Here are the recent happenings in the Retail and Consumer Tech world as of Jan 1, 2025:
Retail Media Networks Expand
Retailers are increasingly investing in retail media networks to boost revenue and enhance customer engagement. Albertsons, for instance, has partnered with Criteo to expand in-store retail media offerings, introducing new ad formats like sponsored video and commerce displays.
Geolocation Enhances Customer Experience
Geolocation technology is transforming the customer journey by bridging the gap between physical and digital shopping experiences. Nick Patrick, CEO of Radar, notes that geolocation brings the convenience of digital shopping to physical stores through personalized and timely marketing and mapping, increasing operational efficiencies and decreasing fraud.
Advancements in AI Hardware
Nvidia’s latest AI graphics processors, Blackwell, mark a new era in the chip series, the GB200, and is anticipated to be available later this year. These advanced server GPUs are pivotal for developing and applying large-scale AI models, attracting substantial investments from tech giants such as Microsoft and Meta.
Loyalty Marketing Insights
The Wise Marketer has highlighted the most popular webinars from the past year, focusing on the impact of artificial intelligence on customer loyalty and how brands are creating marketing efficiency through digital strategies. These discussions provide valuable insights into the future of customer loyalty and the sources of innovation fueling important trends in digital customer marketing.
Retailers Tackle Rising Return Rates
Retailers are facing a significant problem with merchandise returns, fueled by record online shopping. The National Retail Federation reports that returns accounted for $743 billion of the $5.13 trillion of sales in 2023, a significant increase from previous years. To manage these costs, some retailers have introduced return fees, reduced refund windows, or advised customers to keep or donate items.
Big Lots’ Store Sales Amid Bankruptcy
Big Lots, facing bankruptcy, received approval from a U.S. Bankruptcy Judge for a last-minute sale that would maintain operations for 200 to 400 stores under new ownership by Variety Wholesalers. The approval came after a previous sale agreement fell through, leading Big Lots to start liquidation sales. The new deal aims to save 5,000 to 10,000 jobs, though it will not generate enough funds to repay all vendors, provoking some objections.
Augmented Reality in Retail
Augmented reality (AR) is enhancing employee efficiency and prioritizing consumer experience in the retail sector. Companies like Augmodo are implementing SmartBadges equipped with cameras for employees, enabling real-time data capture on shelf conditions and inventory. This technology reduces tedious tasks for associates, allowing them to focus more on customer service.
Value-Seeking Consumers Influence Retail Trends
In 2024, value-seeking consumers in the U.S. influenced notable trends and downturns in retail and dining sectors. Shoppers gravitated toward discount stores like Walmart and Aldi for groceries, while opting for fast food or cooking at home rather than dining out. This consumer behavior shift resulted in increased bankruptcies among retail and restaurant chains.
Brought to you by the teams at EVOA Digital, CPG Cloud Partners, and Red Stapler. This article was initiated using AI technology provided by Apple and OpenAI.
