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The world’s largest retailer shared expansive plans for the future of retail at the recent ConsumerElectronics Show (CES 2024), focusing on adaptive retail strategies that encompass realms of customers, workforce and society. Embracing AI Walmart’s goal is to make shopping experiences effortless, engaging and personalised.
Luxury faces a recalibration: While luxury remains aspirational, only 16 per cent of consumers plan to increase their spending in this segment. In addition, brand loyalty is being redefined in China, with factors such as price sensitivity, peer recommendations, and product innovation playing pivotal roles in consumer decision-making.
Australian consumerelectronics giant JB Hi-Fi announced a major expansion of its New Zealand operations last week , unveiling plans to double its store count in the next three to five years. Part of the expansion involves relocating at least two stores to more desirable locations.
Yet the data shows failing to build omnichannel into cross-border expansion from the outset puts brands at a disadvantage and leaves untapped revenue on the table.” Generationally, younger consumers are more likely to make omnichannel purchases, with Millennials leading the way.
Tech accessory juggernaut Casetify is making waves in the American retail landscape via its landmark partnership with consumerelectronics giant Best Buy. This expansion is more than just a growth strategy; it’s a testament to Casetify’s ambition to capture a larger slice of the global tech accessory market.
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While the concept of retail media has been around for many years, the rise of e-commerce during the pandemic has led to the rapid expansion of the industry. Besides the increase in online shopping, changes around privacy legislation and publishers’ ability to use third-party data are also driving the growth of retail media.
It is worth remembering what retail is about at the broadest level possible: It’s about making people happy by giving them things they want and helping them enjoy the process of shopping for them. Meanwhile, in Hong Kong, New World Development’s K11 Art Mall in Tsim Sha Tsui is undergoing an expansion.
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