This year, the holidays are expected to shape up to be yet another positive retail season – with omnichannel offerings and heavy promotions being key drivers. U.S. retail sales (excluding automotive) are expected to increase 7.1% year-over-year, according to the Mastercard SpendingPulse™ annual holiday forecast. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.
As was, Brexit and inflation continue to shake retail, the industry is finding innovative ways to adapt and survive. Raconteur’s Future of Retail 2022 report examines how brands are diversifying to offer non-traditional services, embracing new possibilities of deliveries with drone technology and exploring the opportunities offered by the metaverse. From a UK point-of-view and Raconteur
This 2022 Euromonitor report focuses on the eight consumer types that businesses should prioritise this year. Several habits and values are consistent with consumer types from previous years. Interesting read for targeting consumers for success - From Euromonitor International
One out of five people in the United States works in the retail and hospitality sector, and at least half of frontline retail workers are thinking about quitting. The number-one driver of attrition was flexibility, and we should come back to that one because it’s interesting for a number of reasons. The next two are career development and health and well-being. - From McKinsey
46% of surveyed organizations reported experiencing some form of fraud or other economic crime within the last 24 months. 1 in 8 organizations experiences new incidents of supply chain fraud as a result of the disruption caused by COVID-19. – From PwC
The economic impact of retail crime is profound. Retailers face increased costs for lost product, security, and labor, which lead to higher prices for consumers and ultimately, lower sales. Lower sales translate to fewer jobs throughout the economy. The result is $125.7 billion in lost economic activity and 658,375 fewer jobs, paying almost $39.3 billion in wages and benefits to workers. - From Buy Safe America and RILA
54% expect by 2040 the metaverse will be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally. Hype? Hope? Hell? Maybe all three. - From Pew Research
6 in 10 consumers consider purchasing a meal from a convenience store when stopping for fast food. 62% would visit a c-store more often if drive-thru or curbside pickup was available. To win and retain customer loyalty, gas discounts are imperative. - From Bluedot.io
Merchants offering retail both online and in-store celebrated the largest year-over-year revenue growth of all the global retailers we surveyed. While in-store shopping continues to rebound, eCommerce has also stepped further into the spotlight, accelerating the need for omnichannel solutions. Shoppers have doubled-down on the retailers they know and love, underscoring the value of loyalty programs to strengthen customer relationships. And technology has become more important than ever when it comes to creating amazing customer experiences and outpacing competitors. - From Lightspeed
For the last 26 months, US grocery retailers have been riding the gravy train with retail sales growth of $266b. This research paper looks into the challenges and best practices for securing the future of grocery. - From IHL Services
Analytics is all about the future. What will demand be next year? How many orders will be fulfilled next month? Will sales be up next week? How many associates will we need tomorrow? To help bolster their abilities both retailers and CGs are planning some major changes to their analytics software over the next 12 months. - From RIS News
For the period 2017–2021, active shooter FBI reported incident data reveals an upward trend: the number of active shooter incidents identified in 2021 represents a 52.5% increase from 2020 and a 96.8% increase from 2017. December had the fewest number of incidents (one), and similar to 2020, June had the highest number of incidents. - From the USA FBI
The survey showed many retailers moved away from apprehensions in 2021 and focused more on recoveries. Shoplifting apprehensions were down 16.2% in 2021, while overall shoplifting recoveries (from apprehended and non-apprehended thieves) were up a staggering 30.8%. There was an increase in 2021 in both dishonest employee apprehensions and recovery dollars, 6.0% and 29.8% respectively.
Secondhand apparel market is becoming a world Phenomenon, expected to grow 127% by 2026.Brands with their own resale shops increased 275%, from 8 in 2020 to 30 in 2021. We are still in the very beginning of this trend. - From ThreadUp.com
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