This week on Behind the Numbers: Reimagining Retail, analysts Yory Wurmser and Sky Canaves discussed mcommerce trends with host Sara Lebow.
Insider Intelligence spoke with Rachel Tipograph, the founder and CEO of MikMak, an ecommerce marketing platform for multichannel brands, about retail media in the US market.
Charging for returns is an easy way to lose customer loyalty: Retailers need to think of returns as an extension of the customer experience—and not just a cost to be managed.
Eddie Bauer and On enter the fast-growing resale market: They’re the latest brands to bet that consumers’ desire to save money and growing interest in sustainability will drive incremental sales.
Amazon adds more robots amid a challenging labor market: The retail giant is buying Cloostermans, a company that builds warehouse technology.
RH and Coach focus on the value of brand equity: The luxury retailers are willing to take a short-term hit by shifting away from discounting to boost the perception of their brands.
SkyTab POS offers hardware products, value-added services, and integrations with third-party business solutions.
Instagram retreats from social commerce: The move comes a little more than a month after parent company Meta reported its first year-over-year revenue decline this quarter.
TikTok commands attention in the UK market: Though it doesn’t make the top 10 among mobile apps in terms of consumer reach, the app leads in time spent per user.
Venmo is the dominant P2P payment app in the US, with 52.2% of all P2P mobile payment users in 2022.
Most retailers plan to raise prices to cope with higher supply chain costs: But many also plan to offer more discounts to soften the blow and keep shoppers loyal.
Facebook is still the king of social commerce in the US. More than 60% of US social media users ages 14 and older will make a purchase via the platform this year, and about 40% will do so via its sister app Instagram. TikTok will grow the fastest in this regard, drawing nearly one-quarter of social buyers in that age group.
Retailers struggle to determine which items to keep in stock: With many working to shrink their swollen inventory stockpiles, some are cutting back on their fall and winter orders.
Grocery ecommerce has permanently accelerated and will approach 10% penetration in 2022. Ecommerce may still be a minor channel for food and beverage sales at 5.5% penetration, but the broader grocery market includes major sub-categories like pet products (36.0%) and health and personal care (16.5%), where ecommerce is a critical channel.
The programs are a part of Project REACh and can help Citi make up for potential losses in the event of an economic downturn.