Consumer and Retail Trends to Leverage in 2024

Are you ready to catapult your online brand to new heights in 2024? Get ready for a transformative journey! In this post, we'll delve into the pivotal consumer and retail trends for 2024, dissecting not just what they are but why they're the linchpins of business growth.

In the dynamic and ever-evolving realm of digital marketing, staying ahead isn't merely a strategy—it's a prerequisite for success. As a Growth Consultant and Fractional CMO it’s my job to keep my finger on the pulse with what’s working now. As we step into 2024, three transformative trends are poised to redefine the business landscape, offering exciting opportunities for brand elevation.

Let’s dive in;

1. The Rise of Community Connection

"Community" isn't just a buzzword—it's the beating heart of 2024. In a world yearning for genuine connections, brands find themselves at a unique crossroads. Whether your niche orbits around sustainable fashion, mindfulness, or even an audacious bid for netball in the Olympics – and yes, they’re all niches I’ve worked with -  fostering a sense of community transcends transactional relationships. It lays the foundation for brand loyalty, transforming engaged community members into steadfast brand advocates.

This trend extends beyond traditional realms, infiltrating the very fabric of brand engagement. No longer confined to conventional Facebook groups or local communities, brands and retailers are weaving unique storytelling into their approach. The results? Nothing short of spectacular, with diverse niches, from racket sports to energy healing enthusiasts and coaches supporting freelancers, witnessing the profound impact of community-driven strategies.

Community and connection can do wonders for customer lifetime value, too. I’ve been buying from the same home delivery smoothie brand for 2 years now. The algorithm often serves me up a limited time deal for other brands, but I never take the bait. There’s a risk to me that I won’t like it as much, or the community support I receive about nutrition won’t be as impactful. So I continue to pay more. There’s a perceived risk with switching and I’ve already chatted with the community and team at my existing brand and they’ve helped me, which has earned my loyalty.

Think about brands you’ve shopped with for a long time. Would you ditch them for the next new thing you get pitched, or would getting you to switch be a hard sell?

Consider the statistics: According to Outbound Engine, selling to an existing customer boasts a success rate of 60-70%, significantly overshadowing the 5-20% success rate when dealing with a new customer. This underlines importance of loyalty, which community can have a huge impact on.

Imagine, in just two months, increasing returning customer sales by a staggering 320% {read the case study here}. The secret? Showing customer’s that you actually care about them. Let them know they’re not just a number to you and that their loyalty means something and will get rewarded.

2. Conscious Buying in Fashion

The winds of change in consumer behaviour are blowing towards conscious buying. Quality trumps the allure of fast fashion and disposable items. Yet, navigating this shift requires a nuanced sales approach, a dance between providing essential information and cultivating relationships. The key lies in understanding the longer sales journey inherent in conscious buying decisions.

Recently, I received an email promoting a one-day flash sale for a premium sports accessory brand. I hadn't heard from the brand in what felt like an eternity—three weeks, specifically, and could barely remember signing up for emails, yet alone if this was something I’d actually be interested in. In a world inundated with emails and the perpetual hustle of daily life, those three weeks might as well be an eternity. Especially when the previous emails were unmemorable buy me now messages. Needless to say, I didn’t buy. These days, people need longer to make a buying decision, so if you are running a flash sale, you need to be ensuring that your brand stays top of mind with thoughtful and relatable content, plus weaving in your products in a way that gets people excited. A one off email simply won’t cut it these days.

To navigate this terrain successfully, businesses must extend their reach beyond a plethora of social media channels. While a robust online presence is crucial, the real magic lies in a meticulously crafted follow-up strategy. It's not about bombarding potential customers with buy me now messaging; it's about offering them an extended hand, guiding them through the decision-making process.

Follow up strategy is one of the most underused methods that I see brands using, but it’s also one of the most powerful and can create impact quickly. A social media presence without a follow up strategy is like a sports team preparing for a game and then not turning up on the pitch. Think about your social presence as the warm up, the traffic driver and the follow up strategy is what actually gets sales over the line.

3. Crafting Digital Experiences

Experiences are no longer confined to the physical realm; they've seamlessly infiltrated the digital landscape. In 2024, online platforms are at the forefront of crafting unique and immersive digital experiences. From live shopping events that mimic the buzz of brick-and-mortar stores to week-long virtual markets and virtual garments, brands are tapping into the potential of digital realms to engage their audience.

But what sets these digital experiences apart? They aren't just about transactions; they're about building trust and fostering authentic connections. In a landscape cluttered with dodgy brands and questionable business practices, consumers are cautious about where they invest their hard-earned money. The remedy? Live events that provide a platform for real people to connect—be it the brand owner or a dedicated team member.

These events offer a unique vantage point into the brand's ethos. It's a chance for consumers to see the faces behind the brand, fostering a genuine connection that goes beyond the transactional. And here's the unexpected twist—these live events not only generate immediate excitement and sales but contribute to long-term business growth. Participants who might not make an immediate purchase often convert into customers days or even weeks later.

This longevity in impact underscores the importance of trust-building in today's discerning consumer landscape. In an era where skepticism looms large due to past experiences with subpar products and dubious business practices, establishing trust becomes a non-negotiable aspect of business strategy.

To the skeptics questioning the feasibility and ease of organising such events, the reality might surprise you. Contrary to assumptions, hosting live events is not as daunting as it sounds. It's a strategic move that doesn't just inject cash into your business but also provides an avenue for authentic brand-consumer interactions.

More and more we’re starting to see digital collaborations too, like the recent collab between Mango and Roblox. Breaking free from conventional online commerce, Mango inaugurates its first immersive store on Roblox, a global platform with over 70 million daily users. Nestled in the virtual Outfit Shopping Mall, this unique store allows users not only to purchase Mango Teen digital garments for avatars but also to engage in a distinctive interactive space. This collaboration offers differentiated experiences, products, and services across physical, digital, and virtual realms.

Reuters report the gaming industry is set to rise 2.8% to $189.3 billion in 2024, a huge market with a wealth of opportunities for businesses in other sectors.

Bid Farewell to Customer Chat Bots

As we navigate the terrain of consumer and retail trends in 2024, it's essential to bid farewell to certain strategies that have outlived their efficacy. One such strategy involves the use of bots for customer service. Yes, AI has come a long way, offering tremendous efficiency and time-saving benefits. However, when it comes to customer service, especially for premium products or high-ticket items, the human touch reigns supreme.

If you’ve ever found yourself in a heated ‘discussion’ with an AI chatbot frantically typing asking to speak to a real person and being presented with a bunch of unrelated blog posts, you’ll be happy about this one.

Automated bots lack the nuance, empathy, and personalisation required for effective customer service, particularly in the realm of premium products. While automations and AI play crucial roles in various aspects of business operations, entrusting customer service to real, passionate individuals ensures a level of experience that goes beyond mere transactional interactions.

In the world of premium products, trust and personal connections play pivotal roles. Customers investing in high-ticket items seek more than just a product; they seek an experience. The human touch, with its ability to understand unique needs, address concerns, and make personalised recommendations, becomes an irreplaceable aspect of customer service. If you head into Chanel, you wouldn’t expect them to direct you to a McDonalds style touch screen monitor to select the gown of your choice. But in reality, that’s what a lot of online brands are doing with their online store. Weaving in personalisation and experience is key.

To summarise, the key consumer and retail trends for 2024 demand a strategic blend of community building, conscious selling, and crafting immersive digital experiences. It's not about chasing fleeting trends but embracing fundamental shifts in consumer behaviour and leveraging them to foster long-term business growth.

Want to get a custom strategy on how to implement this for your own business? Book a free discovery call with me to delve deeper into your unique challenges, opportunities, goals and how my 90 day growth consulting can help you.