Four ways to adapt to a highly competitive 2024 retail landscape

They need to boost in-store experiences and implement customer-centric features, amongst others.

Modern-day consumers have become increasingly budget-conscious from an uncertain global economic climate, a trend expected to remain unchanged in 2024.

In a report, Roland Berger said over a third of consumers expect their spending to moderately increase.

ALSO READ: What luxury retailers should focus on to attract consumers

To improve consumer appeal and confidence, the right approach will differ depending on geographical location, target audience, channel format and others.

However, businesses can boost their position in the retail landscape through four crucial steps:

1. Enhance operating model and value proposition: A robust operating model can identify and execute a business’ efficiencies, pricing strategies and high-quality products.
2. Increase in-store experiences: Customers have been more demanding with their purchases, particularly seeking beyond what brands typically offer. This makes in-store experiences, like regular promotions and membership benefits, appealing to customers.
3. Establish customer-centric technologies: Customer-centred features, such as loyalty programmes and in-store promos, can draw consistency in store visitations and frequency. Data from customers can be utilised to formulate effective marketing strategies and gain insights into customer behaviour.
4. Promote luxury brand strategies: Whilst they are considered niche, luxury items remain appealing for their quality and brand reputation. Thus, companies can take advantage of stronger branding and multi-brand strategies to continue the appeal of the luxury market Additionally, social media, online traffic and accumulated data are valuable for retailers with their dominance in purchasing decisions and brand awareness for consumers.