite easing inflation, the increasing cost of living and debts still make for uncertain spending. Consumers will likely go for products that give fair value for their money. ⚖️

3. Rise of recommerce

As customers shift to sustainable shopping habits, recommerce will be on a course of an epic comeback. Not only will this promote sustainability, but it’ll also minimize losses from returns—which has been an annual billion-dollar problem.

So, what do you think of these retail prophecies? Is your business ready to take on the new challenges they may bring? Do share your thoughts by replying to this email! 📨

BITES OF THE WEEK

SOCIAL PULSE

How to win Gen Z and millennial shoppers in 2024

Winning customers, especially Gen Zs and millennials, is no easy feat. Aside from having a shorter attention span, they demand convenience—something most small businesses can’t afford to provide due to budget constraints.

📌 But don’t fret because there are other ways to convert these young shoppers, as shared by America’s Small Business Network:

  • Build an online platform.
  • Have a Buy Online, Pickup In-Store (BOPIS) option.
    • Why: 73% of Gen Zs and 83% of millennials want the curbside option; only 34% of businesses offer this.
    • How: Make sure your physical location can sustain this service. And don’t forget to optimize your inventory system.
  • Offer contactless payments.
    • Why: 85% of Gen Zs and 82% of millennials prefer stores with this payment mode; 27% of small businesses don’t accept digital wallet payments.
    • How: Redesign your payment system to allow multiple mobile payment options.

Bonus trick: Tell your brand story

The story behind a business attracts 65% of customers. In short, a brand’s transparency of how it came to be is key to convincing shoppers to buy and become loyal customers. So, utilize those spaces on your website and/or social media channels to show them what you can offer. ✨

TACTIC TALKS

3 secrets of successful advertising

Looking to increase your ad’s audience pull? Practical Ecommerce suggests focusing on 3 factors to convey a powerful message that’ll resonate with customers for a long time:

🎭 Emotions

Aside from a brand’s reputation and item price, emotions are a main driver of buying behavior. Your ads’ aesthetics should integrate the feelings you want to stir among your customers.

How to leverage this: Use a specific emotion or appeal as the central theme of your ads (“homey,” “classy,” “trendy,” etc.).

⏱️ Future pacing 

This strategy involves “painting a picture” of the perks customers can get after they buy your product. It can be a persuasive marketing tool, as proven by Nike’s “Find Your Greatness” campaign that earned the company 57,000 new social media followers!

How to leverage this: Use your target customers’ buying motives as the foundation of your campaign.

💯 Authenticity

Buyers want proof that your brand can deliver on your promises. And what better evidence than ads that feature statistics and real customer feedback?

How to leverage this: Add relatable content to your ads and reel audiences in with photos of your item or previous buyers’ reviews.

And don’t forget to vary the content of your campaigns to find the best mix of creative and textual elements. Once you nail the tone and style, you’re one step ahead toward successful advertising!

Author : SellerBites
Faith began working on SellerBites in 2021, a weekly newsletter that provides sellers with the latest news and updates in FBA. With first-hand experience in managing various seller and vendor accounts, she understands what sellers face on this platform. Her background led to the conception of SellerBites, which main goal is to help people become better, more informed entrepreneurs in the Amazon marketplace.
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