Between bank collapses and a prolonged crypto winter, 2023 has not been kind to the banking industry. But that doesn’t mean things can’t turn around. Here are five charts on what’s good (consumer trust remains steady), what’s bad (crypto’s downfall continues), and some areas of opportunity (the rise of ChatGPT).
Retail media will stay ahead of connected TV (CTV) in US ad spending and close in on traditional TV this year, according to our forecast. Search overall, including paid search on retail media networks, will reach $108.48 billion in 2023.
Walmart is the latest retailer to cut jobs: But the layoffs are less a sign of economic troubles than a reallocation of resources.
Snap expands its AR offerings to DTC merchants and enterprise clients: The move paves the way for more interactive shopping experiences and reduced returns.
Social platforms are gaining in search: More US consumers are researching products on TikTok, YouTube, and Instagram, which could bode ill for Amazon and Google.
Consumers don’t want to pay for shipping costs: Many are willing to put up with slower delivery times if it means they receive free shipping.
Gen Zers are ready to spend. The majority will be adults in 2023, meaning increased spending power. And they rely heavily on digital when making purchases: Gen Z will surpass Gen X in the number of US digital buyers by 2025, per our forecast.
The Wall Street lender’s pilot shows the space is maturing and could prompt other banks to launch their own biometric products.
Consumers continue to spend big on restaurants, gym memberships: Despite inflationary pressures, shoppers are willing to invest in affordable luxuries and wellness.
General Mills is the latest CPG company to rely on price hikes to boost sales: But persistent inflation and the imminent expiration of emergency SNAP benefits could make it harder for consumers to keep up.
Gap presses pause on its retail media business: The decision underscores the need to develop a unique value proposition in an increasingly crowded landscape.
Spotify’s $100 million fund for diverse projects starts off slow: Concerns about spending arise as the initiative marks its first year.
The early pandemic sent retail ecommerce returns skyrocketing: Despite softening a bit in 2022, returns pose a major challenge for retailers, as they struggle to create policies that reduce costs and maintain good CX.
Victoria’s Secret, Party City, and Lush Cosmetics are the newest retail partners DoorDash has added to its platform as it expands beyond restaurant delivery to offer customers on-demand delivery for alcohol, grocery, and convenience items.