Sampo Parkkinen, CEO & Founder, Revieve01.17.24
In 2024, beauty brands and retailers now more than ever must reflect on consumer data and insights from the past year—and turn them into actionable strategies to effectively target and cater to the ever-evolving buying preferences of consumers.
Revieve’s most recent Retail Trends Report provides a comprehensive retail landscape analysis of the current state and future of retail. The data provides three key takeaways that brands should leverage to inform their future business decisions and fully understand consumers’ needs and wants.
Here they are:
Customers also prefer automation when shopping as 75% of consumers shared that automated technology would not deter them from shopping with a brand, while 23% confirmed that modernization would make them more inclined to shop with a brand or retailer.
A global survey showed nearly 60% of consumers expect more than half of retail spaces to offer extraordinary experiences in exchange for traditional product displays by 2025.
Post-pandemic, 44% of U.S. Gen Z treat themselves to impulsive and indulgent purchases.
Data such as this serves as the new currency driving business decisions, shaping customer experiences, and spotlighting trends that companies cannot afford to ignore.
ABOUT THE AUTHOR
Revieve’s most recent Retail Trends Report provides a comprehensive retail landscape analysis of the current state and future of retail. The data provides three key takeaways that brands should leverage to inform their future business decisions and fully understand consumers’ needs and wants.
Here they are:
1. Consumers Crave Customization and Personalization
According to the report, brands and retailers saw a 13% increase in user engagement when implementing an AI beauty solution.Customers also prefer automation when shopping as 75% of consumers shared that automated technology would not deter them from shopping with a brand, while 23% confirmed that modernization would make them more inclined to shop with a brand or retailer.
2. High Expectations for Unique Shopping Experiences
There is no longer a want, but a demand for highly personalized and immersive virtual shopping experiences among beauty buyers.A global survey showed nearly 60% of consumers expect more than half of retail spaces to offer extraordinary experiences in exchange for traditional product displays by 2025.
3. It's All About Self-Indulgence
As 40% of Revieve’s data sample size were Gen Z ages 30 and under, this age group is the most active and vocal in influencing market behavior.Post-pandemic, 44% of U.S. Gen Z treat themselves to impulsive and indulgent purchases.
Data such as this serves as the new currency driving business decisions, shaping customer experiences, and spotlighting trends that companies cannot afford to ignore.
