revolutionizing retail: 6 digital innovations for 2024.

E-commerce is on a hot streak. A recent survey found the number of online shoppers in the U.S. is predicted to increase by 18 percent between 2024 and 2028. As the bar for customer service keeps getting higher and tech advancements sprint forward, retailers must keep pace with the latest digital trends to stay in the game.

So where should businesses focus their effort and investment? We’ve identified six exciting digital innovations shaping the retail landscape in 2024 and beyond:

1. hyper-personalized experiences powered by AI

Beyond traditional segmentation, advanced artificial intelligence (AI) and machine learning (ML) can create unique experiences tailored to individual customers. For example, a retailer could produce personalized landing pages with dynamic pricing by tracking and analyzing a shopper's behavior and data. Or they could deliver targeted communications via a customer’s preferred channel when that person is most likely to engage.

2. extended reality (XR) shopping experiences

Blending virtual reality (VR), augmented reality (AR) and mixed reality (MR), extended reality is already proving to be a game-changer. It looks set to explode within the digital retail space in 2024.

Essentially, this cutting-edge tech mirrors the real world within an interactive digital world. This means online shoppers can enjoy immersive experiences like trying on clothes in virtual change rooms, visualizing how a new sofa might look in their apartment, or taking a personalized AR tour of a brick-and-mortar store.

3. IoT-enabled smart stores

The Internet of Things (IoT) isn’t a new concept in the retail world: a Procter & Gamble brand manager coined the term in 1999 when the company was researching ways to use radio frequency identification (RFID) to track stock on shelves.

Today, a combination of sensors and cameras can also automate checkouts, monitor temperature-sensitive products like food and medicine, or help optimize layouts by tracing popular routes through a store. Beacons can even entice customers through the doors by sending app notifications to passing customers outside.

4. blockchain technology for supply chain transparency

A digital ledger for recording transactions within a business network, blockchain tech allows retailers to track goods in real-time throughout the supply chain, from production to distribution to the consumer. Because data can’t be altered once added to the blockchain, it reduces fraud, improves trust between parties and speeds up processes.

5. 6G connectivity

We’re still a few years from the expected commercial launch of 6G technology in 2030, but savvy retailers should prep for its potential. Improved network speeds will mean faster loading times for customers and increased capacity for XR experiences. More robust encryption technology will make it trickier for hackers to access sensitive data. Ultimately, businesses will be able to handle more customers and transactions, providing a more streamlined, secure and enjoyable experience.

6. autonomous last-mile delivery

This state-of-the-art tech uses self-driving vehicles to deliver goods to customers. (And it’s booming: the global market size is forecast to hit a staggering $51 billion by 2028.) So what are the benefits?

cost reduction

Because there’s no need for human drivers, companies save on the costs of salaries and benefits.

efficiency

Autonomous vehicles find the fastest delivery routes, saving on fuel and avoiding traffic jams. They can also operate 24/7.

improved customer experience

Customers can schedule delivery at a time and location that suits them — and receive real-time tracking while they wait.

scalability

Without extra manpower, it’s easy to bring on more vehicles for special promotions or busy seasons.