Online shoppers continue to open and purchase from email marketing. Facebook advertising is the social channel most likely to lead to a purchase. 55% of online shoppers surveyed don’t purchase as a result of influencers. - From Digital Commerce 360
81% of survey participants reported an increase in shrink in 2022. Total apprehensions increased 45.6% and total recovery dollars from these apprehensions increased 70.5%. Participants recovered over $288 million from apprehended shoplifters and dishonest employees in 2022, up 70.5% from 2021. - From Jack L Hayes International
Within technology adoption, big data, cloud computing and AI feature highly on likelihood of adoption. More than 75% of companies are looking to adopt these technologies in the next five years. The fastest-growing roles relative to their size today are driven by technology, digitalization and sustainability. - From World Economic Forum
Grocery-Anchored Shopping Centers are experiencing a stronger Yo3Y recovery than Open-Air Lifestyle Centers, and several shopping centers with grocery stores also seem to see a larger share of repeat monthly shoppers. - From Placer AI
About 70% of retailers believed the threat of ORC had increased during the past five years and several loss prevention executives and retail industry stakeholders noted that ORC had become more prevalent since 2020. The median retail value of merchandise a booster steals prior to arrest is about $5,000, based on data on 150 boosters included in the ORC database. - From the National Retail Federation
NRF forecasts that retail sales during 2023 will grow between 4% and 6% over 2022 to between $5.13 trillion and $5.23 trillion. Last year’s annual retail sales grew 7% over 2021 and totaled $4.9 trillion. This growth rate is above the pre-pandemic, average annual retail sales growth of 3.6%. - From the National Retail Association (NRF)
74% say they will increase or maintain their IT budget in 2023 compared to the lofty 84% last year — a figure that was boosted by pent-up demand unleashed after the pandemic ended. The top tech-driven strategies for the next 18 months are fragmented compared to previous years. - From RIS News
In 2022, the costs of returns have been estimated to approach $1 trillion in costs to retailers a year in North America alone with Retail and Hospitality segments. Up to 75% of the margin lost due to returns can be recaptured through optimized processes and a complete reverse logistics process. – From IHL Group
Private equity managed to post its second-best year ever in 2022, riding a wave of momentum coming off the industry’s record-breaking performance in 2021. But spiking interest rates caused a sharp decline in deals, exits, and fund-raising during the year’s second half, almost certainly signaling a turn in the cycle. - From Bain & Company
A Favorite Annual Report - The Global Powers of Retailing 2023 report shows the top 250 companies posting 8.5% year-on-year growth in retail revenue, up from 5.2% in the previous year. The majority of the top 10 retailers have actively boosted their digital capabilities through either the implementation of in-store technologies or through enhancing their omni-channel offerings. - From Deloitte
2022 proved to be the most violent year ever in America's retail stores with 694 violent fatalities, up 17% from 2021, 29% from 2020, and 35% from 2019. Parking lots continue to be the major area at 53% and increasing by 100 fatalities. Monday, Sunday, and Thursday being the top three days of the week. With Friday's continuing to have the lowest fatalities throughout the seven years of reporting. - From D&D Daily
For 2023, overall store counts are up, IT spend is up, and NRF’s forecasted sales growth of 6-8% for 2022 lands right in the wheelhouse of the retailers who responded to our survey. Still, there are lingering effects of COVID, some masks remain, and there are still empty shelves. Yet there remains hope for a return to normal — a new normal that is still too nebulous to completely define. - From RIS News
Virtually all retailers (98%) say that building relationships with their existing customers is key to success in today’s challenging economic times. Unfortunately, only 39% say they can confidently even identify who their best shoppers are – which is absolutely paramount to building any such relationship. - From RSR Research
Page 1 of 31