Despite search engines being the go to place for finding something online, shoppers now look for products online differently.
Up until this year, people always started their search for a new product on Google and other search engines.
This week, we explore the recent shift in the customer buying journey and debunk one of the biggest misconceptions around retail theft.
Today’s Rundown
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Search Engines take the product-hunt backseat
Shoppers have shifted the way they search for products online. Since the dawn of e-commerce, google and other search engines have always been the first place people go to search for a new product.
This year, Amazon has lept over search engines and is now the #1 place consumers go to start their search for products. Search engines are a close second, and Walmart.com ranked 3rd.
Despite claims that social shopping on platforms such as Facebook, Instagram, and Tik-Tok are gaining popularity, only 21% of respondents have shopped on Facebook, only 17% have on instagram, and 16% have purchased on Tin-Tok
Retail Theft Miscalculated
Popular retail group, NRF, has recently retracted their startling claim about ‘organized’ shoplifting.
The National Retail Federation took back the claim that organized retail crime accounted for nearly 50% of merchandise loss in 2021 as analysts question if chains are overstating the problem.
The figure in question was derived from a quote by Ben Dugan, the former Coalition of Law Enforcement and Retail president. In a 2021 Senate testimony, he claimed that organized retail crime caused “$45 billion in annual losses for retailers.” However, Dugan referred to the federation’s 2016 National Retail Security Survey, which stated the overall cost of shrink in 2015, not just losses from organized retail crime.
Instead of organized retail crime accounting for 50% of merchandise loss, analysts think the real number is closer to 5%.
Click HERE to learn more about the evolving shopping trends.
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