As retailers explore innovative strategies to reduce losses from returns and enhance the shopping journey for their customers, total returns in the retail industry are projected to decline for the first time in years.
As we embark on this new year, it’s only fitting that we take a moment to look at what experts in the industry predict about what could be in store this year.
Today’s Rundown
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- Retail’s new crystal ball: How transaction data gives you a competitive edge.
- Grocery store frustration: The self-checkout nightmare may finally be ending.
Trakwell.ai in person
Trakwell is making its way to a conference near you!
Come visit our booth at the FMG Symposium on January 25 – 27th at the Horseshoe in Las Vegas.
Additionally, you will find us at the Las Vegas Market on Jan 28 – February 1st. Our booth will be located in the HFA resource center.
Whether you are interested in hearing more about our AI tracking, or want to get a sneak peak of our upcoming mobile app, our team would love to talk to you.
Not planning on going to the Symposium or Vegas Market but still want to learn more about what’s new with Trakwell.ai?
2023 Shopping returns on the downfall
Despite claims that this year could have record number of returns, a recent report by Supply Chain Brain suggests otherwise.
As retailers explore innovative strategies to reduce losses from returns and enhance the shopping journey for their customers, total returns in the retail industry are projected to decline to $743 billion in 2023, compared to $816 billion in 2022.
The latest report reveals that the percentage of total returns in relation to sales has decreased from 16.4% to 14.5%.
Unfortunately, the percentage of fraud impacting total returns continues to trend in the wrong direction, increasing from 10.2% to 13.7%, at a cost of some $101 billion, up from $85 billion in 2022.
2024 Predictions and expectations
When collecting information and reading about the state of retail and the emerging technologies, there are endless trends and tech that could take flight this year.
The impressive surge in spending by retailers during the holiday season, from Thanksgiving to Cyber Monday, clearly indicates that consumers’ dedication to gift-giving remains unwavering, even in the face of inflationary pressures.
According to the Nation Retail Federation, here are predictions about what could be in store this year:
- AI is blowing the lid off constraints businesses once had and making faster and more precise decision-making a reality.
- Deepfakes could mean deep trouble for retailers and brands.
- Customer interaction in physical stores is as imperative as the transaction. For retailers planning to open new stores or make renovations to existing units, designers beware: Shopper expectations are elevated and moving toward lofty.
- Companies that revolve their efforts around circularity have the best chance at evolving their business in 2024.
- Lastly, The future is hyper-personalized; it has been for some time now. The challenge for 2024 is delivering hyper-personalization while respecting customer privacy, protecting data and serving up just what they had in mind — in real time.
Retail Trends
Grocery store frustration: The self-checkout nightmare may finally be ending.
Retail’s new crystal ball: How transaction data gives you a competitive edge.
New kid on the block: FedEx just announced its own commerce platform for retailers, making competition for Amazon.
Random Irrelevance
A fresh look: Costco launches program to crack down on sharing member cards.
One less feature: Apple ditches blood oxygen feature on its watches to escape import ban.
Quantum limit: A Gravitational wave observatory in Eastern WA breaks quantum limit. Here’s why it matters.
