Hello Hello Hello,
Ah, 2023. The year we were promised flying cars, robot chefs, and what not.
Marketers hyped up key trends and predictions as usual at the beginning of the year. But how many of these were actually true?
Let's look at some predictions that went totally off track this year:
🤨 Retail Predictions that Missed the Mark (and What We Learned)
The Death of Email
Email isn't going anywhere, folks Personalized campaigns with relevant offers resonated loud and clear with Indian consumers, boasting a 42% open rate in 2023. Generic blasts? So 2022.
The End of Brick-and-Mortar:
Retail experts declared physical stores dead, replaced by the convenience of online shopping. In 2023, physical stores witnessed a 7.9% rise in foot traffic , while e-commerce saw continued growth of 14.3% in 2023
Gen Z is the Golden Ticket:
Brands chased Gen Z with targeted campaigns and trendy products. But this demographic proved surprisingly value-conscious, with 56% prioritizing price over brand
The AR/VR will Revolution Retail:
Augmented and virtual reality were supposed to revolutionize the shopping experience. But with limited accessibility and unclear value propositions, AR/VR adoption in Indian retail remains slow, at just 15%.
The Metaverse is the New Frontier:
The metaverse hype was real, but consumer adoption has been slow. Only 12% of U.S. adults expressed interest in shopping in the metaverse. The technology is still in its early stages, and the jury's still out on its mainstream retail potential.
The Rise of the Robot Retailers:
Automated checkouts and AI-powered assistants were supposed to revolutionize the shopping experience. However, 61% of consumers prefer dealing with human staff, citing a desire for personalized service and the ability to build trust. Turns out, robots can't quite replicate the human touch (yet)
Well, these are just a few of the predictions that went south, if we start counting I’m sure there would be many more. Any that you’d like to include? Comment below and let me know.
So, what does 2024 hold for retail?
The trends will come and go, so focus on the fundamentals.
In 2024, prioritize building meaningful relationships with your customers, understanding their needs, and delivering real value across all touchpoints. Remember, the key to customer engagement isn't a magic formula, but a genuine commitment to listening, caring, and delivering exceptional experiences.
Till then, wishing you a very Happy New Year. Let's make 2024 the year where customer engagement hits the mark, and customer relationships soar to new heights! 🥂
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