Juphy’s Weekly E-Commerce News Express – 25-29 March 2024
Ceyda Duz
This week in e-commerce and AI news, we dive into NRF’s retail forecasts for the year ahead, and key factors shaping retail. We also bring you the latest product updates from Cirro, AliExpress, and ParcelLab. Stay informed by reading on to catch up on the most significant news, trends, and highlights from last week all e-commerce and AI!
NRF’s 2024 Retail Predictions
The NRF recently shared its outlook for U.S. retail in 2024, projecting moderate but steady growth. This development is in line with last year’s trends, where we could observe a behavioral change among consumers, leading to increasing interest in retail and online shopping. The future of retail sales seems to be very promising! Sales are expected to rise between 2.5% and 3.5% over the previous year, totaling $5.23 to $5.28 trillion. With this amount of promising growth, the priority remains on one of the most vital and cornerstone topics – meeting evolving consumer demands.
Key Points:
- Sales Projection: NRF expects non-store and online sales to grow at a faster rate, reaching $1.47 to $1.50 trillion. This rate highlights the importance and advancing potential and influence of online commerce.
- Economic Landscape: Despite projected GDP growth of about 2%, retailers are cautious with inflation concerns and a slowdown in job growth compared to 2023.
- Consumer Preferences: Convenience remains critical, with retailers adapting to provide seamless shopping experiences across various channels to meet customer needs.
- Performance in 2024: January and February saw increased consumer spending, particularly in health and personal care categories.
When it comes to the future of retail, especially in 2024, it is marked by retailers’ ability to prioritize convenience and quick and effective adaptability to changing consumer preferences. These topics are going to be vital in driving growth and sustaining consumer confidence.
Understanding Gen Z Consumer Behavior through TikTok
At the recent Shoptalk conference, a panel featuring Gen Z consumers shed light on their shopping habits and motivations. Despite being eager consumers, these panelists offered valuable insights into their generation’s shopping preferences.
To understand their point of view, you have to think of TikTok not only as a social media platform. For Gen Z, TikTok is an essential tool for discovering new products and brands. The platform is not just used to discover new products but it slowly becomes like Google. People turn to the platform for everything from recipes to fashion advice. This approach highlights their reliance on TikTok. But rather than just looking for some plain insights, TikTok users seek these two topics:
- Authenticity: GenZ seeks honest reviews and unscripted content, valuing transparency and openness from creators.
- Sustainability & Resale: TikTok shoppers prioritize eco-friendly options and are drawn to niche brands that align with their values.
However, TikTok isn’t without its challenges like its addictive nature, and privacy and potential ban issues. Gen Z remains fearless, focusing on broader societal issues. What brands should consider doing is adapting to the evolving preferences of Gen Z consumers. They are a big consumer group looking for authenticity and sustainability during purchases. That’s why it is vital to align the brand values to them to create a bond with the new consumer generation that is starting to dominate retail with a twist.
Recent Retail Insights for 2024: Economic Trends and Tech Updates
While last year’s retail data painted a promising picture for the future, it’s essential to acknowledge retail is an ever-changing area influenced by topics like economic trends and technological advancements. With being dynamic and human-centered, retailers always have to be quick on their feeds to keep up with influencing factors that can change throughout the year. For those of you who are wondering what they might be, here are four recent topics and trends that are impactful for forecasting in the retail industry.
Retail Tech & Insights
Surveys emphasized the role of physical stores and technology in shaping consumer behavior. Their highlights ranged from stores being the key to fashion discoveries to staff demands for more technological implementations and lower in-store return rates.
AI Impact on Retail
Discussions highlighted AI’s pioneering and huge potential but also included important challenges and topics to consider about AI such as data readiness and ethics.
Retail Strategies and Challenges
Retailers faced operational hurdles and some consumer activism, with tech glitches disrupting big firms. One consumer activism topic was related to pricing, which led to boycott threats, reflecting pressure on retailers to address issues and enhance experiences.
Strategic Initiatives
Retailers continued to add innovations to retail with Walmart’s AI logistics platform and Marks & Spencer’s super-app partnership with HSBC. Other major players also launched into new areas with supply chain solutions and autonomous vehicles.
While economic ups and downs might shake up the retail world, it’s important to stay optimistic and trust the data! For retail, it is important to always keep in mind that following and adopting evolving consumer expectations and technical advancements is the key to staying competitive and thriving in the retail landscape of 2024.
Cirro Fulfillment’s Shopify Integration
Cirro Fulfillment has integrated with Shopify, allowing Shopify merchants to optimize logistics management. With over 4,000 clients worldwide, Cirro Fulfillment offers enhanced fulfillment services across 80 centers globally, helping merchants streamline operations and improve customer satisfaction.
AliExpress Introduces Livestream Shopping in the U.K.
AliExpress, a retail marketplace owned by Alibaba, has introduced a livestreaming e-commerce service in the U.K. in collaboration with Vogue Business. This platform allows shoppers to explore livestream videos hosted by local models, actors, and TV personalities, showcasing and selling various products. Creators will receive commissions for sales made through their streams and may have the opportunity to develop their own fashion collections through a competition later this year.
ParcelLab Releases Order Tracking for Salesforce
ParcelLab‘s recent announcement of “Order Tracking for Salesforce” on the Salesforce AppExchange provides customer service agents with a comprehensive view of order and return information directly within Salesforce Service Cloud. With access to details such as product information, shipping status, and order history, agents can efficiently address customer inquiries and resolve delivery issues quickly. This streamlined approach enhances the customer service experience and reinforces ParcelLab’s commitment to optimizing post-purchase operations for businesses utilizing Salesforce’s platform.
Instagram Sales Made Easy with Juphy AI
Social media, like Instagram, can be a big help in selling products online. Sometimes, people see something they like on Instagram and want to buy it. But then what? Usually, they’d have to find the website or send a message and wait for a reply. This process can be slow and tricky for both buyers and sellers.
But with Juphy AI, it’s different! You can easily connect Juphy’s AI shopping assistant to your Shopify store and social media accounts. It not only guides potential customers to your website but also answers all your customer questions piling up in your DMs quickly and efficiently. All you have to do is make one click and sit back and relax while Juphy AI takes care of the rest. This means more sales from Instagram with less effort! Give Juphy AI a try now and watch those sales increase: juphy.com
Key Takeaways
NRF’s 2024 Retail Predictions: NRF forecasts U.S. retail growth at 2.5%-3.5% in 2024, prioritizing meeting evolving consumer demands. Nonstore & online sales are projected to reach $1.47-$1.50 trillion, reflecting the advancing influence of e-commerce.
Gen Z Consumer Behavior on TikTok: Insights from the recent Shoptalk conference reveal Gen Z’s reliance on TikTok for product discovery and brand engagement. With a preference for authenticity and sustainability, Gen Z seeks honest reviews and eco-friendly options.
Retail Trends & Insights: Recent retail trends highlight the importance of adapting to economic shifts & technological advancements. From AI impact to strategic initiatives, retailers face operational hurdles but strive for innovation.
Cirro Fulfillment’s Shopify Integration: Cirro Fulfillment integrates with Shopify, optimizing logistics management for merchants worldwide. Enhanced services across 80 centers streamline operations & boost customer satisfaction.
AliExpress Livestream Shopping in the U.K.: AliExpress introduces livestream shopping in the U.K., partnering with Vogue Business. Local models showcase products in interactive live streams, offering creators sales commissions & potential fashion collection opportunities.
ParcelLab’s Order Tracking for Salesforce: ParcelLab’s “Order Tracking for Salesforce” on AppExchange enhances customer service with comprehensive order info. Agents access product details, shipping status, & order history, optimizing post-purchase operations.