Advances in technology and economic recovery bring optimism in Retail 2024

Looking back at 2023, the majority of retailers across the globe will reflect on the headwinds they faced with soaring inflation rates, subdued consumer confidence and spending. However, for some, the tailwinds caused by advances in the exponential growth of technology far outweigh any of the challenges they have faced.

In a decade from now, we may look back at 2023 as a defining year in the history of our industry as retailers took their first steps towards deploying Generative AI and other technologies at scale.

As we move into 2024, substantial advances in technology – which will reduce costs, improve productivity and enhance the customer experience – will see retailers approach the year ahead with renewed confidence. However, it is not just advances in technology which are cause for optimism. With the global economy showing signs of recovery, retailers are beginning to see new opportunities for growth and expansion. Indeed, at the start of the year, Deloitte’s Consumer Signals platform – which tracks the sentiment of tens of thousands of shoppers across the globe – showed a decline in concern about inflation, an increase in spending intention and modest improvement in consumers’ financial wellbeing.

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