This year was challenging for retailers as inflation kept prices high and consumers cut back on spending. But there were a few bright spots, as some in-store shopping rebounded and retail media boomed. Here’s some advice for retailers on how to use in-store experiences and retail media to their advantage.
The top two reasons shoppers worldwide buy directly from brands are a better price (53%) and free delivery (49%), followed by fast and convenient delivery and free returns (both 36%), according to Wunderman Thompson.
Most consumers use online marketplaces to find products, but the number who are browsing in-store or on social media is growing. Retailer websites are where customers go for product research. And when it comes to purchasing, price and delivery options are the most important factors.
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At an estimated $7 million for 30 seconds of airtime this year, Super Bowl ads were by far the priciest ad inventory anywhere.
Consumers say sustainability is important and want to support sustainable brands, but when it comes time to buy, price often trumps other considerations.
Cyber Week was the biggest ecommerce week of the US holiday season in 2021, accounting for 23% of the online gross merchandise value (GMV) from that period. The week of December 12 was the second biggest, contributing a much smaller share, with 13% of ecommerce GMV.
High prices drive people to ditch pay TV
Price is one of the most important factors for shoppers, so it's paramount that retailers get it right.
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