Internet user figures have grown by 3.7 percent over the past year, to reach 5.30 billion in October 2023. This figure equates to 65.7 percent of the world’s population. internet users have reduced their TV watch time by 13 minutes over the past year, resulting in a relative 6.1 percent drop in the time spent consuming content across streaming and broadcast TV. - From Datareportal.com
Shoplifting incidents reported to police have rebounded since falling dramatically in 24 large American cities during 2020. But whether the overall tally is up or down compared with pre-pandemic levels depends on the inclusion of New York City. Interesting. - From the Council of Criminal Justice
EIU’s operational risk scenarios evaluate the events that could have a severe impact on its core economic and geopolitical forecasts, challenging the operations of businesses worldwide. We expect 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. This white paper explores how geopolitical tensions, the advent of new technologies and persistent environmental threats could upset the outlook for 2024. - From the Economist Intelligence Unit
As ecommerce growth returns to pre-pandemic levels, it will continue to drive total retail sales over the next few years. Retailers looking to drive sales need to focus on a seamless omnichannel experience and use deals to convince consumers to spend. Meanwhile, retail media’s growth shows no signs of slowing, but advertisers and retailers must work together to ensure future success. - From Insider Intelligence
The U.S. retail real estate market remained strong in the third quarter of 2023, thanks to healthy tenant demand and resilient consumer spending. The vacancy rate came in at a historic low of 5.4% in the third quarter, down 5 basis points (bps) from the Q2 level; it’s down 40 bps compared to the third quarter of 2022 and 80 bps versus the pre-pandemic rate, pushing average asking rents higher in a competitive market. - From Cushman & Wakefield
When taken as a percentage of total retail sales in 2022, that shrink represents $112.1 billion in losses, up from $93.9 billion in 2021. While retail shrink encompasses many types of loss, it is primarily driven by theft, including organized retail crime (ORC). Theft – both internal and external – accounts for nearly two-thirds (65%) of retailers’ shrink. Eighty-eight percent of retailers report that shoplifters (overall) are somewhat more or much more aggressive and violent compared with one year ago. - From National Retail Federation
Gain a deeper understanding of grocery shoppers’ changing habits and behaviors over the past few years. The Food Marketing Institute explores in detail shoppers’ weekly spend, primary store choice, and engagement with the emerging array of online and in-person grocery options. - From FMI.org
Generative AI (gen AI) features stand to add up to $4.4 trillion to the global economy—annually. What will the technology be good at, and how quickly? What types of jobs will gen AI most affect? Which industries stand to gain the most? And More. - From McKinsey & Company
The gap between global ecommerce sales growth and retail sales growth has shrunk, likely MADE POSSIBLE BY producing a modest 2023 holiday season where ecommerce sales will slightly outpace brick-and-mortar. Online retailers will likely kick off their promotions in October, creating an elongated holiday shopping season where consumers wait for the best discounts. - From Insider Intelligence eMarketer
The next wave of business transformation will shift from creating isolated digital capabilities to creating the foundations of a new reality—a shared reality that seamlessly converges the physical lives we’ve been leading with the digital ones we’ve been rapidly expanding. The goal is not incremental improvement, but a step change. – From Accenture
The question of whether the US will fall into a recession remains open. The structural challenges facing Europe—from demographics to energy to the ongoing war in Ukraine—present meaningful headwinds with no clear resolution in sight. The eurozone has technically entered a recession. - From Bain & Company
The goal of this publication is to offer insight into the technology priorities of business leaders and to highlight areas where there is both room for improvement and reason for optimism. It is based on a sizable survey conducted in early 2023, at a moment when the global economic outlook was highly uncertain. - An IDC Brief Sponsored by Insight
Honored to be on this list. RTIH has scoured the retail technology world to find the most influential figures for this comprehensive list of people and trends that shape the industry and help drive it forward. - From Retail Technology Innovation Hub
Change is a staple of humanity. Nowhere is the velocity of change more evident than in the consumer industry, which has seen 20 years of dramatic transformation. Yet today, the industry stands on the precipice of an even more momentous paradigm shift and faces a once-in-a-century economic, social, and technological transition. – From Deloitte Insights
With inflation and an uncertain economic environment continuing to impact retail, grocers certainly have felt limited by how much they should invest, but more than half of those surveyed (57%) expect their tech spending to increase in 2023. - From RIS News
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