How retailers need to think to get ahead               

 According to a recent study, these three things need to be on the retailers radar in 2024:

  1. Continuous commerce: This is about seamless interactions across a customer’s journey – whether in-store or online. Brands need to explore sophisticated targeting capabilities based on historical and predictive purchase behaviours across different mediums. The bottom line: It’s all about reaching the customer in the right context and in a “need state” (need to buy – now!).
  2. Blended shopping: Online’s role along the path to purchase in the store is something every marketeer needs to master. Whether customers are researching for price comparison, checking availability, or looking for inspiration, an always-on, online presence is crucial to the success of a blended (a mix between online and in-store) shopping marketing strategy.
  3. Results beyond return-on-ad-spend (ROAS): Sure, sales conversion is an essential metric, but suggesting that the end purchase is the only thing that matters is to downplay the vital work that goes on across the rest of the marketing funnel. There’s much more to convincing someone to buy than just giving them the final nudge. Focus on a wider set of metrics – like customer lifetime value and salience – to help tell a cohesive story around brand and business outcomes.

Retail markets take note – your jobs are not easy.