The most popular blog topics in 2024 will be AI, loyalty, and in-store experiences
Retail CX executives were obviously keen on learning how to improve the in-store customer experience and develop a more enticing and lucrative loyalty program for customers, even if artificial intelligence (AI) remained the most popular issue in retail customer experience in 2024.
The top five submitted blogs on RetailCustomerExperience that attracted the most readers in 2024 are listed here.
No. 1: The positive, negative, and ugly effects of AI overload on the consumer experience
“The power lies in AI’s ability to analyze extensive data, allowing retailers to deliver tailored products based on individual preferences and interactions.” According to Tomer Azenkot, CEO of Vee 24, 92% of businesses are using AI-driven personalization for growth, and 62% of leaders report improved customer retention.
However, like any powerful tool, there is a fine line between being productive and counterproductive, and occasionally AI fails. According to Azenkot, AI can be a huge hit for the customer experience because it can handle multiple queries at once and provide real-time order updates, freeing up agents to handle more urgent service requests.
No. 2: Using technology and tangibles together to thrive in the 2024 in-store retail revolution
According to blog contributor Carl Rysdon, vice president, retail industry, for Ricoh USA, consumers have spoken, and physical stores are here to stay and continue to evolve in a time when digital and online platforms rule the market.
“As 2024 approaches, this revival could surprise some. Just ten or so years ago, it appeared like brick and mortar stores were closing one by one while e-commerce grew at an accelerated rate, indicating that the majority of shopping will likely take place online in the future. We all recall the demise of retail behemoths like Sears and the reduction of category leaders like Borders to a small number of locations nationwide,” Rysdon noted.
No. 3: How digitization and customization may increase client retention
According to Edward Drax, CEO of Yocuda, the current cost-of-living problem has made it difficult for shops to stay competitive since British consumers have reduced their budgets.
He noted that when consumers have less money to spend, their buying patterns are changing, which affects brand loyalty. These days, consumers place a higher value on deliberate purchases, which emphasizes how crucial it is for merchants to change and establish a closer bond with their clientele. Maintaining a devoted client base is more important than ever for large companies navigating these turbulent financial waters. Some businesses are learning this lesson the hard way as they struggle with dwindling relationships with loyal customers, which makes them open to competitors. Drax provides data-driven ideas and tactics in the blog to help retailers and businesses cultivate enduring customer loyalty in a constantly shifting market.
No. 4: Customer loyalty lessons for e-commerce in 2024
According to Terence Delahaye, co-founder and COO of Shipup, merchants are reflecting on how their greatest successes in 2023 will guide new strategies for delivering more remarkable experiences in 2024 to foster enduring loyalty and keep accelerating the rise of e-commerce as the year draws to a conclusion.
Customer loyalty is the most important factor when it comes to a brand’s survival. Even though gaining such trust is difficult, 2023 has shown that one bad encounter may quickly ruin all of that hard-won goodwill. He added, “Brands saw two of the biggest industry changemakers with social media and AI tech to overcome the fickle nature of consumer preference trends.”
No. 5: How merchants may use Gen AI to improve the purchasing experience for customers
Given a prediction that generative AI-related product and service revenue will soar from $40 billion in 2023 to $1.3 trillion in 2032, investment in gen AI is snowballing, according to Nikolas Spatz, head of the US retail and revenue management practice, and Tony Klimas, a partner and president of Horváth US.
“Billions are being invested in the technology by tech behemoths Adobe, Alphabet (Google), Amazon, Microsoft, and Salesforce. So are the top advertising firms in the world, including Intercom, WPP, and Publicis. For instance, WPP stated that it will spend $318 million a year on AI in order to improve customer service and control expenses, according to Klimas and Spatz.