Retail Therapy: A Reflection of 2024
As we bid farewell to 2024, the retail industry has been a whirlwind of innovation, challenges, and shifts in consumer behavior. With 2025 on the horizon, we’re taking a moment to reflect on the pivotal changes that defined this year, from the continued rise of AI to the growth of omnichannel experiences, and how these trends are reshaping the future of retail.
Host Andrew Smith, Co-founder and Managing Partner of ThinkUncommon welcomes retail experts Carol Spieckerman (President at Spieckerman Retail), Liza Amlani (Principal and Founder of Retail Strategy Group), and Trevor Sumner (CEO at i-Genie.ai) for a lively discussion about the trends that have defined 2024 and predictions for 2025.
From the rise of Gen AI to the evolution of retail ecosystems, our experts share insights into how tech, data, and partnerships are reshaping the industry.
Trends That Reshaped Retail in 2024
This year, retailers faced evolving consumer expectations and operational challenges. Trevor Sumner shared an example of Klarna, which automated 90 percent of its call center tasks and focused on the 10 percent which now becomes high quality communication. This allowed brands to focus on high-quality interactions, with automation handling routine tasks, striking a balance between efficiency and meaningful customer connections.
Interconnected Retail Networks and Shared Resources
The concept of interconnected retail ecosystems has gained momentum, with retailers increasingly turning to partnerships and shared resources to remain agile and competitive. Carol Spieckerman notes, "Retailers are leaning into those partnerships as never before and getting a lot more comfortable with sharing information." This shift is not just about adopting new technology but also about reevaluating how and when to build internally versus collaborating with external partners. It’s a model that makes operations more efficient and scalable, helping brands navigate complex, fast-changing marketplaces.
Predictions Shaping the Future of Retail in 2025
Looking ahead, the future of retail will be defined by a deeper integration of AI, augmented reality, and tech-driven personalization to enhance customer experiences. Retailers will also focus on strengthening partnerships within ecosystems, leveraging shared resources to drive profitability, agility, and innovation.
As Liza Amlani points out, "Companies will learn to say no," explaining that retailers will shift from simply meeting demand to creating compelling products that generate demand. This shift will help avoid the pitfalls of over-customization and ensure a more sustainable, strategic approach to growth.
Tune in now and dive into the full podcast episode to uncover key reflections and insights on the evolving retail landscape.
