In our recently unveiled 2024 Outlook Report, a significant shift in the priorities of CPG and Retail Services leaders has come to light. Notably, a whopping 90% of those with access to budget information are planning to either maintain or increase their investments in retail execution technology this year. This marked improvement signifies a newfound confidence in their strategies, reflecting a substantial leap from the uncertainties that lingered just a year ago, where over half of our survey respondents were unsure about meeting their retail execution goals.
The evolving consumer landscape has prompted a reevaluation of the efficacy of e-commerce. As customers revert to pre-2020 shopping habits, the online share of retail spending has plateaued at 15%. The emergence of online marketplaces, coupled with the saturation of D2C brands, has made online strategies even more complicated and less successful.
For the first time in what feels like a very long time, CPG and Retail Services leaders are expressing confidence in their retail execution strategies for the year. This newfound assurance is driving increased investments aimed at enhancing team efficiencies, refining field team management, and ultimately boosting sales at the point of purchase. Notably, the introduction of A.I. image recognition software emerges as a critical factor for success. Nearly half of our survey respondents said they’re currently using the technology or actively exploring its implementation.
In a retail landscape evolving at an unprecedented pace, staying ahead of industry trends is crucial. Our report not only provides a snapshot of current priorities but serves as a compass for navigating the complexities of the ever-changing retail environment. From optimizing team efficiencies to leveraging A.I. image recognition, CPG and Retail Service leaders are aligning their investments with evolving market dynamics.
Curious to delve deeper into the insights shaping the strategies of industry leaders? Download our comprehensive 2024 Retail Outlook Report here.
83% of CPG and retail service leaders say they're “extremely” or “very” open to AI adoption. See how they plan to use it to stand out and win by downloading your copy of the report now.
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