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Wanted to start the new year blog activity with a quick post on what may be one key digital product differentiator or trend in 2024 for the Retail space. Based on working closely with Retail clients over the past few years, and seeing how industry has been evolving in this fast moving digital space, we feel that companies that successfully integrate the wallet experience with loyalty experience as well as payments experience seamlessly maybe winners atleast for the near term.
Why? Subscriptions and reloading carts from past purchases have prompted many consumers to take the lower risk purchase route reducing the friction of remembering and re-entering information over and over. Increasing the spending power of younger adults with readily usable cash or credit (BNPL, loyalty value) etc may be where growth lies. So if these are not capabilities you are currently offering as a retail brand, you might explore including it as well.
But again, like in almost all cases, its not just the feature that will be the differentiator, it would be the users' experience of using it and how friction free it feels to use it for the target user group in unison with other aspects of your product ecosystem.
If you are an experience or product leader in the retail space, would like to hear your thoughts on what (else) you feel may be a differentiator for 2024. Please do comment.
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