Customer experience drives retail in 2024

In the age of instant gratification, delivering a seamless customer experience is no longer a competitive advantage, it’s a survival imperative. Well aware of this fact, champions within the industry have evolved with the times and continuously strived to leverage technology to deliver a truly exceptional and personalized customer experience. 

Where companies once gauged customer preferences through paper surveys, present-day platforms like Netflix employ sophisticated algorithms to curate personalized content recommendations. Retail giants like Nike have implemented omnichannel strategies, enabling customers to seamlessly purchase products online, in-store, or via mobile app, with consistent branding and service standards across all touchpoints.

In 2024, industry leaders will go one step further as they harness the power of disruptive technologies to deliver personalized, seamless, and emotionally resonant customer experiences across all touchpoints.

From omnichannel integration and same-day delivery to computer-vision-based store layouts and augmented reality experiences; dive deep into what 2024 holds for customer experience in the retail industry. 

Delivering Unforgettable Customer Experiences in Retail

Ankur Mittal, SVP – Technology and Managing Director at Lowe’s India, predicts that customer experience (CX) will continue to be the focal point of retail-tech strategies. Mittal emphasizes the importance of perfecting the platform strategy to enable brands to create unified, seamless, and consistent omnichannel experiences. AI will be pivotal in addressing customer needs, delivering business value, and transforming the front-end shopping experience.

In his words, “As we move forward, Customer Experience (CX) will continue to take center stage. We will see more focus on perfecting the platform strategy which will enable brands to create unified, seamless, and consistent omnichannel experiences. The use of AI will converge around addressing customer needs and delivering business value, in addition to transforming the front-end shopping experience.”

For ANDREA ZIMMERMAN, SVP & President, Target in India, 2024 will be a year where Target’s India-based GCC will enhance every aspect of the retail experience – “As we enter 2024, technology will continue to play an outsized role in building solutions that drive our business and deliver joy to our guests. We will continue to expand the capabilities we deliver from India across technology and operations, from enhancing the digital experience (user experience and adaptive retail capabilities) and marketing & advertising, to supply chain operations, finance, and more.”

In an era of heightened security concerns, seamless and secure digital transactions are paramount to fostering customer trust and loyalty within the retail landscape. Seamless and fortified digital transactions will be pivotal in nurturing a sense of confidence among shoppers as a growing segment of consumers continues to adopt contactless mobile payment solutions and digital wallet platforms in 2024. 

According to  KAUSHIK DAS, Vice President and Managing Director, JCPenney, “The industry trends of secure, contactless, and cashless transactions will see a definitive uptick with deeper penetration and wider adoption of mobile payment systems, digital wallets, and other technologies that provide a seamless and secure payment experience for customers. Environmental, Social, and Governance goals for organizations across sectors continue to get weaved into the strategic roadmaps more organically.”

From digital payments and cashless transactions, we now move towards omnichannel integration, which will be the industry buzzword, according to ASHUTOSH DABRAL, MD at Falabella India. According to Ashutosh, “Omnichannel integration will become even more seamless. The rise of local fulfillment centers and partnerships with delivery providers will enable customers to receive their orders within hours, further enhancing the convenience of online shopping. In 2024, same-day delivery will become the norm for many new categories as users are already habituated to immediate grocery and food delivery.”

While omnichannel integration powered by local fulfillment centers gradually becomes the standard for retail transactions, another equally captivating application of technology within the retail sector is the analysis of consumer behavior and preferences – using AI combined with image recognition.  VASUDHARINI SRINIVASAN, SVP, Technology at Victoria’s Secret & Co. sees computer vision playing a pivotal role in analyzing consumer behavior and maximizing sales ~ 

“Computer vision-based merchandising is another exciting application of AI in the retail sector. This technology allows retailers to analyze customer behavior, preferences, and trends by leveraging image recognition and video processing. By understanding how customers interact with products, retailers can optimize their store layouts and product placements to maximize sales.”

On the topic of analyzing consumer behavior and choices,  MADHU NATESAN, VP of Business Operation at Saks, feels that sustainability and transparency are paramount in attracting customers and building a long-term relationship. In his own words, “Sustainability-focused innovations, such as supply chain transparency and circular retail models will increasingly influence consumer choices.”

Finally, LALITHA JS, Vice President and Site Leader, HST Global (Hy-vee), shares a captivating take on how companies will leverage augmented reality to close the gap between eCommerce and physical shopping, “Augmented reality is also bridging the gap between digital and physical shopping experiences viz, Try-on solutions. Indoor positioning systems in stores can be a very fascinating experience for shoppers when built with the right infrastructure such as visual markers, Bluetooth beacons, and Wi-Fi RTT.”

Amidst the ever-changing retail landscape, one unwavering priority has stood the test of time: delivering a seamless customer experience. What truly sets industry leaders apart is their resilience to adapt, innovate, and embrace new modalities in delivering unparalleled customer satisfaction.