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As 2023 winds down, Perfect Corp. is looking forward to the trends and technologies that will shape the retail world in the year ahead. As consumers evolve and the retail landscape becomes more digitally focused, brands and retailers will need to adjust their offerings to stay competitive. Read on to discover the top 6 biggest retail digital transformation trends to watch in 2024.
1. Sustainable Digital Transformation:
Sustainability has become a major initiative for many brands and retailers, as consumers around the globe begin to prioritize businesses that implement eco-friendly and environmentally conscious business practices.
Around the world, businesses are turning to technology solutions to create more sustainable business practices and more sustainable shopping experiences for consumers.
Digital solutions such as AR and AI are among the top technologies allowing brands and retailers to operate more sustainably. These technologies facilitate virtual product testing and sampling, which in turn allow companies to reduce product and packaging waste. In 2024, brands will continue to prioritize digital transformation strategies with sustainability at the center.
2. The Return of In-Store Retail:
2024 will see an increase in brick-and-mortar shopping, as restrictions from the Covid-19 pandemic ease and consumers return to physical in-store experiences. To ensure that shoppers feel both engaged and safe while shopping in physical store locations, brands and retailers will need to create captivating shopping experiences.
AI + AR technologies can help to elevate in-store shopping experiences for the post-pandemic world, providing experiences that are both immersive and touchless for customers.
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3. The Rise of AI Skin Technology:
During the Covid-19 pandemic, consumers across the world began to prioritize skin care and self care as a key component of their overall wellness routine. As a result, skin care interest is on the rise, as consumers seek to understand their unique skin needs.
AI Skin technology, such as Perfect Corp.’s AI Skin diagnostic, has quickly emerged as a must-have tool in the world of skincare. This software is able to analyze a consumer’s skin in seconds to provide a thorough analysis. This allows brands and retailers to take personalization to a new level, prescribing skincare product regimens tailored to each customer’s individual skin care needs. In 2024, this technology will continue to see widespread adoption by skin care brands, dermatology offices and even medical spas who wish to provide custom skin analysis while increasing product sales.
4. The Evolution of Fashion Technology:
As the retail world embraces the digital transformation, innovative technologies such as AI and AR are beginning to influence even more industries and spaces. Although AI + AR technologies have long been an essential aspect of the retail shopping journey in beauty, in 2024, these technologies will begin to play a larger role in the world of fashion retail.
Particularly in the jewelry and fashion accessory spaces, brands and retailers will begin to adopt AR virtual try-on technologies for rings, bracelets, necklaces, earrings and more. These technologies will help elevate the shopping experience in fashion, providing customers with the opportunity to try on many different pieces, find the perfect fit, and feel confident in their purchasing decisions before investing in a new item.
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5. AI Personalization:
If there is one trend that has become essential to succeed in the world of retail it is personalization. For today’s consumers, one size does not fit all, and shoppers now expect brands to provide custom recommendations and product advice, whether in-store, online or through social commerce platforms.
AI technologies are one of the most impactful and effective tools for personalization. Whether by leveraging AI to provide customers with a customized makeup tutorial, or by implementing an AI diagnostic experience to match customers with a tailored skincare product regimen, AI technology can take personalized retail to new heights. In 2024, AI technology will play a larger role in the world of retail and beyond.
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6. The Rise of Web 3.0, Virtual Commerce and Immersive Digital Experiences:
It’s no secret that Web 3.0 is set to transform the world of retail as both consumers and brands begin to explore digital realms and platforms. Modern beauty and fashion consumers are now demanding immersive, personalized and engaging experiences when shopping with their favorite brands. In order to effectively connect with consumers, brands now need to provide shopping journeys that are both valuable and fun.
Web 3.0 holds massive potential as a new revenue stream for brands, whether through interactive virtual stores, digital avatars and wearable product collections, and much more. To stay competitive in 2024, brands should stay on the pulse of this quickly evolving space, and be sure to consider Web 3.0 and virtual commerce when planning digital transformation strategies.
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