Agility, customer focus keys to 2024 success in retail

Retailers have benefited from a resilient consumer but need to be agile in 2024 to anticipate and respond to the dynamic retail environment. A widely anticipated recession resulting from the rate hikes aimed at controlling inflation never materialized, as consumer confidence rose throughout 2023. Though the trend toward e-commerce purchasing that accelerated so rapidly during the pandemic still increased, the popularity and importance of brick-and-mortar locations persisted and remained the preferred channel of purchasing.

In this podcast, National Managing Partner, Retail & Consumer Brands, Kevin Kelly, provides insight on a few industry trends and what they mean for retailers looking to plan for the year ahead.

Based on what he’s seen among companies and discussed with peers, Kelly breaks down a number of themes that should focus retailer decision-making in the coming year, including:

• Using consumer interests to drive strategy and product decisions
• The ability of product curation to retain consumer engagement
• Responding with agility when consumer confidence shows signs of flagging
• Ensuring seamless omnichannel opportunities while prioritizing in-store experiences
• Taking a fresh look at loyalty programs, even if they’re working
• Properly assessing data to better respond to customer preferences