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Retail trends in 2024
The retail industry has been seeing massive shifts caused by economic concerns, inflation and an unpredictable job market.
In 2024, offline retail getting stronger than ever, increased AI adoption, supply chain disruption, evolving beyond integrated payments, stronger deals and promos and social commerce continuing to gain traction are among the key trends shaping the retail landscape in 2024.
Retail trends: Rise of Retail Media Networks
According to Amazon, Retail media is becoming a part of some marketers’ advertising playbooks, as more brands look to optimize their ad spend and ensure their campaigns reach relevant audiences. More brands are likely to start experimenting with retail media: In 2021, more than 23,000 businesses have spent more than $3 billion on retail media, according to MediaRadar.6 Retail media will allow brands to diversify their digital marketing strategies: As the advertising industry grows and changes, marketers want reliable insights to help inform their advertising campaigns and build more durable marketing strategies.
Top Five Retail Technology Trends In 2023
According Forbes, 2023 looks set to be a rocky path and retail has traditionally been among the first industries to feel the bumps in the road. This is likely to cause challenges for bricks ‘n’ mortar retailers in the process of recovering from the pandemic but also to online retailers, who needs to continue to innovate. Leverage the power and potential of technology to provide customers with new and exciting buying experience, conscious consumers continue to define retail habits and Cashless, contactless, and autonomous shopping and delivery are among the top trends in this year.
Streamline workflows through SAP & Kafka integration
Subscribe to customer transactions, generate orders in SAP and publish back order status. Publish SAP documents and consume with your 3PL or warehouse management software. Stream events into SAP PI/PO , transform the data and publish for your BI tools to consume. Publish or subscribe to unlimited Kafka topics
Subscribe to Kafka topics and pull data into SAP. Master data sync, Update Customers, Accounts, Products or Price Books in real-time or via batch process.
Free up resources by leveraging SAP RPA powered by BTP
Master Data Management puts a considerable burden on to organizations as it requires your teams to manage large amount of data in an extensive and repetitive way.
How can we free up resources and reduce costs?
The answer is Automation of repetitive manual processes by creating, scheduling, managing, and monitoring intelligent bots. With SAP RPA services, you can redirect resources toward high-value activities and processes.
Transform your SAP experience with SAP AI
SAP Conversational AI services can transform customer and employee experiences. Our last and upcoming releases provide all the tools necessary to build powerful enterprise-ready chatbots.
Faster processes with Blockchain solutions powered by SAP
Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
Blockchain can speed up process execution in multi-party scenarios – and allow for faster transactions that aren’t limited by office hours. Achieve greater efficiency and ROI through distributed ledgers, reach quick ROI by helping businesses create leaner, more efficient, and more profitable processes.