By Mandi Mankvitz, Sphere Trending President of Possibilities
As we began 2023, artificial intelligence felt futuristic, shopping on social platforms felt cumbersome and we were still contemplating the Metaverse’s potential. Fast forward to the end of the year and I am grateful for how bravely we’ve embraced the new ways tech-enabled commerce is making our lives more efficient, inspired and seamless.
In 2024 consumers won’t be defined by a single journey or a single source of inspiration and will increasingly allow innovative technology to assist them in unique ways. Here are three things we’re watching:
1. The AI Personal Shopper
Mastercard launched a new generative AI shopping tool called “Shopping Muse” that can take users’ colloquial language and turn it into tailored product recommendations. Shopping Muse is able to understand modern trends and phrases like “cottagecore” or “beach formal.”
“Nearly 90% of Gen Z say online shopping will improve using AI for product selection, price comparisons and more.” ROTK SURVEY
2. Social Commerce Goes Mainstream
The success and widespread adoption of TikTok shop will influence other platforms and inspire consumers to be brave and try social commerce. According to The Information, TikTok is hoping that sales through TikTok Shop will exceed $10 million per day in the U.S. by the end of 2023.
3. The Metaverse Rebrands Itself
Gen Z’s approach to experiential retail means gamified environments that reward people for spending time. Shopping is a bonus. Virtual stores such as Crate & Barrel’s exact virtual replica of their new NYC flagship and J.Crew’s gamified, ski-themed, immersive holiday shopping experience are subtle nods to the metaverse as virtual retail reinvents.
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