Here are the recent happenings in the Retail and Consumer Tech world as of Oct 15, 2024:
A recent consumer study highlights the undeniable value of loyalty programs for retail brands, underscoring that “customers engaged through tailored loyalty programs spend up to 67% more than new shoppers.” In a stark contrast to loyalty benefits, Walgreens has announced the closure of several U.S. stores, citing shifting consumer patterns and economic pressures. This move aligns with a broader trend as the retail sector recalibrates its strategies in response to dynamic market conditions.
In the automotive sector, a Capgemini report reveals that enhancing customer experience presents a significant untapped opportunity to drive sales for auto brands and mobility providers, pointing out that “a superior digital experience can lead to a 10% increase in consumer spending.”
The video game industry continues to thrive, with Circana’s 2024 report stating that “71% of U.S. consumers engage in gaming,” marking a notable increase in gaming demographics and potential market opportunities for retailers.
On the technology front, c-store operators are increasingly championing tech solutions to enhance customer interactions and streamline operations, with an emphasis on integrating technology “at all levels of operation,” from inventory management to customer checkout.
As the holiday season approaches, Retail Dive’s latest analysis suggests that despite economic uncertainties, many consumers are expected to return to physical stores, seeking the tactile and social experiences that online shopping cannot offer. However, conflicting reports from various retail trade groups forecast a slower holiday sales season in the U.S., attributing potential declines to inflation and consumer spending fatigue.
Adidas, meanwhile, bucks the cautious trend by raising its 2024 guidance for the third time this year, reflecting confidence in its brand strategies and consumer loyalty.
In summary, while some sectors face headwinds, opportunities abound for brands that prioritize customer experience and adapt swiftly to changing consumer preferences.
Brought to you in collaboration by the teams at EVOA Digital, CPG Cloud Partners, and Red Stapler. This article was initiated using AI technology provided by Apple and OpenAI. Contact us to learn more!
