Forecasted sales growth by retail channel in 2024 is 5.1% for physical stores and 7.1% for e-commerce. IT spend at the enterprise level is expected to rise 4.9% and for stores at 4.3%. The top 5 areas where retailers are implementing artificial intelligence are....Compared to 2022, the data indicates that returns were up 15% for Cyber Week 2023, nearly doubling the pace of recorded sales growth. A Roman fertility festival was the precursor to Valentine’s Day.
Deloitte’s baseline forecast anticipates continued growth in consumer spending at a rate slightly below GDP growth due to falling inflation, low unemployment, and increasing productivity growth. Six technologies for 2024. Technology will play a key role for both retail and restaurants in 2024, with 100% of retail and restaurant owners surveyed stating that automation and technology have improved their businesses. 6 Questions to Ask Midpoint in your Career.
Most violent offenses remained elevated in 2023 compared to 2019, the year prior to the outbreak of COVID and the widespread social unrest of 2020. There were 18% more homicides in the study cities in 2023 than in 2019, and carjacking has spiked by 93% during that period. Shoplifting jumped upward by 22% from 2022 to 2023. 41% of U.S. shoppers are aware of retailers using AI in their buying journeys. Top Ten Countries Leading the AI Race.
Total returns for the retail industry amounted to $743 billion in merchandise in 2023. The total amount of dollars lost to returns abuse and fraud in 2023 is $101 billion. During USA Holiday Season there were 28 retail fatalities which were up 87% and 25 Organized Retail Crime Cases which were up 67%. In 2023 there was an 80% surge in store closures.
In 2024, the top 5 New Year resolutions for Americans are Saving Money, Be Happy, Exercise More, Improve Physical Health, and Eat Healthier. Your future, including what is in front of you, has not been written. Maybe setting New Year resolutions is a good place to start. Always remember that you are in control of your destiny and can craft the life you always dreamed about.
Note the high preference from both Gen Z and millennials generations for frictionless checkout. Interesting the differences in smart fitting rooms between GenZ and millennials. Livestreaming, which is already popular in China, has an opportunity in the United States with younger generations. The survey results in using cryptocurrency and the metaverse are also insightful.
LPRC has 3 new team members, this week our hosts discuss the continued growth of the LPRC! On this episode, our hosts discuss the upcoming LPRC events, the latest cyber attacks, and AI news. The hosts also go into a recap of the latest AP/LP news and the NRF Big Show.
For the first six months of this year retail fatalities are down 2% to 342 people killed in the industry. Comparing the data to 2016 when this report was started, retail fatalities are up 74% in the same six month period. 18% of those killed were suspects which were up 36% on last year. 59% were customers which was up 6% on last year. In a UK retail survey, almost half feel unsafe at work, while a quarter did not report incidents of abuse, partly because of a poor response from police in the past.
2023 Midyear and Q2 Retail Violent Fatalities Report. 18% of those killed were suspects which were up 36% on last year. 59% were customers which was up 6% on last year. The UK based Retail Trust spoke to more than 1,600 shop workers from 200 companies such as Tesco, H&M and the Co-op. It found that almost half feel unsafe at work, while a quarter did not report incidents of abuse, partly because of a poor response from police in the past.
The Economist Intelligence Unit forecasts stable, but unspectacular, global growth to continue into 2024 as economic uncertainty recedes and major central banks begin to lower policy rates in the second half of the year, geopolitical tensions, the advent of new technologies and persistent environmental threats could upset the outlook for 2024.
Miami – Dade police announce arrests involving $20 million organized retail theft rings. This is the modern day mafia. Despite inflation woes, eight in 10 shoppers expect their holiday spending budgetsto either remain the same or increase from last year. Amazon & Tik Tok are on a collision course as they vie for position for a social e-commerce market that will grow into a $100 billion market by 2025, from $67 billion this year.
32% will leave a brand after a bad experience. 71% expect personalized experiences. Personalizing the customer experience was the number 1 technology priority for retailers in 2023. Phygital is all about the data created at the intersection of physical stores and ecommerce. As a strategy, it heavily embraces technology to deliver differentiated and memorable consumer experiences.
USA retail theft losses swelled to $112.1 billion in 2022, up 19% from $93.9 billion the year before. In the 2023 survey of 117 retail brands, 88% reported shoplifters have grown more aggressive and violent than a year earlier. As for perpetrators of organized retail crime, ORC for short, 67% of respondents say they're growing even more violent and aggressive, compounding on increased violence from prior years.
Taking a closer look, it's clear that Costco, Lowe’s, Best Buy, and Tractor Supply have several striking similarities – qualities that are helping them win the war on retail theft. Holiday retail sales are likely to increase between 3.5% and 4.6% in 2023 for the November-January timeframe. U.S. retail sales to slow this holiday season, with the lowest growth rate since 2018. AI will influence $194 billion in global online holiday shopping spend.
IMPACT 2023 is 10 days away! We hope to see you there, but in the meantime, our hosts discuss choices and consequences of crime, forecasts for growth in the US and in Europe, as well as risks for global economies, and new risks emerging in cybersecurity and how to remain protected.