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COMPANY NEWS: Manhattan Associates Inc. (NASDAQ: MANH) predicts four key technology trends that will impact the Australian retail market in 2024.
As retailers continue to innovate and adapt offerings and experiences in 2024, they are becoming increasingly reliant on technology and consumer behaviour to improve not only what they sell, but how they sell. Key retail technology trends for 2024 to watch include:
1. Old Tech, New Applications: Bridging the Inventory Accuracy Gap with RFID
As the retail industry continues to evolve, the integration of physical and online shopping experiences has shifted from a luxury to a necessity. In this context, RFID technology, an established but often underutilised tool, is set to redefine retail inventory management in 2024. Despite being a well-known technology, it is predicted to play an important role
in the current retail landscape.
A recent Manhattan survey sheds light on a significant challenge: only 4% of retailers in Australia and New Zealand are confident in their inventory accuracy across their stores and distribution networks. RFID technology emerges as a solution, transcending its traditional use for item tagging. In 2024, an increasing number of retailers are set to utilise RFID’s capabilities by automating tracking and replenishing processes, enhancing data analytics for better insights into customer behaviour, and seamlessly integrating in-store and online operations.
2. Shifting Interfaces: The Convergence of Generative AI and Voice Commerce
In the coming year. the retail landscape will continue to be transformed by the integration of Generative AI and voice commerce. Large Language Models (LLMs) are at the heart of this transformation, enabling computers to understand and respond in human languages, thereby creating a two-way, intuitive interaction.
In 2024, Australian retailers are set to integrate voice-activated shopping experiences. This allows customers to use voice commands for purchases, simplifying the buying process and opening new avenues for engagement. The combination of voice commerce with AI-driven assistants like Siri, Google Assistant, and Alexa offers a hands-free, efficient shopping experience, meeting the demands of modern consumers.
“The synergy of Generative AI with voice commerce represents a trend towards more human-centric, versatile technology in retail,” explained Raghav Sibal, Managing Director, ANZ, at Manhattan Associates. “This shift is transforming customer interactions, making them more natural and integrated, much like RFID's impact on inventory management. Together, they are shaping a more responsive, personalised retail environment for 2024.”
3. Streamlining Supply Chains: The Push for End-to-End Unification
Heightened customer expectations means retailers must deliver inbound and outbound efficiency, optimising dock resource planning, reducing labour interactions and travel times, and cutting detention expenses. Traditional integration approaches are giving way to a more unified strategy, where systems like Transportation Management Systems (TMS) and Warehouse Management Systems (WMS) operate in sync, allowing continuous adjustment and optimisation in response to real-time changes. This integrated approach leads to improved visibility, and cost reduction for shippers, logistics firms, and retailers. Organisations are therefore becoming more transparent about their supply chains, offering time-poor customers greater control over their orders. This transparency extends to having complete visibility into inventory and customer purchase history, facilitating a unified, personalised, and intuitive experience across all channels, functions, and devices. Retailers will be able to provide shoppers with accurate real-time availability view on products online.
The use of cloud technology is identified as key to achieving this unification, enabling a more dynamic and realistic optimisation of the entire supply chain process, rather than relying on estimates.
“Embracing end-to-end unification in supply chains allows businesses to create more efficient and responsive logistics plans, enhancing customer experience and driving revenue growth. This shift towards a unified system underscores the evolving nature of supply chain management in an increasingly interconnected and digital world,” added Sibal.
4. Augmented Reality (AR) Shopping Experiences: Bridging the Gap Between Virtual and Physical Retail
In 2024, Augmented Reality (AR) is not just a futuristic concept, but a tangible tool predicted to reshape the retail industry in Australia. This technology is revolutionising the way customers interact with products, offering a seamless blend of the virtual and physical shopping realms.
Australian retailers are increasingly adopting AR to enhance customer engagement and satisfaction. AR allows customers to virtually try on clothes, view furniture and home decor in their actual space before purchasing and explore products in a highly interactive manner. This immersive technology is not limited to high-end retailers; brands across various segments, including fashion leaders like Oroton, Zara, and ASOS, are integrating AR into their customer experience strategies.
“The impact of AR in retail is more than just a novelty; it addresses core consumer needs. For example, in fashion retail, AR try-on significantly reduces the uncertainty around fit and style, which has been a major hurdle in online shopping. This not only improves the customer experience but also minimises returns, a costly aspect of online retail,” Sibal explained.
“AR is also paving the way for a new form of customer data analytics. Retailers can gain insights into customer preferences and behaviours based on their interactions with AR features. This trend signifies a shift towards more experiential and personalised shopping. It not only enhances the customer’s buying journey but also provides retailers with valuable insights and a new approach to customer engagement,” he concluded.
For more information about joining Manhattan Associates, visit the company Careers page for a full list of available positions. Receive up-to-date product, customer and partner news directly from Manhattan Associates on X, LinkedIn and Facebook.
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