Retailers will need to enhance several elements of their business to further engage with shoppers, according to a new report from Acosta Group. The report outlines five key elements that retailers will need to address for success in 2024:
- Driving Growth Will Take Standout Creative Measures: Acosta Group recommends creating bold, creative promotions that provide enriched value without eroding margins for retailers, brands, or shoppers. They also recommend deploying/relying on revenue growth management (RGM) programs and conducting post-promotion analytics.
- Seamless Retail Redefines Shopper Delight: Retailers should integrate trade, marketing, and retail media spend to maximize budget, grow sales, and improve margin. They should also strengthen product detail pages (PDPs), understand ratings and reviews, and focus on share of shelf and assortment optimization.
- AI Propels Retail Efficiency And Shopper Experience: Retailers should invest in AI to drive efficiencies that improve productivity while benefiting shoppers with a more personalized experience. The strategic use of AI helps retailers operate smarter and faster.
- Shoppers Prioritize What’s Not In Their Products: Retailers and product suppliers should understand analytics segmenting key label attributes, actively communicate what’s not in the product, and use promotion and digital/social media to educate shoppers and demonstrate value.
- Retailers Turn Up The Heat To Attract Diners: Retailers should work to replicate the restaurant experience with food halls and local restaurant partnerships. Convenience stores should respond to requests for hot foods and new, globally inspired flavors for breakfast.