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2024 – predictably unpredictable
The last 12 months have been nothing if not turbulent and the big issues for retail are ever-present, but there are glimmers of hope and indicators of change offering light in the dark.
The last 12 months have been nothing if not turbulent, albeit in a way that most of us saw coming - all the familiar disruptive elements are there (global conflict, political upheaval and climate change to name just three), but they’re moving up and down the spectrum of seriousness daily.
The big issues for retail are ever-present - the economy worldwide is in a state of flux which is affecting everything from supply chain to store associate recruitment, for example - but there are glimmers of hope and indicators of change offering light in the dark:
People are turning to shopping as a form of self-care – as a reaction to current conditions, research by Deloitte shows that what it calls the ‘urge to splurge’ is universal, regardless of age, income or gender. Its survey, which spanned 23 countries and over 114,000 adults, found that nearly 80% of respondents made at least one ‘splurge purchase’ to lift their mood over a month, despite the continued assault on shoppers’ pockets. After food, clothing and accessories are the most popular ‘treat’ purchases and, thanks to user-generated reviews on social media (predominantly Instagram and TikTok), it’s still possible to inspire queues outside stores and viral product sensations.
Customers still want to have an experience and 86% of them will spend more if they get it. For evidence this festive season, look no further than LaplandUK – the price of entry is £60 - £170, but most visitors spend £50+ per person on merchandise. It’s not unusual for a family of four to spend up to £1,000 in an attempt to capture the magic and bring it home.
It’s never too late to bite the tech bullet – as research specialists RSR say in their report ‘Why the retail store won’t survive as a ‘tech-free zone’, successful retailers have reaped the rewards of their tech strategies, and now is the time to follow suit: ‘The investments [retailers] have made in tools like in-store fulfilment solutions, the ability to check cross-channel inventory in real time, and the ability to use a mobile device as a point of sale are now paying real dividends, helping them to both attract new associates and provide a genuine measure of relevance to those associates once they are customer-facing.’
Seeing the light
We’re committed to helping retailers see the light - over the past year we have consolidated RetailOS®’ core features and reinforced its capabilities.
In 2024 we introduced:
- Multi messaging, giving store associates the ability to send messages to more than one customer simultaneously, saving time when they need to send the same update to several people
- QR code self-registration, which enables store associates to offer customers a quick and easy way to share their details themselves, using their own device
- Content filters, which solves a long-term issue for clients who frequently send messages to customers and want to rely on the professionalism of their content
- Quick pin, which allows store associates to log in to RetailOS® faster and can be used in addition to a password after initial login and before logout
Because our engineers have developed true partnerships with our clients, all of these product improvements have come from cross-team workshops with Coty, Charlotte Tilbury and Chalhoub Group, benefiting all our other clients in the process.
What’s in store for 2025?
One thing we can confidently predict for next year is that there will be no let up in the challenges facing retailers. New research commissioned by Red Ant (look out for its release early next year) clearly shows that customers want more from their shopping experience, and managing costs as well as recognising store associate value will be top of the strategic list.
We’ll be kicking things off at NRF’25 - once again, we've been hand-picked by the Department for Business and Trade to be part of their mission, and we’ll be sharing how to unlock the game-changing power of RetailOS® to tackle retailers’ toughest challenges head-on. And throughout the year we’ll be intensifying our focus on collaborative product building and knowledge sharing.
In the end, challenging times lead to creative solutions – when your usual options are under fire, you have to adapt quickly to stay relevant and successful. We intend to be with retailers every step of the way.
Contact us to start a conversation about RetailOS® and how it can help you meet your challenges head-on
