Retail market trends are ever-evolving, influenced by shifting consumer behaviors, technological advancements and cultural dynamics. A speaker at The Lead Summit 2024 in New York City even noted they’re seeing consumer trends shift every three months—quicker than ever. Between Shoptalk Barcelona, VivaTech and The Lead Summit, Obsess has identified three key market trends experts deemed essential for brands to foster deeper connections and reach consumers wherever they are.
1. The Creator Economy Boom
In a world where attention is sparse and equivalent to currency, consumer connection is vital to brand longevity. Nowadays, brand marketers face a delicate balancing act between compelling storytelling and connecting with shoppers by allowing them to share their own experiences.
At this year’s VivaTech and The Lead Summit, the booming creator economy was a hot topic, highlighting the intersection of technology and creativity in gaming, virtual reality, music, and entertainment. Valued at $100 billion, the creator economy continues to grow with over 50 million established creators worldwide. Discussions emphasized how AI algorithms are helping brands build personalized narratives and how new platforms are redefining content creation.
For example, Obsess notes the rise of Roblox as a dominant force in this growing creator economy. With its massive user base and immersive experiences, Roblox offers brands a new way to engage with audiences. Additionally, initiatives like Roblox’s $35 million Creator Fund demonstrate its commitment to attracting creative talent beyond traditional gaming, and brands are starting to leverage this potential to connect with a highly receptive audience.
2. Unified Commerce & Experience Innovation
Understanding how to engage customers across various touchpoints is essential for encouraging both new and repeat business. One of the key topics discussed at Shoptalk Barcelona this year was unified commerce, a shift also highlighted by Ben Miller, VP of Original Content & Strategy at Shoptalk, and covered by Coresight Research. Retailers are moving from a channel-centric to a consumer-centric approach. Modern retail must integrate all channels into one real-time ecosystem to provide the best consumer experience, allowing shoppers to buy from a brand wherever they are and whenever they want.
This underscores the need for a unified tech stack to drive purchase efficiencies and keep consumers engaged at every touchpoint. Creating memorable, cross-platform experiences enhances the value of brand activations and increases ROI, ultimately building a unified brand experience and strengthening the customer’s long-term relationship with the brand.
Brands that tap into the cultural zeitgeist, supported by consistent, reliable data and a cohesive brand story, are well-positioned for success in this new unified commerce environment.
3. AI in Marketing & Consumer Data
AI-powered marketing and consumer data were key themes at the Lead Summit 2024. As cookies become obsolete, first-party data is emerging as the standard for brand marketing. This data, collected directly from consumer interactions with a brand, offers deeper insights into customer behaviors, preferences, and purchase patterns. It not only helps retailers refine their strategies but also ensures compliance with tightening privacy regulations and fosters trust with shoppers.
AI also continued to be a major focus, particularly in its application to marketing and advertising. AI allows retailers to utilize consumer data for personalized advertising, behavior predictions, and product recommendations. For instance, Obsess has harnessed AI’s potential for marketing by launching features like AI-powered quizzes, games and virtual assistants, which deliver dynamic results on a per-session basis. These tools have helped multiple brands collect first-party data and bring personalization in consumer interactions.
The retail industry is constantly in a state of flux, and brands must adapt to new retail market trends to stay relevant. Currently, we’re seeing the importance of embracing the booming creator economy, adopting unified commerce strategies for seamless customer engagement, and leveraging AI for personalized marketing. These trends underscore the need for brands to stay agile and innovative to connect with consumers effectively in today’s dynamic landscape.
With patented 3D technology, Obsess is enabling brands and retailers to engage shoppers with compelling, immersive content and take an omnichannel approach to retail marketing through 3D virtual experiences on their own websites as well as Roblox and Apple Vision Pro. Email us at contact@obsessvr.com or book a demo to learn more.
