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What the Australian retail industry should expect for 2023
WEBWith the COVID-19 pandemic, the past 36 months have been a difficult time for Australia’s retail industry, with businesses having to navigate a plethora of challenges, ranging from rising costs and supply chain disruptions to grave labour shortages.. Further adding to the pressure on retailers are rising customer expectations.
The trends that will define the retail industry in 2024
WEBHere are some trends that we anticipate will define the year ahead. AI adoption will increase. In 2023, artificial intelligence (AI) exploded into mainstream consciousness thanks to the prominence of ChatGPT. In 2024, that momentum will continue. In fact, by 2026, the global AI market in the retail industry is projected to grow by 70%.
Retail trends for 2024: It all starts with data - retailbiz
WEBDec 20, 2023 · Retail trends for 2024: It all starts with data. by Damien Mitchell December 18, 2023. . The retail world is changing at breakneck speed, thanks to digital capabilities, shifting consumer habits, and the rise of data collaboration and retail media networks. Here is what we can expect from retail in 2024.
Five trends that every retailer should be adopting in 2024
WEBNov 28, 2023 · Five key trends that retailers should adopt to stay ahead of the curve in 2024: Warehouse optimisation, digitalisation and automation: The integration of digital technology and automation (including robotics, AI and machine learning tools) with space-optimising vertical or cube storage systems, enables retailers to streamline their warehouse ...
Four ways AI will disrupt retail - retailbiz
WEBDec 4, 2023 · In Australia, AI is set to reshape the customer experience in retail with improved service and personalised recommendations. Supported by data from Servion, it’s projected that by 2025, AI will be a part of 95% of all retail experiences. Our recent report, Online Consumer Behaviour Global Report 2023, found …
How Australian consumers will shop in 2024 - retailbiz
WEBPhysical stores set for a rebound. Physical stores will become important hubs for convenience, community, and curated ease, with in-store sales set to account for between 62% and 78% of total sales by 2024, according to estimates from Forrester, Edge Retail Insights and Euromonitor. The success of physical stores will be shaped around the ...
Resilience in retail: How labour, skills, and technology can shape ...
WEBMar 19, 2024 · Just when the retail industry had turned a corner with the global pandemic and supply chain issues in the rearview mirror, it’s now confronted with a new set of hurdles.
Why Australian retailers need to prepare for the social commerce …
WEBThe direct-to-consumer approach of social commerce demands greater agility and flexibility in customer experience and service. Retailers must respond quickly to customer queries, comments, and problems related to orders, deliveries, and product returns. This must be managed seamlessly to provide a personalised experience to each customer ...
Staff and customer engagement – retail trends to watch in 2024
WEBMar 7, 2024 · Born between the turn of the millennium and the early 2010s, Gen Z is the demographic to watch this year. The youngest are tweens and the eldest are in their late 20s, and many of them are going to make up retail staff numbers and customers. Large retail enterprises have traditionally had trouble engaging with …