San Diego, Feb. 29, 2024 (GLOBE NEWSWIRE) -- NP Digital, a leader in end-to-end performance marketing, released findings from its new 2024 Retail Reveal Report. The report sets the stage for factors impacting the retail industry and what’s to come in artificial intelligence (AI) personalization tools, and shared retail spaces. It also addresses key issues retailers currently face such as staffing shortages, retail theft, rising rent prices, and more.
NP Digital’s report represents a comprehensive survey of 1,000 retailers nationwide, aimed to empower industry professionals with crucial insights on the emerging in-store and online marketing and operations trends shaping the future of retail. The report identifies areas of opportunity amid recent volatilities in the retail industry and provides a look into retailers' plans for growth that will help guide winning strategies in 2024 and beyond.
Key retail trends from the report include:
- Top Priorities: Retailers’ number one priority for 2024 is to strengthen brand loyalty with customers in new ways (37%). Improving the supply chain and hiring qualified talent tie as secondary priorities (33%).
- Brand Loyalty Initiatives: 65% of retailers consider a shared retail space model to build brand loyalty, followed by the use of AI to personalize product recommendations (53%).
- Navigating Economic Uncertainty: To generate sales during today’s economic climate, 56% of retailers say they plan to adjust prices, followed by partnering with influencers on co-branded products (49%).
- Rent Struggles: Almost half of retailers say brick-and-mortar rent prices are hurting profits (48%) — of which two-thirds are considering closing their physical storefront (66%).
- Rise of Retail Theft: Theft is a major concern for retailers — more than half state they feel very or extremely concerned and are taking action to address it (52%).
"The 2024 Retail Reveal Report underscores the need for retailers to stay agile amidst industry shifts. Insights show retailers are looking at partnerships and experimentation in digital marketing to foster brand loyalty and cultivate a resilient customer base amid evolving consumer demands and market volatility with confidence,” said Mike Gullaksen, CEO of NP Digital. “As partners to many enterprise retailers, this report also helps us stay at the forefront of the industry and craft the innovative marketing strategies that help retail brands win.”
To learn more about the findings from NP Digital’s 2024 Retail Reveal Report, visit https://advanced.npdigital.com/retail-trends-and-fears-in-2024-free-download/.
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About NP Digital:
NP Digital is a performance marketing agency focused on enterprise and mid-market challenger brands. Underpinned by its proprietary technology division and platform Ubersuggest, NP Digital is regarded as one of the fastest-growing, award-winning performance marketing agencies in the industry. NP Digital views marketing through a consultative lens that takes a holistic view when applying specialist execution to build meaningful partnerships. These partnerships include some of the world’s most prominent Fortune 500 brands in addition to mid-size, DTC challenger-type organizations. NP Digital spans across the globe with 750 employees in 19 different countries and 40 of the 50 U.S. states. For more information visit npdigital.com.
