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Retailers need to enhance several elements of their business to further engage shoppers.
To attract shoppers to their stores and websites in 2024, retailers will need to step up their marketing creativity, expand their use of AI, and meet growing consumer demand for healthier products. there is.
These are just some of the themes retailers need to address over the next 12 months, according to a new report from Acosta Group.
“While we expect 2024 to remain as complex as 2023, brands and retailers will gain a deeper understanding of their customers’ evolving demands,” said Colin Stewart, executive vice president of business intelligence. We will have the opportunity to respond and ensure meaningful growth for our business.” acosta group.
As the new year begins, it includes five key topics that Acosta Group has identified that retailers will need to manage in 2024.
Take distinctive creative measures to drive growth
Strong promotions will be key this year as we continue to spend cautiously, change channels, buy private labels and communicate value messages. When developing a promotional strategy, Acosta Group recommends creating promotions that don’t hurt the bottom line for retailers, brands, and shoppers. The need to develop/evolve a Revenue Growth Management (RGM) program.Practice disciplined post-promotion analysis
“Consumers will respond to bold, creative promotions that offer rich value,” said Kathy Risch, senior vice president of thought leadership and shopper insights at Acosta Group. . “Smart retailers, brands, delivery services and restaurants are actively working to create promotions that resonate.”
Seamless retail redefines shopper delight
Retailers and brands are now enabling seamless shopping, and meeting shopper demands will require dialing in innovative tactics and disruptive technology to reach consumers. Acosta Group helps retailers integrate trade, marketing and retail media spend to maximize budgets, increase sales and improve profit margins by targeting specific shoppers both in-store and online. We recommend that you do so. Retailers should also enhance searchable words, hero images, infographics, and videos on product detail pages (PDPs). Understand ratings and reviews. and continuously monitor the results. Finally, retailers must place greater emphasis on shelf share and assortment optimization to meet shopper demand and keep shelves stocked.
AI drives retail efficiency and shopper experience
The most successful applications of AI increase efficiency and improve productivity by providing shoppers with a more customized and enhanced shopping experience. Gen Z is most comfortable with retailers using their AI to improve their shopping experience through personalized rewards/recommendations. According to Grocery Doppio, increased investment in AI is expected to increase his value by $113 billion by 2025.
“Strategic use of AI enables retail businesses to operate smarter and faster,” said Stewart.
The study found that three-quarters of retail executives surveyed believe their businesses could go out of business if they don’t implement AI in the next five years. grocery store doppio.
Shoppers prioritize what is not included in the product
More and more consumers material to their food. FMCG Gurus reports that 41% of consumers have heard of clean label and 78% find it appealing when presented with a definition. In the year ahead, it will be important for retailers and product suppliers to better understand analytics that segment key label attributes, proactively communicate what is not in a product, and improve promotions and digital/social You need to use media to educate shoppers and demonstrate value.
Retailers turn up the heat to attract customers
The level of competition between retailers, mass merchandisers, and restaurants may become more intense than ever before, and the lines between food service and retail may become even more blurred. Over the next year, Acosta said retailers should try to recreate the restaurant experience through partnerships with food halls and local restaurants. Convenience stores need to respond to the demand for hot breakfast foods and new globally inspired flavors.
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