The world's leading retail event has begun and focused on consumer experiences. During NRF 2024, which began last Sunday (14), experts highlighted several points that will impact the sector this year, such as retail media, new technologies and ESG. Michelle Evans, Global Retail and Digital Consumer Insights Leader at Euromonitor, presented some trends, mainly focused on online consumer behavior.
She stressed that online shoppers continue to mature and are more cautious and aware. Michelle also pointed out that consumers want more power in their relationships with brands and when making purchases.
Check out 5 trends she pointed out.
1. Intuitive e-commerce
Online shoppers expect more from their e-commerce finland whatsapp data experience, and emerging technologies like artificial intelligence are making this possible. Evolving data collection strategies and emerging technologies are making shopping experiences more intuitive, so businesses need to focus on delivering personalized shopping experiences that are tailored to people.
2. TikToker Economy
ByteDance is known for inspiring viral videos by suggesting trends, but more content is being created by users without input from the brand. TikTok owner ByteDance knows that its platform inspires organic campaigns that appeal to younger consumers.
With this, it has become a retailer and allowed purchases within the tool. This means going far beyond a social media platform to also sell items – whether from brands or from content creators themselves.
Michelle recommends that brands leverage the power of viral video trends to influence sales, as well as leverage TikTok's influence to act strategically using demographic data offered by the app.
3. Smarter Consumer
Consumers are turning to online platforms to save money, using ways that may or may not be supported by brands, such as exchange groups, reselling or points sharing.
Michelle says that there is economic anxiety that is impacting consumer behavior. Among the points she raised is a mindset that prioritizes cell phones when making purchases and that uses mobile devices over the internet as their main shopping channel. This means that consumers are online more, want to buy, but know that their financial situation does not allow them to do so in the traditional way.
The executive recommends that companies partner with budgeting apps and websites to attract budget-conscious shoppers.
4. Recommerce 2.0
Yes, consumers are more concerned about financial issues, which is leading to an evolution in resale. They are also more digital and aware of sustainability issues. This leads to a common factor: younger generations are being led to resale as a value for savings and sustainability.
According to Euromonitor, 41% of retail professionals said their company plans to invest in sustainability and related initiatives in the next five years. Michelle recommends that brands consider entering or expanding into re-commerce by 2024. She points out that it is necessary to innovate with new resources to simplify the re-sale process for consumers. This includes actively communicating re-sale initiatives in sustainability messages.