The article also highlights the trend towards hybrid customer experiences, where customers combine online shopping with in-store pick up or returns, creating a 'clicks-to-bricks' shopping culture. While this can be more profitable for retailers, it needs to be a seamless experience to work for consumers. The article concludes by noting that while the cost of implementing new technologies can be a barrier, a customer-first approach to the retail experience can pay dividends.
Key takeaways:
- One of the major issues for retailers in 2023 was 'shrink', a decrease in retailer inventory for reasons other than sales. Retailers are expected to take preventative measures to counter shrink in 2024, with technology like RFID product tagging playing a significant role.
- While AI has been touted as a solution for many retail problems, it currently lacks the critical thinking and empathy of a human customer service representative. However, AI chatbots and voice bots can be used for repetitive tasks, freeing up human customer service teams for more complex issues.
- Online shopping has not replaced in-store shopping as once predicted, but rather has made brick-and-mortar stores a central piece in the omnichannel shopping puzzle. Many customers prefer a hybrid shopping experience, such as buying online and picking up or returning in store.
- While the cost of implementing new technologies like RFID and AI can be a barrier, a customer-first approach to the retail experience can pay dividends in the long run.