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The trends that will define the retail industry in 2024
AI adoption will increase. In 2023, artificial intelligence (AI) exploded into mainstream consciousness thanks to the prominence of ChatGPT. In 2024, that momentum will continue. In fact, by 2026, the global AI market in the retail industry is projected to grow by 70%. AI is still in the early stage of its evolution, and many retailers have yet ...
Five trends that every retailer should be adopting in 2024
Nov 28, 2023 · Five key trends that retailers should adopt to stay ahead of the curve in 2024: Warehouse optimisation, digitalisation and automation: The integration of digital technology and automation (including robotics, AI and machine learning tools) with space-optimising vertical or cube storage systems, enables retailers to streamline their warehouse ...
What should retailers understand about AI adoption? - retailbiz
Oct 15, 2024 · What should retailers understand about AI adoption? AI applications have the potential to forever change many aspects of retail, from supply chains to physical and digital store operations to marketing. This is why retailers are making significant investments in this technology. Research shows AI adoption in retail is expected to surpass 80% in ...
How retailers can capitalise on real-time data - retailbiz
10 hours ago · Here are just a few examples of how real-time data can be leveraged in retail to deliver tangible results: Connect Point of Sale (POS) systems to the cloud, enabling real-time data analytics and centralised data management to drive enhanced decision-making, improved customer experiences and increased operational efficiency.
Retail trends for 2024: It all starts with data - retailbiz
Dec 20, 2023 · Retail trends for 2024: It all starts with data. by Damien Mitchell December 18, 2023. . The retail world is changing at breakneck speed, thanks to digital capabilities, shifting consumer habits, and the rise of data collaboration and retail media networks. Here is what we can expect from retail in 2024.
What retailers should look out for in 2024 - retailbiz
It has been a challenging few years for retailers, especially as they are more likely than average to face risk, according to FIS’ Global Innovation Report.With 89% of retailers concerned about rising inflation, and 78% worried about supply chain disruption, industry norms have been flipped.
What the Australian retail industry should expect for 2023
With the COVID-19 pandemic, the past 36 months have been a difficult time for Australia’s retail industry, with businesses having to navigate a plethora of challenges, ranging from rising costs and supply chain disruptions to grave labour shortages.. Further adding to the pressure on retailers are rising customer expectations.
Brands must deploy data-insightful promotional strategies ahead …
9 hours ago · Brands must deploy data-insightful promotional strategies ahead of spending spree. Australian brands have embraced machine learning to supercharge their buying, pricing and marketing strategies ahead of the pre-Christmas spending surge. As the nation’s peak shopping months approach, converting consumer intent into action during this period ...
Advice for retailers ahead of the looming ban on surcharging
9 hours ago · Advice for retailers ahead of the looming ban on surcharging. by Ben Zyl October 22, 2024October 22, 2024. . Last week’s announcement by the Albanese government that it plans to ban debit card surcharging from 2026 is about to hit Australian merchants like a freight train, including most retailers. An end to surcharging would be a positive ...