What retail trends will dominate 2024? – eMarketer

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The overview: Consumer behavior will be shaped by continued economic uncertainty this year. Meanwhile, retailers will have to contend with a variety of competitive forces impacting how they run their businesses. Here are four storylines that we’ll be talking about this year.
Retail will experience an in-store renaissance: Most retailers can’t compete with Amazon’s increasingly fast shipping speeds or scale a membership program to the levels of Amazon Prime. Instead, they will shift focus to what Amazon can’t offer: multichannel convenience and making shopping fun. Some of the tactics they’ll use are:
China’s influence will shake up online shopping: Temu, TikTok Shop, and Shein have captured a critical mass of consumer attention. Using innovative shopping experiences that are app-based, entertaining, and highly deal-driven, these ecommerce players with Chinese roots are gaining ground on legacy retailers.
TikTok Shop will give livestreaming commerce a glimmer of hope: While US consumers haven’t been sold on livestream shopping, TikTok has been aggressively pushing TikTok Shop videos into users’ For You pages, with shopping livestreams also thrown into the mix.
GenAI will move from experimentation to implementation for hyperpersonalization: The adoption of genAI has been faster than any other transformative technology. Our forecast expects nearly 78 million people in the US will have used genAI at least once a month in 2023. And according to research from the Future of Commerce, nine in 10 ecommerce professionals have used the technology for work-related tasks.
Go further: Dive deeper into our predictions for this year in our report Retail Trends to Watch for 2024.
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