Retail & Consumer Horizon Scanner 2024
Future-proofing your business to navigate the legal landscape
The 2024 edition of the Retail and Consumer Sector Horizon Scanner is a powerful tool designed to enhance business decision-making and mitigate legal risks. The tool helped R&C businesses to anticipate industry trends, identify potential legal risks, and make informed decisions to stay ahead of the curve in 2024.
What was driving the industry in 2024?
The legal landscape impacting business in the retail and consumer sector is evolving at an unprecedented pace. With new challenges and risks emerging in the sector, staying ahead of the game is crucial for businesses to thrive. Here is an overview of the trending issues which helped enhance businesses' decision making in 2024.
Shaping Trends
Digital
Generative AI is here to stay and digital trends are set to disrupt the global retail industry. Explore more on:
- AI and cryptoassets – new regulation to ensure their safety.
- Data protection and data transfers – laws around the world continue to evolve at pace.
- Consumer tracking technologies – need for more innovative ways to engage with customers.
- Online safety and cybersecurity – focus on consumer and business protection.
Employment
2024 is shaping up to be a significant year of change in the workplace. Explore more on:
- New worker protections – including the right to request a predictable working pattern.
- Wage and leave reforms – changes leading to higher wage bills for employers.
- Changes to pensions and immigration – developments that impact the age and demographics of the workforce.
Supply Chain
As supply chains have recovered, the recent turbulence has amplified their importance to success and growth. The supply chain is now viewed as more than just an opportunity to reduce costs. Explore more on:
- AI and cybersecurity – compliance costs and connectivity across borders.
- Fairness and transparency – ongoing review which will lead to new legislation soon.
- Brexit transition – impact on trade between Great Britain and Northern Ireland.
Bricks and Mortar
The rise in experiential shopping means physical stores still hold value and can thrive in today's market. Explore more on:
- Real estate – upcoming developments bringing new compliance requirements.
- Local planning – new powers for landlords and local authorities.
- Building safety – legislation that enhances risk assessment requirements.
ESG
Scrutiny from regulators and demands from consumers create a complex environment, changing the standards for ethical impact and customer experience. Explore more on:
- Sustainability – new compliance requirements for large size organisations.
- Greenwashing – increased lawmaker scrutiny leading to a stricter regulator framework.
- Advertising – new restrictions for food & drink businesses.
- Corporate governance – reforms to the audit and reporting regimes.
