Market Research
2024 Connected Retail Experience Study: Focusing on Omnichannel Efficiency
Q1, 2024
In the rapidly evolving retail sector, businesses are facing multifaceted challenges including loss prevention, labor management, and the seamless integration of technologies like AI and automation. These issues are pivotal in shaping customer experiences and operational effectiveness.
This report explores the growing importance of omnichannel efficiency in the retail industry. It highlights the struggle to align technology with the needs of a multi-generational workforce and positions automation as an operational necessity. The report also reveals a trend towards pragmatic innovation, with retailers increasingly aligning their strategies with technological advancements to meet the evolving demands of the digital landscape. Lastly, the report covers the importance of ramping up store technology to meet the increasing demands on network bandwidth.
FOUR KEY B2C COMMERCE IMPERATIVES
Incisiv
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As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.
