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Retail Tech Trends: What’s Shaping the Industry in 2024

The retail industry has been changing rapidly, thanks to technological advancements. As we step into 2024, new digital technologies are set to revolutionize the retail landscape even further. Before delving into these trends, let’s explore how they are projected to impact the industry’s growth.

The Soaring Growth of Retail Tech

In 2020, the global retail digital transformation market hit a whopping 143.55 billion USD. Fast forward to 2026, and the projections suggest a staggering leap to 388.51 billion USD. This expected Compound Annual Growth Rate (CAGR) of 18.2% signifies a significant expansion in the industry, driven by continuous technological advancements.

Tech Trends Set to Dominate Retail in 2024

Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) have been pivotal in redefining global retail standards. The AI market is projected to reach 7.1 billion USD by the end of 2023, indicating a remarkable 29% growth in a single year. Further, these technologies provide valuable insights to retailers about consumer preferences, leading to transformative applications like:

Augmented Reality and Virtual Reality

Once limited to gaming, Augmented Reality (AR) and Virtual Reality (VR) are now dominating the retail sector. The global expenditure on AR and VR, standing at 18.8 billion USD in 2020, is expected to reach 50 billion USD by 2024. These technologies enhance shopping experiences, enable virtual try-ons, and provide in-store navigation, bridging the gap between the physical and digital realms. In addition, AR and VR bridge the gap between physical and digital realms. Here are several examples:

IoT and Smart Retail

The Internet of Things (IoT) has ushered in the era of smart retail, connecting devices to streamline operations and improve customer experiences. IoT applications include:

Contactless Technologies

The pandemic accelerated the adoption of contactless technologies, which continue to reshape the retail landscape in 2024. By providing safe, secure, and convenient shopping experiences, retailers address the evolving expectations of modern buyers. Here are several examples:

Robotics and Automation

The integration of robotics and automation is transforming the retail industry, leading to increased efficiency and customer-centric experiences. The following applications empower retailers with better process optimization and strategic workforce allocation:

Challenges and Opportunities

The technological evolution in retail brings transformative opportunities along with challenges. Therefore, addressing the following challenges is crucial for sustained success in this dynamic ecosystem.

Data Privacy and Security

Retailers collect and analyze enormous amounts of customer data to deliver a personalized experience. Access to this crucial and sensitive data also heightens its safety concerns. Therefore, ensuring robust data privacy and security measures becomes paramount. Retailers must navigate the balance between utilizing customer data and respecting privacy concerns. Addressing privacy and security challenges provides retailers with an opportunity to build and strengthen customer trust.

2026 global retail digital transformation market projections suggest a staggering leap to 388.51 billion USD.

Workforce Adaptation

As retail technology keeps evolving with time, a skilled workforce is a need of the industry; a workforce capable of managing and optimizing advanced automated systems. Retailers are facing the challenge of upskilling and reskilling their manpower to adapt to new technologies. To empower the workforce with these essential tech skills, it is essential to invest in training and development programs. Implementing this change will contribute to a more agile and innovative workforce.

Customer Adoption and Experience

While technology offers great convenience and possibilities, its successful implementation depends on customer adoption. Thus, maintaining technology-driven experiences with seamless human interaction is important. Retailers must ensure that new technologies enhance the shopping experience. Understanding customer preferences and providing personalized, empathetic service is essential to ensure easy adoption of emerging retail technology.


The future of retail is dynamic and customer-centric, intertwined with technological innovation. By embracing change and leveraging technology, retailers can enhance customer experiences and stay ahead in the competitive market. A well-defined strategy for selecting, building, deploying, and managing the right technologies is crucial for survival and success.

A Well Defined Strategy is Key to Survival

To navigate these changes, retailers need a well-thought-out strategic plan for technology adoption. At delaPlex, our team of experts with over 17 years of consulting experience, can help create technology strategies that unlock value at every level of operations and supply chains.

Contact us to learn more about transforming your business with the latest technological advancements.

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Learn about the tech trends set to shape the retail industry in 2024, and the impact they are projected to have on the industry's growth.


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