A new survey sponsored by Carl Marks Advisors reveals that middle market retail and consumer packaged goods executives have a high level of optimism as we approach 2024, with few anticipating a recession. Meanwhile, AI-powered logistics, forecasting, marketing and partnerships are among the strategic priorities driving the agenda for the year ahead.
2024 presents an exciting opportunity for retailers with the courage to embrace out-of-the-box thinking and innovation.
Which of the following best describes your expectations for sales growth in 2024 compared to 2023?
- I expect sales to remain the same in 2024 as compared to 2023: 50.00%*
- I expect sales to increase in 2024 compared to 2023: 39.60%*
- I expect sales to decrease in 2024 compared to 2023: 9.60%
- I do not have any expectations for sales growth in 2024: 0.80%
Key Takeaway:
Retailers are optimistic heading into 2024, with nearly 90% of survey respondents expecting their sales to remain the same or increase in 2024.
(Note: 90% is the combined statistic from the two starred responses above)
What, if any, primary actions are you planning to take to evolve your supply chain in the coming year? (Select up to three)
- Diversifying suppliers: 52.80%
- Onshoring a greater amount: 46.40%
- Increasing investment in supply chain technology: 44.40%
- Increasing investment in automation: 42.80%
- N/A – We are not planning to take any actions to evolve our supplier chain: 0.40%
Key Takeaway:
Most retailers plan on investing in their supply chain in 2024.
Off the back of your success in 2023, what areas, if any, will be your primary focus of investment around AI in 2024? (Select up to three)
- Marketing: 56.00%
- Financial forecasting: 52.00%
- Customer service and user experience: 39.20%
- Supply chain management: 34.40%
- No area in particular: 0.80%
Key Takeaway:
Artificial intelligence will play an increasingly important role in retail and CPG, from marketing to financial forecasting to customer experience.
In what areas, if any, are you most focused on investing in to enhance customer experiences? (Select up to three)
- Buy now, pay later programs: 37.2%
- New innovative storefronts: 36.4%
- Same day delivery: 35.6%
- More employees: 34.8%
- Automated services: 29.6%
- Self-checkout: 27.2%
Key Takeaway:
Retailers are prioritizing simple and efficient transaction processes and payment options to enhance the experience of their customers.
