IGD: Retail media and increased efficiency will be important in 2024

By: Tisza Andrea Date: 2024. 03. 27. 08:52

This article sets out to summarise the retail trend predictions of IGD, which outlines five trends that are set to shape the retail market in 2024 and beyond.

This article is available for reading in Trade magazin 2024/4

According to Toby Pickard, retail futures senior partner of IGD, in most major markets the inflationary backdrop remains in the spotlight this year.

1. The efficiency imperativewith volume growth remaining difficult to generate and competition intensifying, attention is naturally turning to the cost line. Retailers globally are looking to low-tech and high-tech ways to reduce wage bills and drive improvements to enhance efficiency. Even marginal gains can add up to big savings.

2. Media mattersretailers are becoming more switched on to the fact that they are now among the largest media owners around, due to their store networks and digital assets. They are aggressively pursuing the creation of retail media ecosystems that enable suppliers to engage with shoppers before, during and after their in-store experience.

3. Unleashing the promise of technology: navigating the dynamic retail tech landscape, from AI to robotics, offers promise and challenges. Retailers chase efficiency, personalised experiences, and profitability but grapple with implementation challenges. A disparity is emerging between larger retailers with resources to invest and smaller players, posing a formidable competitive gap.

4. Health: strategies for a fitter future: new policy, legislation and “health by stealth” continue to be vital ways to improve the future prognosis. At the same time, there are many opportunities to align with consumer needs and positively champion different aspects of health. The reward is building loyalty and becoming a trusted supporter for people aspiring to make healthier choices in their daily lives.

5. Sustainability: time to deliver: with retailers working towards delivering 2025 sustainability commitments, 2024 will be key for being more transparent about what they are doing and why. Retailers will try to inform and educate shoppers to get them to purchase more sustainable products and services. They will do this through in-store and online messaging, using digital media and running campaigns, along with price, promotions and incentive tactics. //

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