Hugo Ekitike needed only four minutes to open his account for Liverpool in the Community Shield. John Walton/PA Images via Getty Images

LONDON -- It was an afternoon during which Liverpool both dazzled and disappointed. The Premier League champions never fell behind in Sunday's FA Community Shield and yet, ultimately, it was their opponents Crystal Palace who went home with the prize after following up an entertaining 2-2 draw with a 3-2 penalty shootout victory at Wembley.

For the second time in a matter of months -- after March's 2-1 defeat to Newcastle United in the Carabao Cup final -- Liverpool were forced to leave the capital empty-handed having failed to deliver the kind of performance befitting of a team that will go into the new season as title favorites. There were positives to take for Arne Slot's side but also plenty of lessons to learn as Liverpool prepare to start their 2025-26 campaign in earnest at home to AFC Bournemouth on Friday.

Much of the noise around Liverpool in recent weeks has surrounded their uncharacteristic extravagance in the transfer market. The Reds have so far spent more than £270 million, bolstering Slot's title-winning squad with the additions of Florian Wirtz, Jeremie Frimpong, Milos Kerkez, Hugo Ekitike and Giorgi Mamardashvili.

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A significant portion of that financial outlay has been recouped through the transfers of forwards Darwin Núñez and Luis Díaz, to Al Hilal and Bayern Munich respectively, while the departures of Trent Alexander-Arnold, Jarell Quansah and Tyler Morton have also raised additional funds.

But, against Palace, it was clear that this is still a squad in need of some surgery, with the lack of top-quality depth a worry.

An injury to defender Joe Gomez meant Liverpool were unable to name a recognized center back on the bench at Wembley, which will surely be a concern for Slot, despite his insistence that several of his players are capable of deputizing. Perhaps more concerning for the Liverpool boss, though, will be that -- despite fielding what is arguably his first-choice back four -- Liverpool looked defensively fragile, with captain Virgil van Dijk conceding a first-half penalty before Ismaïla Sarr struck for the FA Cup winners after the break.

"We've replaced four players and sometimes you need time to adapt offensively or defensively," Slot said after the game. "Against Bilbao [Athletic Club] we didn't concede chances, just two set pieces. I don't think we conceded that much today, just two goals. Maybe I forget a few. It felt to me the [second] equalizer was their second big chance of the game. There needs to maybe be a little bit of adjustment defensively."

From a Liverpool perspective, much of the frustration will stem from how they started the contest very well, with new signing Ekitike curling home a sublime effort inside just four minutes. Despite Liverpool having spent an initial £69 million to sign the 23-year-old from Eintracht Frankfurt, his arrival on Merseyside has been somewhat overshadowed by the ongoing saga surrounding Newcastle United striker Alexander Isak, who was the subject of a rejected £110 million bid from the Anfield club earlier this month.

While Liverpool's interest in the Sweden international remains, Ekitike's accomplished display -- scoring with his first shot in English football -- proves he has absolutely no intention of being an understudy.

The France international's early goal set the tone for a hugely encouraging competitive debut, during which he showed plenty of technical flair and impressive burgeoning chemistry with his new teammates. And Ekitike was not the only new arrival to catch the eye, with Frimpong scoring an audacious (with a slice of luck) second goal for Liverpool after Palace had restored parity through a coolly taken spot-kick from Jean-Philippe Mateta. In the middle of the park, marquee signing Wirtz showed flashes of the genius that compelled Liverpool to spend an initial £100 million to sign him from Bayer Leverkusen, while Kerkez turned in a typically all-action shift at left back.

Throughout preseason, all of the Reds' new arrivals have offered, to varying degrees, cause for excitement. However, if Liverpool are intent on defending their crown this term, they would be wise to add further reinforcements before the transfer window closes on Sept. 1.

And Slot got the opportunity to witness one of his defensive targets in action firsthand, in Palace captain Marc Guéhi. The England international has one year remaining on his contract and has plenty of admirers at Anfield, though the financial terms of any potential deal would have to be right for Liverpool to move before the deadline.

At the other end of the pitch, the noise surrounding Isak is unlikely to diminish any time soon and, with just three senior forwards at their disposal, it is clear Slot's side need to act quickly to boost their attacking options.

"After two years of no change, we brought a lot of money in and then I think it is a good moment to get new energy in," Slot said. "We have lost four starters and players that have played a lot for us.

"Some wanted to leave like Trent. As a result of that, we have to bring players in and that is what we did. We have to make sure we are ready."

If Slot is seeking a positive omen ahead of the new campaign, the fact that only one of the last 14 Community Shield winners have gone on to win the Premier League that same season should provide one. However, the Liverpool boss will be well aware that, if his team hopes to be playing in this fixture as champions again next summer, they still have plenty of work to do.