Adapting to the Evolving Shopping Experience: Retailers and Customers Navigate Digital Integration

Retailers are rapidly adapting to the changing nature of the shopping experience as customers increasingly expect consistent engagement across departments. Over 90% of retailers are investing in AI to improve the shopping experience and either have an active retail media network or plan to have one within two years. Meanwhile, over 80% of shoppers expect consistent engagement across departments and 59% say they have now made purchases on social media, almost four times as many as in 2021.

The digital and physical elements of the shopping experience are becoming ever more integrated, with shoppers splitting online and in-store purchases almost evenly. 60% of shoppers say they have used their mobile device while in the store, while 74% say three bad experiences are enough for them to abandon a brand. Retailers are also turning to generative AI to help spark inspiration and create more personalized shopping experiences.

Loyalty data is also helping to drive revenue. Retail media networks use loyalty and transaction data to sell high-value ad inventory on a brand’s own digital properties to third-party brands. 54% of retailers have already invested in media networks and another 40% plan to offer them in the next two years.

The pandemic has pushed shoppers to research, discover and purchase online, and this shift is here to stay. Customers are now consistently using “edge” channels such as social media, messaging apps and live streams to purchase products, rather than just for customer service. This blurring of the boundaries between the physical and digital is changing retail rapidly and retailers must keep up with the demands of their customers.

Originally reported by Martech: https://martech.org/retailers-invest-in-genai-and-media-networks/
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