Tendances New Retail 2024

“New Retail, New Standards”

After a phase of unrest in 2023 to protect consumers’ purchasing power, the New Retail is now establishing its standards.

Paris, 27 June 2024 – In the fourth edition of its “Retail Insights” barometer, Locala, an advertising platform with expertise in geolocation, presents an overview of retail trends in France and abroad, and deciphers the changes that are shaking up the sector. Produced in partnership with the research firm Marketing Insights, this trend report is based on a survey of a panel of 4,000 European consumers and interviews with decision-makers in the sector.

According to Sandrine Préfaut, Locala’s Managing Director for Europe: “After a phase of rebellion to protect the purchasing power of a consumer more than ever in difficulty in a context of price wars, brick-and-mortar outlets have to reinvent themselves: digitalization, omnichannel, unified commerce, hyper-personalization, sustainable business models… have become essential. This New Retail is now setting its standards.

14 fundamental and emerging trends emerge from this new edition, some of which are having a major impact on the European retail landscape:

Omnichannel efficiency is no longer an option:

More than ever, consumers want to be able to move from one channel to another easily during their purchasing journey. In fact, 73% of consumers make their purchases using multiple channels. According to our study, 56% of British people prefer to make their purchases in-store, and 44% prefer to buy online. This figure illustrates the multi-channel mix expected by consumers, as phygital becomes essential.

Good deals, new shields:

The price war is raging, and brands need to find a balance between a quality offer and competitive prices. Our study shows that over 90% of Europeans are paying more attention to prices and promotions. 78% of consumers regularly use brands’ mobile applications to obtain personalized offers and deals.

Sustainable development, a binding constraint:

Conscious retailing has become an obligation under the pressure of consumers and regulations.
This phenomenon now concerns all generations. Even if Gen Z is even more aware of this cause, with 71% of them declaring that they buy sustainable products, boomers are not to be left behind, with more than half declaring that they buy sustainable products.
Companies are therefore forced to make a more transparent commitment, leading to a drastic change in business models around the circular economy concept.

AI, from buzz to reality:

Another major development is that AI is becoming part of our daily lives, penetrating all retail sectors and professions. AI’s success can be explained by the many opportunities it offers in terms of operational applications, particularly in logistics and customer service. Our study reveals that retailers who have already adopted AI and machine learning technologies have doubled their sales growth rate in 2023, and profit growth forecasts for 2024 would be almost 3 times higher than those of their competitors. It appears that 60% of retailers’ activities would be partially or fully automatable, with a resulting increase in sales of around 10%. This is a very tangible gain and one that is currently encouraging many retailers to take the plunge.

Explore the 14 fundamental and emerging trends for 2024 in the Retail Insights by Locala barometer: Download the barometer.

1 – E-commerce continues to grow

2 – Gen Z is still driving social commerce

3 – Omnichannel efficiency is no longer an option

4 – Inflation: reacting to survive

5 – Good deals, new shields

6 – Sustainable development, a binding constraint

7 – New sustainable business models are gaining momentum

8 – AI: from buzz to reality

9 – Mobile vindication

10 – Towards a mixed purchasing reality

11 – Influencer marketing undergoes a revolution

12 – Personalization: from tailor-made to self-service

13 – The physical store, a new site of positive experiences

14 – Neighbourhood businesses boost local vitality

About Locala

Locala’s omnichannel advertising platform leverages granular insights and cutting-edge AI to help marketers efficiently plan, activate, and measure campaigns personalized to the local consumer.

Since our inception in 2012, Locala has proudly worked with leading brands across 40 countries. With over 180 employees around the globe, Locala has offices in the United States, France, Belgium, the UK, Singapore, Malaysia, Italy, Canada and Dubai.

Founded in France, the birthplace of GDPR, Locala’s entire platform is built around GDPR law which ensures we can effectively reach consumers while protecting their essential rights to privacy. Through our services and partnerships with some of the world’s largest brands, we’ve been recognized for numerous awards and accreditations.