Unlike any other time in our history, the retail landscape is vibrating with more change than ever. Change from the staggering pace of technology and AI advancement. Change from our very real climate and ecological reality. Change from the hyper-personalization of our media and online experiences. Change from world tensions. And of course, change from the almighty consumer themselves.
But with all this flux, comes the bright opportunity to connect to consumers in more meaningful ways, with more relevant practices and with a genuine thoughtfulness reflective of right this second. So, to help retailer leaders plan smartly and execute sharply for the year ahead, we’ve pulled out 5 current human mindset trends that rose to the top.
Let’s get into it.
1. Bear hugging the Care Economy
In 2024, consumers are protecting their peace big time. They’re de-cluttering, consciously unfollowing toxic things, people, and brands (!) and creating more interpersonal relationships in a collective effort to improve wellbeing through social connection - in all facets of their lives. This has given birth to the Care Economy. One where retailers can show up in a powerful way by incorporating care into their offering. Some tangible ways to achieve this are to create reflective shopping experiences or supporting consumers through challenging moments like mental fatigue, climate worry, or grief. If caring is part of consuming, how will you as a retailer layer in a little extra TLC?
2. Inspiring our growing AI curiosity
Last year was a breakthrough year for AI. And while we contend with a whirlwind of shifts, which of course can be unsettling, it’s crucial to remember that consumers ARE seeing AI’s incredible potential for positive impact. Seriously. Who in the last year hasn’t had fun feeding prompts into Midjourney to come up with surreal images or chatting with ChatGPT to come up with their next dream vacation itinerary? The potential for AI is endless and it’s captured our imaginations. So what will you do with it? In which part of the buyer journey could you leverage AI to surprise and delight your customer? Just imagine the possibilities.
3. Walking the walk of climate responsibility
We are facing a very real existential climate threat. One that demands a radical and globally collective response from everyone on the planet, including retailers. Consumers are greenwashed-out and numb to empty buzzwords like “sustainable”, “responsible”, and “eco-friendly”. And they’re tired of going it alone! They want to see brands do their part too and walk the walk when it comes to taking tangible steps and actionable efforts towards climate health. What strides have you made over the last year? And how can you continue to make progress?
4. Getting back to basics
Fresh air. Uninterrupted reading. Face-to-face conversation – without notifications. Remember those? We do. And so do consumers. We are officially in the age of overstimulation and sensory overload – which is when our brains get more info than they can process. That’s why this year, sensory regulation will be the THING. Already practiced by occupational therapists for years, sensory regulation is now being used in our digital era to recognize and prevent triggers that may overwhelm people. Some examples include promoting a slow-tech morning routine (only using one device at a time, for example) or sound-free work sessions (turning off notifications, for one). So how can brands join the movement? How can you make interactions a touch more effortless yet less intrusive? That’s the brief for this year.
5. Saying yes to transparency
Today, consumers can literally solve cold cases with their online research skills. And are savvier than ever when it comes to protecting their personal data and privacy. In a word, they know B.S. when they see it. In 2024, brands who let consumers behind their proverbial curtain are the ones who are deemed authentic, responsible, and frankly, lovable. Vulnerability and honesty aren’t just endearing qualities in a friend, but even COOLER in a brand that consumers want to know, engage with, and purchase from. What are the things you’ve been afraid to share with your customers? And how could you make them part of the conversation or the journey? In the words of Brené Brown “Trust and vulnerability grow together, and to betray one is to destroy both.”
So with that, we wish all retailers – big and small - a happy, healthy, and change-fuelled 2024. Knowing where our customers’ heads are at can only help guide us all towards smarter and better strategies. Now the only question is, which one will be your top priority this year?