Online return rates are finally coming down from recent highs. But as ecommerce's share of retail sales grows, so will returns from online sales.
Retailers are going big on innovation. AI-powered improvements to the customer journey, ambitious market expansion, and viral partnerships and marketing campaigns have caught our attention, just in time for the first edition of our monthly ‘unofficial’ ranking of most interesting retailers.
TikTok’s US growth is slowing: That trend correlates with the launch of TikTok Shop, which some feel degraded the app’s experience.
To help keep return volumes down, retailers are trying everything from implementing return fees to ensuring product descriptions are as accurate and detailed as possible. But there are still a couple of out-of-the-box solutions that they could try, like leveraging peer-to-peer solutions to cut down on logistics costs or being more cautious around inspiring impulse purchases.
For some, shopping online is functional, enabling consumers to get what they want quickly, without straying from their budget or list. By creating a more engaging ecommerce experience, retailers can make shopping online fun, enticing consumers to browse and buy like they might in-store—and perhaps, increasing their basket.
Grocery is set to become the largest US ecommerce category by 2026.
US digital media consumption and consumer spending growth are at a standstill. “It's just getting really competitive to reach today's consumers,” our analyst Jeremy Goldman said on an episode of the “Behind the Numbers: Daily” podcast. Here’s what advertisers need to know about the latest trends in digital, including fierce competition for ad dollars to ecommerce having room to grow.
We look at the trends that will sustain that growth into 2024
From retailers drawing shoppers in-store by leaning on creator content to the emergence of livestream ecommerce influencers and the potential consolidation of retail media networks, our analyst-led predictions offer a glimpse into the future of shopping and advertising. We explore each, weighing the arguments for and against their likelihood in shaping the year ahead.
What trends will we be talking about this year? Consumer behaviors will be shaped by continued uncertainty and cultural trends spilling over into commerce.
As 2023 comes to an end, this is the data you need to kick-start 2024.
Gen Zers and millennials are more likely than older generations to do their holiday shopping in-person at the mall, whereas Gen Xers and baby boomers are more likely to shop online via retailer websites, per The Harris Poll.
To overcome account opening headwinds, credit card marketers can explore credit card subscriptions, net worth data collection, and wallet-first cardholder experiences.
Before retail media, brands would pay retailers to market their products, but weren’t necessarily involved in how they were promoted. “Now, it’s more of a conversation,” said Melanie Babcock, vice president of Retail Media+ and monetization at The Home Depot. Retail Media+ is The Home Depot’s retail media network.
The network also forecasts a surge in ecommerce returns, per its 2024 economic outlook
Many retailers are predicting that consumer spending patterns in 2024 could be similar to 2023—pulling back on discretionary categories and sometimes essentials like groceries. So far, discount and dollar stores have benefited from tightened consumer spending, but that success isn’t guaranteed in the new year. Here’s how three low-price retailers are planning to appeal to consumers and keep sales up in the months ahead.
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