In 2024, traditional stores, as we have always known them, will certainly have changed a lot, for the most part anyway. The digital revolution which has upset the book, music and tourism industry is also shaking up all sales categories.

By 2024, many shopping centers will have closed their doors, and Amazon may have passed the 50% market share mark in the e-commerce sector. As for consumers, the shopping preferences of millennials and millennials will inevitably have the upper hand.

The businesses that will still be there in 2024 will necessarily have embraced digital technology and the new ways of serving their customers that go with it.

The border between online and offline purchases will have been erased, in favor of convergence. And it’s the supply chains that will take the lead, as the digitization of commerce has rewritten the rules of competition for every aspect of selling.

This is what the trade will look like in 2024.

A new customer

In 2024, it is the Generation Y (also called “milléniaux, that is to say, those born between the early 80s and late 90s), which dominate the Antigua and Barbuda Email List business landscape as majority customers, representing the largest generation ahead of the baby boomers.

What characterizes millennials, as consumers?

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They love everything that is convenient and easy to use. The simpler and more effortless the shopping experience , the better. Millennials expect the latest technology to be applied and available, from the moment they start researching products, and then through purchase, shipping and delivery.

These consumers also have a preference for visual and experiential commerce. Millennials not only expect immersive and interactive customer journeys, but also fun and unique experiences, supported by technologies such as augmented reality (AR).

The traders who will go strong in 2025 will be those who will have the capacity to adapt to the demands of this generation.

Not to mention Generation Z, which is just around the corner. These young people born at the end of the 90s and at the start of the new millennium will represent almost ¼ of the population in 2024 and 40% of consumers. Unlike millennials who have a collaborative spirit, Generation Z would be more focused on themselves.

The store reinvented: technology responds to changing customers

By 2024, digital interactions will have replaced many types of routine exchanges. For example, customers are expected to manage 85% of their business relationships without interacting with a human.

The demand for big box retail space will continue to decline, thanks to improved logistics for online deliveries and also to the “click-and-collect” model. All of this will reduce the need to keep full inventory in the store.

Most stores will likely be converted to distribution centers or used for other purposes.

The decrease in space requirements will intensify the pressure for stores to become even more efficient. But it is likely that many spaces currently occupied by shops will be redeveloped into health care centers, workspaces, restaurants, etc.

Retailers of a certain size will move to a storefront model that will be able to provide differentiated services. For example, men’s brand Bonobos started their story online, but currently they operate more than 30 brick-and-mortar stores. These particular stores provide highly personalized attention and allow shoppers to try out products. Rather than having their merchandise stored on site, the store runs a free door-to-door shipping service.

The same goes for Samsung’s new main store in New York’s Meatpacking district. Samsung presents this 5000 square meter store as a “playground” where consumers can explore new Galaxy gadgets and new products, but not buy them! They will have to look elsewhere if they wish to acquire these products.

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