Reimagining Retail: 2024 Retail Trends (Shark Tank style)—The In-Store Renaissance, Livestream Shopping, and Buying RMNs | Jan 3, 2024
Jan 3, 2024
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Analysts discuss major retail trends for 2024, including retailers competing with Amazon, China's impact on US online shopping, and the buying of retail media networks. They also dive into the in-store renaissance, influencer collaborations, live stream shopping, and partnerships in retail media networks.
Retailers are leveraging TikTok to showcase the in-store shopping experience and attract customers through creator collaborations and entertaining content.
The potential growth of live streaming e-commerce in the US, influenced by China's success, creates opportunities for selecting the right talent and product categories to fuse live streaming and e-commerce successfully.
Deep dives
Trend 1: Showcasing the In-Store Experience Through Creator Collaborations on TikTok
One of the predicted trends is the use of digital marketing, particularly creator collaborations on TikTok, to highlight the allure of the in-store shopping experience. Retailers are leveraging TikTok to showcase creators enjoying the in-store experience, from picking up a coffee at Starbucks to sharing their purchases. By tapping into the entertainment value of social media, retailers aim to attract customers to physical stores and provide them with an engaging and unique shopping experience.
Trend 2: Live Stream Shopping's Potential Breakthrough in the US
Another highlighted trend is the potential growth of live streaming e-commerce or live stream shopping in the US, influenced by China's success in this area. With the recent launch of TikTok Shop in the US, which promotes live stream e-commerce, the prediction is that 2024 will see a breakout star emerge in the live streaming space. The focus will be on selecting the right talent and product categories suited for live streaming, such as beauty or resale, which already attract viewers for longer content. The prediction suggests that the right mix of talent, format, and entertainment value could lead to the successful fusion of live streaming and e-commerce.
Trend 3: Retail Media Network Consolidation and Potential Mergers & Acquisitions
The third trend discussed revolves around the world of retail media networks. As retail media continues to see significant investment, the prediction suggests that there will be around $60 billion in spend on retail media. However, with over 50 platforms currently involved, advertisers prefer to consolidate their partnerships to a maximum of four. To address this, the prediction proposes that certain vendors, like the trade desk or Cridio, may acquire smaller retail media network businesses that struggle to capture significant consumer attention or generate enough revenue. By acquiring these struggling entities, vendors would gain access to data and resources to enhance their own services and offer a more comprehensive solution for advertisers.
On today's podcast episode, we discuss the most important retail trends we're watching in 2024: How retailers will try to compete less with Amazon online, how China's influence will shake up online shopping in the US, and buying retail media networks. Join our analyst Sara Lebow as she hosts vice president of content Suzy Davidkhanian and analysts Sky Canaves and Blake Droesch.