According to a report by FTI Consulting, U.S. online retail sales are projected to reach $1.14 trillion in 2023, marking a 10% year-over-year growth. The report highlights that nearly half of the retail sales growth this year will come from e-commerce. While e-commerce growth is expected to slow in the coming years, it will still outpace store-based sales growth. The survey conducted as part of the report indicates that personalization is valued by consumers, with a majority expressing interest in receiving tailored product offers and ads. However, preferences for personalization vary across different generations, and concerns about recommendations based on race and gender were also identified. Businesses are advised to address these concerns and develop strategies to gain consumer confidence in sharing personal data for effective AI-driven personalization.
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Back-to-school spending to tumble 10%: Deloitte
According to a Deloitte survey, families will spend an average of $597 per child, a 10% decrease, on back-to-school items this year, with overall spending reaching $31.2 billion. Parents are more cautious due to lower disposable income, favoring mass merchants, online shopping, off-price retailers, and dollar stores for discounts, while spending on traditional school supplies has increased but declined for apparel and technology.
Reversing the Retail Worker Drop-Off
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daVinci Assortment Planning
daVinci’s Assortment Planning solution transforms the way retailers manage their buying process, improving efficiencies, so merchants get back time to be merchants.
