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Voice of the Industry: Key Consumer Insights
Anjali Jain
In 2023, companies were putting a brighter spotlight on consumers’ needs and wants, in order to compete effectively and grow in the future. Voice of the Industry Survey 2023 (fielded August to November 2023) revealed that over 40% of the respondents identified enhancing consumer experience, fostering consistency in brand interactions, and becoming consumer-centric as pivotal commerce-specific developments.
How Does Fashion Retail Look in Latin America Post-Pandemic?
Fatima Linares
Despite the challenges faced since the pandemic, the Latin American fashion industry has proven to be resilient. By 2022, sales had surpassed 2019 levels, both in dollar and unit terms. The pandemic brought retail shifts to the regional industry benefiting retail e-commerce the most: this channel’s share jumped from 5% in 2019 to 14% in 2023. However, physical stores are still appealing to consumers in the region, forcing brands to carefully think their omnichannel strategies.
Tech-Focused Investments: Retailers' Pursuit of New Concepts
Marija Milasevic
The retail landscape is continuously transforming in response to evolving consumer needs. Retailers must introduce new concepts to adapt to changing shopping behaviour and market conditions. In 2023 retailers’ new launches were around five key areas: New Digital Interfaces, Responsible Retail, Simplified Shopping, Experiential Retail and Data-Driven Retail. These five themes encompass trends that are expected to have the most influence on the development of new concepts within the retail sector over the next five years.
Unleashing the Power of Play: Gamification Brings the Fun In-Store
Paula Goni
With consumers rethinking their spending and retailers actively looking to revitalise their operations to increase their store appeal and sales, gamification elements as part of loyalty programmes stand as a powerful tool to facilitate engagement and in-store experiences, while enhancing the overall shopping journey.
Megatrends: Quantifying Shopper Reinvented
Bob Hoyler
The Shopper Reinvented megatrend highlights how consumers’ habits are changing across the pre-purchase, purchase, and post-purchase stages of the shopping journey. One of the most obvious manifestations of this shift is the consumer propensity to increasingly make purchases across many different platforms, both offline and online – partially due to an increased desire for instant gratification.
Key Drivers for Private Label Growth in Latin America
Andres Chehtman
The share of private label sales in Latin America remains far below that of developed regions such as Western Europe and North America, indicating there is further opportunity for growth. Euromonitor International has examined the main reasons for the growth of private label in Latin America.