Performance Marketing

NP Digital reveals emerging retail industry trends and challenges

Retail industry professionals detail predictions and fears in NP Digital’s 2024 Retail Reveal
NP Digital

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 Initiatives65% 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.”

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