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The retail industry has been quick to embrace new technologies for customer engagement especially during the pandemic, when the shift from brick-and-mortar to onlineretail became critical. As a result, retail IT leaders tend to be highly deliberate and cautious in their change management processes.
In 2021, returns cost retailers a whopping $761 billion , or almost 17% of total U.S. retail sales. But the truth is that we live in an increasingly “instant gratification hustle culture,” where consumers know precisely what they want and have high expectations. Retailers can also create a return policy that avoids waste.
Socially engineered attacks are particularly effective during peak shopping seasons, when consumers are even more busy and relying on System 1 thinking, but consumers and retailers alike must stay vigilant year-round. 29% of phishing attacks exploit this bias by posing as a trusted entity to lure in unsuspecting consumers.
retail sales (excluding automotive) up 3.4% on Black Friday according to Mastercard SpendingPulse , which measures in-store and onlineretail sales across all payment types. Online sales saw an even bigger bump, with Adobe Analytics reporting a new milestone for ecommerce on Black Friday as consumers spent a record $10.8
2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. The future of retail is closer than you think - 2025 will be here before you know it.
1WorldSync’s 2024 Consumer Product Content Benchmark report revealed that 64% of shoppers have scanned a QR code on a product while shopping in-store. Static shelves are morphing into dynamic, interactive shopping hubs, bridging the physical-digital divide in retail. The result?
And they are key to seamless checkout experiences, especially while consumers shop on their smartphones. And which are consumers actually using? Forrester dove into 100 retailer sites to determine the state of alternative-payments acceptance in US online […]. But which options are merchants offering?
In an era when online shopping is not just a convenience but a way of life, a new menace is plaguing consumers and retailers alike: porch piracy. online shoppers have fallen victim to this form of theft within the past year. Retailers are caught in a difficult position.
Even though more than half ( 56% ) of retailers surveyed by KPMG completed a major payments modernization program within the past year, even more 83% already are modernizing their payment infrastructure, or are planning to do so in the new future. Consumer and Retail Leader at KPMG in an interview with Retail TouchPoints.
In 2020, more than any year since the advent of online and mobile commerce, consumers lost a sense of control. Online shopping became a refuge, not because of overwhelming convenience, but because contactless commerce was necessary. One in four consumers are shopping more with small brands. on average.
In recent years, a wave of so-called digitally native direct-to-consumer (DTC) startups have burst onto the scene and have grown in popularity. Consumers are increasingly purchasing products and services such as mattresses, shoes, razors, and groceries from the over 400 DTC firms now in operation.
Our newly published research, US OnlineRetail Forecast, 2023 To 2028, shows that both offline and online US sales will reach record levels this year. As we’ve said many times, the store is flourishing and far from “dead!”
Humans have been dynamically evolving the concept of loans and credit in commerce for hundreds of years — culminating in the explosion of consumer credit cards in the 20th century. consumers have now used a buy now pay later (BNPL) service. . The BNPL Generation. A Win for Merchants Too. Repeat purchases. No chargeback risk.
Retailers are always looking to improve their game, with an eye to increasing sales, reducing costs and maximizing profitability. Retail competition has increased from small upstart retailers to big box stores and peers, so the ability for retailers to improve on their game is more necessary than ever.
The retail world is experiencing a significant change in how consumers are interacting with their brands. In 2020, the growth in online sales has accelerated to reach levels not expected until 2022 due to the pandemic. The First Step in Online Customer Engagement. In the U.S. over last year.
The acceleration of the digital economy has led to technological innovation in many aspects of retail operations. New tools make data available to retailers like never before and are the linchpin to improving efficiencies, reducing waste, saving energy and assessing overall carbon footprint. Making the Warehouse Energy Efficient.
Mobile is the dominant digital touchpoint in retail and mobile apps play critical role – consumers who down load a retailer’s app are likely to be more loyal, but that does not mean they wont uninstall the app if it does not meet their expectations!
The repercussions to the traditional retail sector in the wake of the COVID pandemic are well documented and experienced far and wide. The rollout of affordable 3D scanners, powerful smartphones equipped with augmented reality (AR) capabilities and advances in 3D imaging mean that the digital retail experience is changing dramatically.
A recent study found that three-quarters of consumers will avoid a brand after a cybersecurity issue, and more than 40% assume that brands are to blame when an incident occurs. Another survey of onlineconsumer attitudes found that 84% wont go back to an ecommerce site after a fraud experience there.
The onlineretailer also is using its logistical capabilities to extend these services even to remote areas. JD.com also has made the trade-in process simpler with its “Three Free & Four Unlimited,” program, which includes complimentary door-to-door pickup, disassembly and handling of old goods.
retail sales excluding automotive increased 7.6% The index, which was not adjusted for inflation, measured in-store and onlineretail sales across all forms of payment. The payment company saw that online sales grew 10.6% of total retail sales, up from 20.9% year-over-year for the period from Nov. 1 though Dec.
Brick-and-mortar stores teamed up with brands to determine the optimal placement and positioning of products to entice consumers and their wallets. These days, however, consumers are the ones driving product placement, and owning the digital shelf has everything to do with the technology behind the scenes.
CPG advertisers can now offer consumers a multi-retailer checkout experience directly from their Yahoo native ads and display inventory, allowing consumers to make a purchase from their preferred retailer. Yahoo’s move to make its advertising products shoppable mirrors the current retail media trend.
retail sales from Nov. from last year, according to Mastercard SpendingPulse , the marketing intelligence firm of Mastercard , which measures in-store and onlineretail sales across all forms of payment. “It’s It’s not a blowout number, but it’s in line with lower inflation, and the consumer will be spending.”
This holiday season, though prices are still high and purse strings remain tightened, there’s slightly more stability inherent in the current retail environment that will bring more clarity to the numbers. Retailers will leverage this moment to focus on operational efficiencies and consumer connection.
Enter retail media networks. What is a Retail Media Network? With more and more people shopping online, retail media just makes sense. But what exactly is a retail media network? Ads on retail media networks can be displayed on many pages, including: The home page Category page Search page Product detail page.
Recent estimates forecast that nearly a quarter of global retail sales will come from online channels by 2027, so the ability to serve a multilingual customer base will be essential for businesses seeking global success. This focus on CX isn’t just a passing trend but rather a fundamental shift in consumer behavior.
As the online payments industry continues to evolve, new digital wallet solutions, such as mobile payment apps and e-wallet platforms, are becoming increasingly popular and reshaping the way consumers transact. This reduction in fraud liability can result in significant cost savings for retailers.
Editor’s note: As retail interfaces and systems continue to evolve, the way we design retail experiences to user needs and behaviors is also transforming. For the past decade or so, big-name retailers have turned to designers and experiential agencies to create multisensory atmospheres in stores. virtual reality). 74% of U.S.
New data from the Adobe Digital Economy Index highlights the staying power of online shopping habits formed during the pandemic, seemingly answering one of the biggest questions of the year: will ecommerce continue to grow, or settle down to pre-pandemic levels? In August 2021, online prices were up 3.1% on desktop (up 1%) and 1.9%
Onlineretailer Zulily , once a Silicon Valley darling, has begun the process of winding down its business, with court filings indicating plans to close its Seattle headquarters as well as warehouses in Nevada and Ohio and a liquidation sale underway online. In its separate lawsuit, which was filed in U.S.
Today, it is hard to imagine any sector where AI has yet to be deployed in some capacity, including, increasingly, retail, which has turned to AI for everything from streamlining the supply chain to personalizing shopping experiences. The potential utility of biometric data to retailers is wide-ranging.
The retail industry is widely accepted as one of the leading economic indicators. When the economy is growing, consumers flock to stores. On the other hand, when a recession is imminent, consumers and their wallets generally stay put and are more conservative. Lately, the retail sector was shaken by the COVID-19 pandemic.
Over the last year or so we’ve seen retailers and ecommerce sellers adopting AI tools at a frenetic pace. From backend inventory optimization to identifying salesfloor hotspots to highly targeted marketing programs, we’re seeing an influx of great retailing practices, all being driven by AI. Price Optimization is for all Retailers.
The past six months have been tough, even punishing, for many retailers, but there was good news this past holiday season. According to Bazaarvoice, 81% of consumers planned to purchase holiday gifts this year, with 61% stating they would spend the same as last year. Challenge 2: Consumer Confidence — Slow to Recover.
trillion by 2027 – representing over 20% of overall retail sales. With the sector continuing to experience accelerated growth, major retailers are looking for ways to maintain and build trust while dramatically improving customer experience and orchestrating cohesive customer journeys. In the U.S.,
Despite diminishing pandemic-related excess savings, rising interest rates, and the resumption of student loan payments, US retail sales will continue their growth in the 2023 holiday season. Read more of Forrester Principal Forecast Analyst, Jitender Miglani's insight in this blog.
Omnichannel investments, including in-store pickup and endless aisle, continue to be top strategic investment for digital business professionals at retail organizations.
With the decline in high street spending and increased online competition from ecommerce stores, companies in the retail space need to be effectively innovating to keep up. Use Existing Data and Research to Find New Revenue Streams Launching a new revenue stream can be costly, risky and time-consuming. Take E.l.f.
of all holiday retail revenue and representing an 11.3% The exponential growth happening across the ecommerce landscape translates to major gains for onlineretail brands. Transmit Security’s own research found that 55% of consumers have left a website because the login process was too complicated.
An engaging welcome series on email, SMS and other marketing channels has become a must for any serious ecommerce retailer. With 90% of today’s shoppers preferring a personalized approach , creating a welcome series that caters to individual needs or reacts to consumer behavior has become the new standard in onlineretail.
Nearly three of every 10 purchases by American consumers will be made online as the end of this decade nears, according to projections from Forrester in its U.S. OnlineRetail Forecast, 2024 to 2029. The research and technology firm projects that online U.S. retail sales will increase from $1.2
When competing in today’s retail landscape, understanding the subtleties of pricing strategies across major retailers is not just importantit’s essential for staying ahead. They are most often the cheapest in-store retailer; while, Walmart tends to be the cheapest onlineretailer.
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