Gartner Trends 2024: How a Retailer Can Turn Them Into Growth

With the speed at which technology evolves, it can be difficult for retailers to keep up with what is best for their business. Some tech can revolutionize eCommerce, while other innovations are a fad. Thankfully, Gartner stays on top of the latest technologies and releases an annual trends report to save retailers time sifting through new developments, the Gartner Trends 2024. This annual report serves as a compass for enterprises and IT leaders, navigating the dynamic currents of innovation and offering a glimpse into the transformative trends that will shape the digital landscape.

As a global research and advisory company, Gartner provides insights, analysis, and consulting services to help organizations make informed decisions about technology, business strategies, and various other areas. In a nutshell, the report emphasizes the reliability and security of AI, the significance of sustainable technology, innovations in development processes, tailoring industry-specific cloud services, and the progression of intelligent applications.

But beyond mere technological predictions, it offers actionable guidance for companies to shape the future, spearhead change, and generate new value. By comprehending and incorporating these technology trends into their strategies, companies can take the lead in societal transformations and establish sustainable success for the future. So, let’s explore the relevant Gartner trends of 2024 and figure out how retailers can use them to scale and eventually stay competitive in the demanding market of eCommerce and retail.

Gartner Trends 2024 full keynote

Learn about Gartner technology trends in detail by watching the full keynote video.

Using the 2024 Gartner Trends in retail

Keeping up with key Gartner technology of 2024 trends is an important part of omnichannel retail and customer service. It’s also important to know how to implement these trends as part of retail operations. Read up on the most pertinent Gartner trends of 2024 and learn how to apply them to any retail business. 

Gartner Trend 2024 #1: AI Trust, Risk, and Security Management (AI TRiSM)

What is AI TRiSM? As AI-powered tools, including ChatGPT, have exploded onto the market, many retailers have begun using them to engage customers. AI is excellent for automating various parts of the marketing and customer relationship management process. 

However, customers are interested in protecting their personal data. Most customers stated they would not purchase from a company that doesn’t protect their data. AI TriSM is a program that helps retailers monitor their AI systems to make sure they are protecting personal data. 

Benefits of AI TRism for a retailer: AI TRiSM allows retailers to manage and mitigate AI risks. If a retailer’s customers think their data is at risk because of programs using AI, they may stop shopping with the company. In a survey, 20% of respondents said they stopped using an app because of data privacy concerns. 

With AI TRiSM, retailers get the benefit of AI for marketing and engagement without compromising their relationship with customers. 

Promising companies that use AI TRiSM successfully: Amazon and IBM are leading the way in AI TRiSM by explaining their AI technology in detail to allow customers to understand how these algorithms make decisions. The transparency eases customer fears about bias and privacy. 

How AI Trust, Risk, and Security Management optimizes resilience: Retailers can use multiple applications powered by AI to automate workflows and even detect potential data breaches. By mitigating AI risks, they can protect customer data while reaping the benefits of AI. 

Gartner Trend 2024 #2: Continuous Threat Exposure Management (CTEM)

What is Continuous Threat Exposure Management? As retailers do more business online, they risk being vulnerable to cyberattacks and other threats. One of the top Gartner cybersecurity trends of 2024, continuous threat exposure management (CTEM), allows businesses to proactively assess their systems and mitigate risks before they happen rather than reacting to a breach after it has occurred.

Benefits of CTEM for a retailer: By monitoring and managing threats and taking proactive security measures, a retailer can build trust with customers. Since customers want to shop with businesses that keep their data safe, a retailer using CTEM can leverage this practice to become a preferred brand. They can also save money spent on data breaches and settlements. 

Promising companies that Use CTEM successfully: Optiv and Nanitor are cybersecurity companies that offer a curated approach to threat detection, allowing retailers to customize their detection and response processes. 

How Continuous Threat Exposure Management optimizes operations: Using a CTEM platform to monitor and detect potential security risks helps retailers better protect customer data. If they do end up suffering a breach, these programs help them respond quickly and resume normal operations.

Gartner Trend 2024 #3: Sustainable Technology

What is Sustainable Technology? Sustainability continues to be a high priority for customers, particularly Gen Z and Millennials, who are 27% more likely to buy from a brand that cares about its impact on the planet.  According to the Gartner trends of 2024, sustainable technology allows retailers to take a holistic approach to sustainability. Sustainable technology can help retailers analyze each facet of their business from supply chain to operations and improve its sustainable operations. 

Benefits of Sustainable Technology for a retailer: Using sustainable technology, retailers can monitor and manage their energy consumption and carbon emissions. Retailers using energy-efficient lighting can cut utility costs by up to 75%. They can also highlight their dedication to sustainability to differentiate themselves from competitors. 

Promising companies in Sustainable Technology: Cisco is one such company touting its commitment to sustainability. The company has achieved multiple sustainability targets and highlights these successes as a key differentiator. They used IoT (Internet of Things) technology to help meet these goals. 

How Sustainable Technology optimizes operational efficiency: Sustainable technology allows a retailer to evaluate its organization and make more eco-friendly changes to operations. Once these changes have been implemented, the retailer can save money on operations and diversify its supply chain for greater efficiency. 

Gartner Trend 2024 #4: AI-Augmented development

What is AI-Augmented Development? AI-augmented development involves using AI to design, develop, and test software faster. Instead of coders having to manually program software, AI can take over repetitive tasks while coders can focus on architecture and other complex tasks. Gartner technology trends in 2024 highlight how AI-augmented development can ease workloads for eCommerce developers, marketers, and others. 

Benefits of AI-Augmented Development for a retailer: As retailers rush to offer omnichannel experiences to their customers, AI-augmented development can help them implement their ideas more quickly. Retailers are already using generative AI to personalize shopping recommendations, enhance in-store displays, and make the omnichannel experience seamless. 

Retailers can also use AI-augmented inventory management to predict demand and make smarter stocking decisions to avoid stockouts and excess inventory. 

Promising startups in AI-Augmented Development: Mashgin is an AI-powered self-checkout system that reduces checkout times for various retailers. Observe.ai is a solution that analyzes customer service calls and creates insights to improve customer service. 

How AI-Augmented Development drives scale: With AI-augmented technology, coders, customer service agents, and other retail employees can eliminate their repetitive tasks. Instead, they can focus on complex interactions to improve the customer experience at all levels. AI also allows retailers to develop and test new products faster to push them out to the market.

Gartner Trend 2024 #5: Platform Engineering

What is Platform Engineering? Many companies including retailers offer software apps to their customers and use apps to manage parts of their business. As technology evolves, these businesses need to be agile and modify their apps to keep up. Platform engineering involves adding self-service features into apps that allow a company to modify them without the original developer. 

Benefits of Platform Engineering for retailers: Because retailers can modify parts of their apps themselves, they can save time and money on updates and push updates out more quickly. They can also address customer comments about their apps faster than if they needed to have a developer redesign the app. 

Promising companies in Platform Engineering: Accenture is a platform engineering company offering end-to-end solutions for businesses in multiple industries. 

How Platform Engineering drives scale: As a company grows, it needs its IT infrastructure to grow with it. A retailer can’t afford to have its app crash during a sale or a busy shopping season. Platform engineering helps them add and modify features more quickly to keep their apps and other software up and running securely. 

Gartner Trend 2024 #6: Industry Cloud Platforms

What are Industry Cloud Platforms? One of the Gartner IT trends in 2024 is a shift to industry-specific, cloud-based platforms. Gartner specifically mentions healthcare and HIPPA-compliant databases. In eCommerce, common industry-specific platforms include customer relationship management, customer data platforms, supply chain and inventory management, and customer experience platforms. 

Benefits of Industry Cloud Platforms for retailers: Because these platforms are industry-specific, retailers get a lot of functionality and flexibility without having to customize the platform too much. It also reduces redundancy, because many of their vendors and others in the industry are using the same software. 

Promising Industry Cloud Platforms: Many retailers use Microsoft Dynamics 365 for Retail as part of their point-of-sale system because it delivers a seamless omnichannel customer engagement approach. It allows them to manage customer relationships by tracking loyalty points and redemptions while also operating their stores. 

How Industry Cloud Platforms drive operational efficiency: Like other Gartner trends of 2024, industry cloud platforms drive efficiency. Because they are industry-specific, these cloud-based solutions can help retailers with marketing automation, client management, and even scheduling. With a one-stop platform for point-of-sale and human resources management, retailers can save time and money while operating their stores more effectively.

Gartner Trend 2024 #7: Intelligent Applications

What are Intelligent Applications? In 2024, Gartner AI trends could be found all over the list. Intelligent applications are one of many Gartner digital trends in 2024 that can help retailers make better decisions. Intelligent applications can help retailers with trend forecasting, inventory management, and other data-driven decisions. 

How Intelligent Applications benefit retailers: Like other Gartner technology trends in 2024, intelligent applications have the power to help businesses make better decisions. This technology can analyze higher volumes of data to better predict customer trends and needs. Retailers can optimize inventory orders and even develop customer-specific marketing messages based on data analysis. 

Promising Intelligent Applications: Relexn is an intelligent supply chain planning platform that uses data analysis and insights to allow retailers to manage products. Its visibility into a retailer’s supply chain can help them reduce shipping times and deliver better customer experiences. Luminate Commerce is another promising intelligent inventory management solution.

How Intelligent Applications drive decision making: Because intelligent applications can analyze higher volumes of data in a short time, retailers have access to real-time insights. One of the Gartner top 10 trends in data and analytics for 2024, they can better understand their customers to plan inventory, sales, and promotions, and develop targeted marketing campaigns that speak to a customer’s needs.  

Gartner Trend 2024 #8: Democratized Generative AI

What is Democratized Generative AI? Gartner technology trends in 2024 focus on generative AI and how businesses can use it responsibly. Democratized generative AI involves using AI to create codes, text, graphics, and video. These tools allow retailers to innovate because they don’t have to learn special skills such as coding. 

How Democratized Generative AI benefits retailers: Retailers can use generative AI tools to create in-depth customer personas and enhance their marketing efforts without using tracking cookies. Generative AI is also one of Gartner’s automation trends, as these tools let retailers automate marketing and customer service tasks. 

Promising companies that use Democratized Generative AI: Chat GPT is the most well-known generative AI tool retailers use to enhance content marketing and SEO. Skippr is a start-up company offering product design and testing tools using generative AI. With this tool, retailers could enhance their product offerings and respond to customer demand. 

How Democratized Generative AI drives innovation: Generative AI is not at a point to replace human creators, but it gives retailers a head start. Using tools outlined in the Gartner PMO trends, retailers can create content outlines, product designs, and much more without spending a lot of time brainstorming. With the tedious parts of creativity handled for them, they have more time to perfect marketing and product development efforts. 

Gartner Trend 2024 #9: Augmented Connected Workforce

What is an Augmented Connected Workforce? This Gartner technology trend in 2024 is all about sharing knowledge among the workforce. These tools use augmented reality and other data to train employees on situations they’ve never experienced without having to put them in a real-life scenario. 

How Augmented Connected Workforce benefits retailers: With this trend, retail workers can learn to de-escalate customer service situations without having to deal directly with an angry customer. They can also simulate product defects and other scenarios to make their products safer. 

Promising companies in Augmented Connected Workforce technology: AI Multiple is one company offering digital workforce solutions to supplement human workers. 

How Augmented Connected Workforce drives scale: By supplementing training tools and using AI-powered workers to handle repetitive tasks, retailers can effectively scale operations. They can offer the same level of customer service as they would with a fully human workforce without having to hire and train more workers. 

Gartner Trend 2024 #10: Machine Customers

What are Machine Customers? As AI evolves, Gartner’s technology trends of 2024 predict that retailers will have to deal with machine customers. These are non-human machines that purchase goods and services. 

How Machine Customers benefit retailers: Machine customers can help retailers understand their human customers better to tailor offerings and marketing. They can also contribute to a retailer’s profits. Gartner estimates that 20% of a business’s revenue will be driven by machine customers by 2030.

Promising companies Using Machine Customers: Companies including Amazon, HP, and Kenmore already use machine customers to automate orders on a schedule. 

How Machine Customers drive client relationships: AI will continue getting smarter. As such, Gartner predicts that machine customers will eventually use a company’s ethics and customer service to drive their own purchases. Retailers should focus on perfecting their service to humans and machines alike. 

Gartner Hype Cycle 2024 for retail technologies: What it really means for a retailer

Gartner’s strategic trends of 2024 highlight tools many retailers are already using, including generative AI. These tools are already at their peak. Emerging technologies, such as machine customers and augmented workforce are still in their innovation stage. 

Retailers who want to use these technologies may be able to help drive expectations and find new uses for them. While tech we are already using, such as generative AI, may be closer to its plateau as a tool to improve productivity. 

More Gartner 2024 resources a retailer should check

Retailers can improve each facet of operations by reading: 

• CIO Agenda 2024: a must for anyone interested in improving digital delivery
• Create Your AI Strategy: a good source for learning to integrate generative AI into retail operations
• Digital Transformation in Retail: Offers insights into how retailers can best transform their digital operations. 

Unlock limitless growth with Gartner Trends 2024

As a retailer, you may not have the time or capital to implement all of these trends into your business. However, you can evaluate your business needs and select the Gartner digital trends of 2024 that can help you meet your goals. Do some research to find the best partners for your business. 

After all, what matters most is not how much you read about these trends, but how you translate your newfound knowledge into results. ContactPigeon can help you do just that. Use our eCommerce analytics for marketing automation and data-driven decision-making. Schedule a demo to find out how. 

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