Over the past year, a variety of factors have caused significant changes in consumer trends.
This week, we’ll explore the latest insights on consumer spending and trends, as well as take a closer look at understanding the e-commerce risk landscape.
Today’s Rundown
- Understanding 2023 Consumer trends: Where customers are drawing the line.
Water crisis: Inside the global retail industry’s water wastage.OUT NOW – Q2 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
Consumer trends in 2023
The pandemic caused some changes in consumer trends, such as a preference for online shopping and buying goods instead of services. However, data now suggests that these changes were due to unique circumstances and that consumers have shifted back to their pre-pandemic behaviors.
According to industry experts, trends that are here to stay were set in motion before the pandemic and accelerated throughout. A discussion at NRF’s State of Retail & the Consumer event yielded three key points to help retailers better connect with consumers in 2023 and beyond.
The main takeaway from the event was that consumers are accepting the new omnichannel approach that combines online and offline experiences. The concept of the omnichannel digital store will continue, and it will become increasingly challenging to differentiate between online and offline purchasing behaviors.
Click HERE to read more about the 2023 consumer.
Understanding the ecommerce risk landscape
The expansion of omnichannel retail has sparked new types of e-commerce-related loss and risks, including fraudulent returns, payment fraud and non-delivery losses.
To combat the losses, ECR Retail Loss commissioned Adrian Beck, emeritus professor in the Department of Criminology at the University of Leicester, to develop an e-commerce loss typology to better understand how retail businesses are affected by losses in the e-commerce space.
The report found that U.S. companies engaged in ecommerce are losing 3.6% of their revenue due just to payment fraud (chargebacks), which amounts to $26 billion a year. In addition, ecommerce retailers have reported that they expect as much as 3.1% of all their orders to be subject to chargebacks from financial institutions.
Click HERE to read the full report.
Retail Snippets
Holiday prep: Back-to-class shopping expected to reach record levels.
Digital transformation: How AI Is transforming the retail industry.
Water crisis: Inside the global retail industry’s water wastage.
Random Irrelevance
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Overrated: Voodoo Doughnut in Portland is the most overrated tourist attraction in the world, study shows.
Skiplagging: How it works and why airlines can’t stand it.
