TLDR:
– Retail technology provider Storis has released its 2024 Trend Guide for the home furnishings industry.
– The guide highlights the increasing role of technology in retail, particularly the use of artificial intelligence (AI).
– Key findings include that 43% of home furnishings retailers are researching how to use AI, and 12% are already actively using it.
– AI is being used for tasks such as creating advertisements, writing content, and personalizing marketing programs.
– The guide also emphasizes the importance of catering to Gen Z and Millennial shoppers by using social media and integrating online and offline shopping channels.
– Storis outlines several technology initiatives for the future, including mobile technology for point of sale, automating demand planning, enhancing the e-commerce experience with AI-powered online assistants, and integrating data for better customer experiences.
Retail technology provider Storis has released its 2024 Trend Guide for the home furnishings industry, highlighting the increasing role of technology in retail. The guide focuses on the use of artificial intelligence (AI) and its various applications in the industry. According to the guide, 43% of home furnishings retailers are currently researching how they can use AI, with 12% already actively using it. The top uses of AI in retail include creating advertisements, writing content, and personalizing marketing programs.
The guide also emphasizes the importance of catering to the preferences of Gen Z and Millennial shoppers. According to the guide, these shoppers account for seven out of 10 furniture purchases. To attract these younger customers, retailers are using social media as the best way to drive traffic. Additionally, integrating online and offline channels of shopping is seen as a critical component. The Trends Guide quoted a statement by Manhattan Retail Associates Unified Commerce Benchmark, stating that shoppers don’t see channels the way retailers do – they simply shop, and it’s about amplifying each channel by fusing the two seamlessly.
Storis outlines several key technology initiatives for the future. These include implementing mobile technology for point of sale, selling to unsold guests, and design services that offer customization options. Automating demand planning to improve inventory management and delivery is another significant initiative mentioned in the guide. Retailers are also encouraged to enhance the e-commerce experience by leveraging AI-powered online assistants and implementing other enhanced website features. Finally, integrating data to ensure better customer experiences through tools such as APIs and webhooks is highlighted as a critical initiative for the future.
In conclusion, Storis’ 2024 Trend Guide highlights the increasing role of technology in the retail industry, particularly the use of AI. The guide emphasizes the importance of catering to the preferences of Gen Z and Millennial shoppers and outlines several key technology initiatives for the future. By leveraging these technologies, retailers can enhance their operations, improve the customer experience, and stay ahead in an increasingly competitive market. For the full 2024 Trend Guide, click [here](https://www.storis.com/2024-trend-guide/).
