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#BizTrends2024: A closer look at SA's 2024 consumer brands and retail landscape
Here are some of the trends that will feature in the sector this year.
1. AI's reign: shaping tailored experiences
The ascent of artificial intelligence (AI) is poised to redefine how retailers and consumer brands engage in business. By some estimates, AI could add a staggering $15.7tn to the global economy by 2030.
In the coming year, anticipate a surge in AI-driven innovations, refining the art of curating products and services to align seamlessly with consumers' unique preferences. This will usher in a wave of highly personalised and immersive shopping experiences, ushering in a new era of customer-centricity.
2. Digital velocity and convenience: the online retail surge
The "Online Retail in South Africa 2022" study, conducted by World Wide Worx and Mastercard, spotlights the spectacular rise of the online retail sector, reaching an estimated value of R55bn.
This surge underscores the growing affinity among South Africans for the convenience of online shopping. Notably, Checkers Sixty60, a leading grocery delivery app that collaborates with Mars, has become a pivotal channel, outpacing traditional physical retail stores for sales of products like Whiskas cat food.
The imminent arrival of e-commerce titan Amazon in 2024 promises to amplify the momentum in South Africa's burgeoning e-commerce space.
3. Pets take centre stage: a pet-forward outlook
Bloomberg's recent forecasts hint at the pet industry's trajectory approaching $500bn by 2030.
The evolving perception of pets as integral members of our lives has fueled a surge in pet-centric products and services.
Expect an increase in pet-friendly offerings, harmonising the joy of a delectable meal with positive community and environmental impacts.
At Mars, as the global leader in pet food production, our commitment extends beyond nourishment to creating a 'Better World for Pets'.
4. Sustainable growth imperative: mobilising for change
The global call for sustainable development resonates strongly, prompting consumer brands to intensify efforts to address social and environmental concerns.
This shift signals a transformative era where brands transcend conventional boundaries to embrace the triple bottom line. Brace for a rise in initiatives addressing energy efficiency, water conservation, poverty alleviation, and climate change mitigation.
At Mars, our Sustainable in a Generation Plan will unfold more local initiatives, contributing to community well-being, environmental conservation, and supporting companion animals in need.
In navigating South Africa's dynamic consumer brands and retail landscape, the journey into 2024 promises not just trends but transformative shifts, cementing the region's status as a hotbed of innovation and conscious commerce.
