![\"Consumers](\"https://www.pymnts.com/wp-content/uploads/2024/07/Consumers-citing-the-type-of-merchant-where-they-made-their-most-recent-purchase.png\")
Consumers are choosing different kinds of sellers when they shop online compared to in stores, with mass merchants winning out in eCommerce while grocers lead in brick-and-mortar.
\nThe 2023 PYMNTS Intelligence report \u201cApple Pay @9: The Battle for in-Store Adoption and Usage\u201d drew from a survey of more than 2,000 United States consumers to understand their purchasing behavior.
\n
Supplemental research from the study found that among the 39% of consumers who made an online purchase in the previous 24 hours, more than two-thirds made their most recent one from a mass merchant. Meanwhile, 18% did so from another retailer, 9% ordered food, 4% made a purchase from a grocer and marginal shares did so from convenience stores or gas stations.
\nMeanwhile, in brick-and-mortar, grocers win. Among the 57% of consumers who made an in-store purchase the previous day, 32% said their most recent such purchase was from a grocer, while 29% said the same of mass merchants. Fifteen percent did so from other retailers, 10% ordered food, 7% made a convenience store purchase most recently and 6% purchased a gas station.
\nThe PYMNTS Intelligence study \u201cConsumer Interest in an Everyday App\u201d underscored that consumers disproportionately shop with grocers when making in-person purchases. One-third of consumers reported shopping for groceries in physical stores or by calling, while only 17% did so for non-grocery retail items, and 29% for restaurant purchases.
\nFurther PYMNTS Intelligence research revealed that as of April 2023, 52% of grocery shoppers made such purchases online and in person, while just 43% did so in person only and less than 6% did so purely via digital channels.
\nThese findings highlight the divergent shopping behaviors between online and in-store consumers. While mass merchants dominate the online retail space, capturing the majority of recent purchases, brick-and-mortar consumers show a distinct preference for grocery stores. This divergence shows the importance for retailers to tailor their strategies to meet the unique demands of each shopping channel, ensuring they can effectively engage and capture their target audience wherever they choose to shop.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Mass Merchants Capture Two-Thirds of eCommerce Purchases appeared first on PYMNTS.com.
\n", "content_text": "Consumers are choosing different kinds of sellers when they shop online compared to in stores, with mass merchants winning out in eCommerce while grocers lead in brick-and-mortar.\nBy the Numbers\nThe 2023 PYMNTS Intelligence report \u201cApple Pay @9: The Battle for in-Store Adoption and Usage\u201d drew from a survey of more than 2,000 United States consumers to understand their purchasing behavior.\n\nSupplemental research from the study found that among the 39% of consumers who made an online purchase in the previous 24 hours, more than two-thirds made their most recent one from a mass merchant. Meanwhile, 18% did so from another retailer, 9% ordered food, 4% made a purchase from a grocer and marginal shares did so from convenience stores or gas stations.\nMeanwhile, in brick-and-mortar, grocers win. Among the 57% of consumers who made an in-store purchase the previous day, 32% said their most recent such purchase was from a grocer, while 29% said the same of mass merchants. Fifteen percent did so from other retailers, 10% ordered food, 7% made a convenience store purchase most recently and 6% purchased a gas station.\nA Deeper Dive\nThe PYMNTS Intelligence study \u201cConsumer Interest in an Everyday App\u201d underscored that consumers disproportionately shop with grocers when making in-person purchases. One-third of consumers reported shopping for groceries in physical stores or by calling, while only 17% did so for non-grocery retail items, and 29% for restaurant purchases.\nFurther PYMNTS Intelligence research revealed that as of April 2023, 52% of grocery shoppers made such purchases online and in person, while just 43% did so in person only and less than 6% did so purely via digital channels.\nThese findings highlight the divergent shopping behaviors between online and in-store consumers. While mass merchants dominate the online retail space, capturing the majority of recent purchases, brick-and-mortar consumers show a distinct preference for grocery stores. This divergence shows the importance for retailers to tailor their strategies to meet the unique demands of each shopping channel, ensuring they can effectively engage and capture their target audience wherever they choose to shop.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Mass Merchants Capture Two-Thirds of eCommerce Purchases appeared first on PYMNTS.com.", "date_published": "2024-07-31T17:38:39-04:00", "date_modified": "2024-07-31T17:38:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/retail-eCommerce-online-shopping.png", "tags": [ "Apple Pay @9: The Battle for In-Store Adoption and Usage", "brick and mortar", "Consumer Interest in an Everyday App", "ecommerce", "food and beverage", "grocery", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2019727", "url": "https://www.pymnts.com/news/retail/2024/amazon-upgrades-checkout-artificial-intelligence-boost-third-party-adoption/", "title": "Amazon Upgrades Checkout AI to Boost Third-Party Adoption", "content_html": "As Amazon looks to license its Just Walk Out checkout system to more stores, the eCommerce giant is upgrading the artificial intelligence model to improve accuracy.
\nThe company announced in a blog post Wednesday (July 31) that the new multimodal AI foundation model uses advanced machine learning techniques, akin to those used in generative AI applications, to analyze data from cameras and sensors concurrently. This marks a departure from the previous sequential data analysis method, addressing issues such as camera obstructions and complex shopper behaviors more effectively.
\n\u201cWhat we realized in the past couple of years is \u2026 we could combine all of these different signals into a single model and \u2026 teach a machine learning system to operate on the entirety of that information all at once to produce a receipt,\u201d Jon Jenkins, vice president of Just Walk Out technology, shared on a call. \u201c\u2026 When we took this multimodal, single foundation model approach, we found out that we could generate receipts faster, more efficiently and more accurately than we were able to with the existing system, which was already pretty good.\u201d
\nJenkins explained that this foundational technology allows Just Walk Out to process and integrate multiple types of data inputs \u2014 video from cameras, weight signals from sensors, RFID signals and images of items taken off shelves \u2014 into a comprehensive model, which is \u201ckind of a game changer.\u201d
\nMany consumers, for their part, are interested in this kind of checkout system, according to the PYMNTS Intelligence study \u201cHow We Will Pay Report: How Connected Devices Enable Multitasking Among Digital-First Consumers.\u201d Specifically, among the 95% of consumers who own connected devices, 35% would be interested in an experience where they walk into a store, pick up a product and walk out without standing in a checkout line to pay. Sensors detect what they have put in their cart, and they are automatically charged for those items using an app with the payment method. Additionally, 6% said they already do this.
\nAmazon\u2019s Just Walk Out technology is gaining traction beyond its own stores, with over 170 installations in third-party locations, Jenkins said. Initially launched under Amazon\u2019s retail division, the project shifted to AWS around two years ago to better serve non-Amazon businesses.
\n\u201cThere are going to be way more non-Amazon stores than Amazon stores,\u201d Jenkins remarked, highlighting the need to cater to a broader market.
\nThe pivot focuses on making the technology easily installable and operable for a range of external customers. Jenkins emphasized that Amazon\u2019s own stores, like Amazon Go and Amazon Fresh, are now treated as just another customer among many. Most new installations are third-party locations, including airports and stadiums. For instance, Hudson operates 16 Just Walk Out-enabled stores in airports across the country, and several stadiums, including Lumen Field and the Washington Commanders\u2019 stadium, have embraced the technology.
\nJenkins highlighted several key areas where the technology is beginning to catch on. The initial large-scale third-party deployments of Just Walk Out were in stadiums across the country. Jenkins cited Lumen Field as an example, where the technology increased customer throughput by 85% and more than doubled revenue in the same space.
\nAdditionally, in cases where stores need to, say, stay open overnight, the technology, operating unattended, is meant to present a viable financial model during those off-peak hours. Plus, in areas that see short bursts of high traffic, the technology is meant to allow these venues to manage increased demand without increasing labor costs, optimizing staffing efficiency.
\nJenkins also stated that high-theft locations see a marked decrease in shrinkage with Just Walk Out. The technology effectively converts potential theft into legitimate purchases, as items taken off the shelf are automatically added to the customer\u2019s virtual cart.
\nAdditionally, for new facilities, Just Walk Out allows architects to allocate less space to retail areas. This reduction, Jenkins said, translates into cost savings in construction and operational efficiency.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Amazon Upgrades Checkout AI to Boost Third-Party Adoption appeared first on PYMNTS.com.
\n", "content_text": "As Amazon looks to license its Just Walk Out checkout system to more stores, the eCommerce giant is upgrading the artificial intelligence model to improve accuracy.\nThe company announced in a blog post Wednesday (July 31) that the new multimodal AI foundation model uses advanced machine learning techniques, akin to those used in generative AI applications, to analyze data from cameras and sensors concurrently. This marks a departure from the previous sequential data analysis method, addressing issues such as camera obstructions and complex shopper behaviors more effectively.\n\u201cWhat we realized in the past couple of years is \u2026 we could combine all of these different signals into a single model and \u2026 teach a machine learning system to operate on the entirety of that information all at once to produce a receipt,\u201d Jon Jenkins, vice president of Just Walk Out technology, shared on a call. \u201c\u2026 When we took this multimodal, single foundation model approach, we found out that we could generate receipts faster, more efficiently and more accurately than we were able to with the existing system, which was already pretty good.\u201d\nJenkins explained that this foundational technology allows Just Walk Out to process and integrate multiple types of data inputs \u2014 video from cameras, weight signals from sensors, RFID signals and images of items taken off shelves \u2014 into a comprehensive model, which is \u201ckind of a game changer.\u201d\nMany consumers, for their part, are interested in this kind of checkout system, according to the PYMNTS Intelligence study \u201cHow We Will Pay Report: How Connected Devices Enable Multitasking Among Digital-First Consumers.\u201d Specifically, among the 95% of consumers who own connected devices, 35% would be interested in an experience where they walk into a store, pick up a product and walk out without standing in a checkout line to pay. Sensors detect what they have put in their cart, and they are automatically charged for those items using an app with the payment method. Additionally, 6% said they already do this.\nThe Third-Party Future of Just Walk Out\nAmazon\u2019s Just Walk Out technology is gaining traction beyond its own stores, with over 170 installations in third-party locations, Jenkins said. Initially launched under Amazon\u2019s retail division, the project shifted to AWS around two years ago to better serve non-Amazon businesses.\n\u201cThere are going to be way more non-Amazon stores than Amazon stores,\u201d Jenkins remarked, highlighting the need to cater to a broader market.\nThe pivot focuses on making the technology easily installable and operable for a range of external customers. Jenkins emphasized that Amazon\u2019s own stores, like Amazon Go and Amazon Fresh, are now treated as just another customer among many. Most new installations are third-party locations, including airports and stadiums. For instance, Hudson operates 16 Just Walk Out-enabled stores in airports across the country, and several stadiums, including Lumen Field and the Washington Commanders\u2019 stadium, have embraced the technology.\nThe Use Cases of Computer Vision Checkout\nJenkins highlighted several key areas where the technology is beginning to catch on. The initial large-scale third-party deployments of Just Walk Out were in stadiums across the country. Jenkins cited Lumen Field as an example, where the technology increased customer throughput by 85% and more than doubled revenue in the same space.\nAdditionally, in cases where stores need to, say, stay open overnight, the technology, operating unattended, is meant to present a viable financial model during those off-peak hours. Plus, in areas that see short bursts of high traffic, the technology is meant to allow these venues to manage increased demand without increasing labor costs, optimizing staffing efficiency.\nJenkins also stated that high-theft locations see a marked decrease in shrinkage with Just Walk Out. The technology effectively converts potential theft into legitimate purchases, as items taken off the shelf are automatically added to the customer\u2019s virtual cart.\nAdditionally, for new facilities, Just Walk Out allows architects to allocate less space to retail areas. This reduction, Jenkins said, translates into cost savings in construction and operational efficiency.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Amazon Upgrades Checkout AI to Boost Third-Party Adoption appeared first on PYMNTS.com.", "date_published": "2024-07-31T12:00:50-04:00", "date_modified": "2024-07-31T23:12:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Amazon-Just-Walk-Out.jpg", "tags": [ "Amazon", "Amazon Web Services", "artificial intelligence", "AWS", "checkout conversion", "connected commerce", "Connected Economy", "Featured News", "GenAI", "Innovation", "just walk out", "News", "PYMNTS News", "Retail", "Technology", "Unattended Retail" ] }, { "id": "https://www.pymnts.com/?p=2019501", "url": "https://www.pymnts.com/news/retail/2024/shop-talk-social-media-creates-roadmap-for-emerging-brands-expansion/", "title": "Shop Talk: Social Media Creates Roadmap for Pop & Bottle Brand", "content_html": "As early-stage brands look for digital tools to build and grow their following, Pop & Bottle has seen social media point the way forward for its geographic expansion.
\nIn an interview with PYMNTS for the Shop Talk series, Jash Mehta, co-founder of the latte brand, explained how these platforms laid the groundwork for the company as it established a presence new areas.
\n\u201cIn the early days of Pop & Bottle, it was, because we didn\u2019t have national distribution, the only consumers who could find \u2026 encounter the brand at all were those who were in our local geographies, and social media allowed us to have a broader brand reach before we had the physical distribution,\u201d Mehta said. \u201cBuilding a voice online through social media allowed us to understand what consumers in other geographies were interested in or what they were resonating with before we even had a presence there.\u201d
\nShe underscored that these platforms served as both \u201ca microphone\u201d expanding the number of consumers who could discover the brand as well as a way to do market research.
\nIn the years since, the brand\u2019s social strategy has evolved. Where once it was mainly focused on Instagram, now the company also integrates other platforms, leaning into their strengths. For instance, TikTok enables the brand to \u201cexperiment with recipes and flavors\u201d and \u201chighlight what is possible with our products,\u201d while Instagram is effective for direct communication with customers and for watching trends.
\nCertainly, many consumers look to social media platforms to inspire their purchasing choices. The 2023 PYMNTS Intelligence study \u201cTracking the Digital Payments Takeover: Monetizing Social Media\u201d reveals that 43% of consumers use social media to discover goods and services. For Gen Z, that figure increases to 68%, while for millennials, it rises to 64%.
\nIn recent years, inflation has also played a role in shaping consumer behavior. Pop & Bottle faced the challenge of absorbing manufacturing cost increases while minimizing price hikes for customers.
\nMehta pointed out that while they tried to keep prices stable, \u201cwe saw price inflation across the entire category.\u201d This period highlighted the delicate balance brands had to strike between maintaining profitability and retaining customer loyalty.
\nFor premium brands, these trends can pose significant challenges. PYMNTS Intelligence data revealed that finds that 56% of high-income, 66% of middle-income and 69% of low-income shoppers reported having cut down on nonessential spending in the last year due to retail product price increases.
\n\u201cWe started in a very small, grassroots way in San Francisco,\u201d Mehta recalled.
\nThe brand\u2019s inception was rooted in the founders\u2019 frustration with the lack of clean, organic coffee products in grocery stores. This gap in the market led them to experiment with recipes in their kitchen and eventually scale up production in a small commercial kitchen in Berkeley.
\nThe initial phase of Pop & Bottle\u2019s journey involved significant multitasking. Mehta and her co-founder took on many roles, from production to sales, reaching out to independent retailers that tended to champion emerging brands. This hands-on approach helped them understand the market and refine their product based on direct feedback.
\nA major milestone came with their entry into Whole Foods in Northern California. This move required scaling up their supply chain and production capabilities, marking a critical turning point for the brand.
\nWhile retail has been the primary channel for Pop & Bottle, the brand has also ventured into direct-to-consumer (D2C) sales. Initially, their perishable product line made D2C logistics challenging. However, as they expanded their product range to include items that did not require refrigeration, they began to explore this channel more seriously.
\nMehta highlighted the value of the D2C model: \u201cHaving a direct channel with the consumer is really valuable, where we get feedback, we\u2019re able to test innovation.\u201d
\nThis direct line of communication allows brands to gather insights and adjust their strategies quickly, a crucial advantage in the fast-evolving consumer market.
\nLooking ahead, Mehta is excited about expanding into more conventional grocery channels and continuing to innovate within the coffee and tea categories. A key aspect of their future strategy involves supporting female-owned and operated farmers, aligning with their mission to build a more equitable supply chain \u2014 a priority for many shoppers, especially younger ones, per PYMNTS Intelligence research.
\nNow, the brand is ready to go mainstream.
\n\u201cWe\u2019re at this interesting stage of the business now, where we started as a very natural-[retailer]-focused brand, because we\u2019re a slightly higher price point, because of all the ingredients and clean label, the organic,\u201d Mehta said. \u201c\u2026 The next step was to go into more conventional grocery channels, and the last few years have been really focused on bridging to those channels and those consumers \u2026 which has been really exciting and one of the big growth drivers of our brand.\u201d
\nThe post Shop Talk: Social Media Creates Roadmap for Pop & Bottle Brand appeared first on PYMNTS.com.
\n", "content_text": "As early-stage brands look for digital tools to build and grow their following, Pop & Bottle has seen social media point the way forward for its geographic expansion.\nIn an interview with PYMNTS for the Shop Talk series, Jash Mehta, co-founder of the latte brand, explained how these platforms laid the groundwork for the company as it established a presence new areas.\n\u201cIn the early days of Pop & Bottle, it was, because we didn\u2019t have national distribution, the only consumers who could find \u2026 encounter the brand at all were those who were in our local geographies, and social media allowed us to have a broader brand reach before we had the physical distribution,\u201d Mehta said. \u201cBuilding a voice online through social media allowed us to understand what consumers in other geographies were interested in or what they were resonating with before we even had a presence there.\u201d\nShe underscored that these platforms served as both \u201ca microphone\u201d expanding the number of consumers who could discover the brand as well as a way to do market research.\nIn the years since, the brand\u2019s social strategy has evolved. Where once it was mainly focused on Instagram, now the company also integrates other platforms, leaning into their strengths. For instance, TikTok enables the brand to \u201cexperiment with recipes and flavors\u201d and \u201chighlight what is possible with our products,\u201d while Instagram is effective for direct communication with customers and for watching trends.\nCertainly, many consumers look to social media platforms to inspire their purchasing choices. The 2023 PYMNTS Intelligence study \u201cTracking the Digital Payments Takeover: Monetizing Social Media\u201d reveals that 43% of consumers use social media to discover goods and services. For Gen Z, that figure increases to 68%, while for millennials, it rises to 64%.\nIn recent years, inflation has also played a role in shaping consumer behavior. Pop & Bottle faced the challenge of absorbing manufacturing cost increases while minimizing price hikes for customers.\nMehta pointed out that while they tried to keep prices stable, \u201cwe saw price inflation across the entire category.\u201d This period highlighted the delicate balance brands had to strike between maintaining profitability and retaining customer loyalty.\nFor premium brands, these trends can pose significant challenges. PYMNTS Intelligence data revealed that finds that 56% of high-income, 66% of middle-income and 69% of low-income shoppers reported having cut down on nonessential spending in the last year due to retail product price increases.\nBuilding the Brand\n\u201cWe started in a very small, grassroots way in San Francisco,\u201d Mehta recalled.\nThe brand\u2019s inception was rooted in the founders\u2019 frustration with the lack of clean, organic coffee products in grocery stores. This gap in the market led them to experiment with recipes in their kitchen and eventually scale up production in a small commercial kitchen in Berkeley.\nThe initial phase of Pop & Bottle\u2019s journey involved significant multitasking. Mehta and her co-founder took on many roles, from production to sales, reaching out to independent retailers that tended to champion emerging brands. This hands-on approach helped them understand the market and refine their product based on direct feedback.\nA major milestone came with their entry into Whole Foods in Northern California. This move required scaling up their supply chain and production capabilities, marking a critical turning point for the brand.\nWhile retail has been the primary channel for Pop & Bottle, the brand has also ventured into direct-to-consumer (D2C) sales. Initially, their perishable product line made D2C logistics challenging. However, as they expanded their product range to include items that did not require refrigeration, they began to explore this channel more seriously.\nMehta highlighted the value of the D2C model: \u201cHaving a direct channel with the consumer is really valuable, where we get feedback, we\u2019re able to test innovation.\u201d\nThis direct line of communication allows brands to gather insights and adjust their strategies quickly, a crucial advantage in the fast-evolving consumer market.\nLooking ahead, Mehta is excited about expanding into more conventional grocery channels and continuing to innovate within the coffee and tea categories. A key aspect of their future strategy involves supporting female-owned and operated farmers, aligning with their mission to build a more equitable supply chain \u2014 a priority for many shoppers, especially younger ones, per PYMNTS Intelligence research.\nNow, the brand is ready to go mainstream.\n\u201cWe\u2019re at this interesting stage of the business now, where we started as a very natural-[retailer]-focused brand, because we\u2019re a slightly higher price point, because of all the ingredients and clean label, the organic,\u201d Mehta said. \u201c\u2026 The next step was to go into more conventional grocery channels, and the last few years have been really focused on bridging to those channels and those consumers \u2026 which has been really exciting and one of the big growth drivers of our brand.\u201d\nThe post Shop Talk: Social Media Creates Roadmap for Pop & Bottle Brand appeared first on PYMNTS.com.", "date_published": "2024-07-31T09:30:48-04:00", "date_modified": "2024-07-31T22:16:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Shop-Talk-retail-Pop-Bottle-social-media.png", "tags": [ "advertising", "Expansion", "food and beverages", "Jash Mehta", "marketing", "News", "Pop & Bottle", "Product Discovery", "PYMNTS News", "Retail", "Shop Talk", "social commerce", "Social Media" ] }, { "id": "https://www.pymnts.com/?p=2019401", "url": "https://www.pymnts.com/news/retail/2024/more-than-two-thirds-of-us-consumers-now-subscribe-to-amazon-prime/", "title": "More Than Two-Thirds of US Consumers Now Subscribe to Amazon Prime", "content_html": "Amazon Prime membership is on the rise, encompassing the majority of consumers, but PYMNTS Intelligence data shows that Walmart\u2019s quickly growing membership is becoming a force to be reckoned with.
\nThis year\u2019s installment of the PYMNTS Intelligence Amazon Prime Day study draws from a survey of nearly 6,000 United States consumers to understand their subscription and spending habits with retail giants Amazon and Walmart.
\nThe results revealed that, while far more consumers are subscribed to the former\u2019s paid membership program, the latter\u2019s is growing faster. Specifically, as of this year, 67.3% of consumers reported that they are members of Amazon Prime, up from 65.4% last year. Conversely, only 30.2% of consumers subscribe to Walmart+, but that share marks a considerable increase from last year, when it stood at only 23.4%.
\nAs such, Amazon Prime membership rose a little less than 3%, while Walmart+\u2019s subscriber base grew by an order of magnitude more, rising more than 29%.
\nThe data underscores the shifting dynamics in the retail subscription landscape, with Amazon Prime maintaining its lead in sheer numbers, while Walmart+ experiences rapid growth, signaling a potent competitive threat.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/07/Amazon-Prime-Walmart-graphic.png\")
Amazon Prime\u2019s members are spending more and more. In its recent Prime Day event, the eCommerce giant shared that it saw \u201cwith record sales and more items sold during the two-day event than any previous Prime Day event.\u201d Plus, external estimates hold that the company saw an\u00a011% increase in spending over the course of the event compared to last year, reaching $14.2 billion.
\nWalmart seems to have experienced a decline in participation in its summer sales event among Walmart+ members. According to the PYMNTS Intelligence report \u201cWalmart+ Week 2024,\u201d which surveyed over 7,700 U.S. consumers, 14% of consumers made a purchase during the event, a drop from the 20% reported last year.
\nThe post More Than Two-Thirds of US Consumers Now Subscribe to Amazon Prime appeared first on PYMNTS.com.
\n", "content_text": "Amazon Prime membership is on the rise, encompassing the majority of consumers, but PYMNTS Intelligence data shows that Walmart\u2019s quickly growing membership is becoming a force to be reckoned with. \nBy the Numbers\nThis year\u2019s installment of the PYMNTS Intelligence Amazon Prime Day study draws from a survey of nearly 6,000 United States consumers to understand their subscription and spending habits with retail giants Amazon and Walmart.\nThe results revealed that, while far more consumers are subscribed to the former\u2019s paid membership program, the latter\u2019s is growing faster. Specifically, as of this year, 67.3% of consumers reported that they are members of Amazon Prime, up from 65.4% last year. Conversely, only 30.2% of consumers subscribe to Walmart+, but that share marks a considerable increase from last year, when it stood at only 23.4%. \nAs such, Amazon Prime membership rose a little less than 3%, while Walmart+\u2019s subscriber base grew by an order of magnitude more, rising more than 29%. \nThe data underscores the shifting dynamics in the retail subscription landscape, with Amazon Prime maintaining its lead in sheer numbers, while Walmart+ experiences rapid growth, signaling a potent competitive threat.\n\nThe Data in Context\nAmazon Prime\u2019s members are spending more and more. In its recent Prime Day event, the eCommerce giant shared that it saw \u201cwith record sales and more items sold during the two-day event than any previous Prime Day event.\u201d Plus, external estimates hold that the company saw an\u00a011% increase in spending over the course of the event compared to last year, reaching $14.2 billion.\nWalmart seems to have experienced a decline in participation in its summer sales event among Walmart+ members. According to the PYMNTS Intelligence report \u201cWalmart+ Week 2024,\u201d which surveyed over 7,700 U.S. consumers, 14% of consumers made a purchase during the event, a drop from the 20% reported last year. \nThe post More Than Two-Thirds of US Consumers Now Subscribe to Amazon Prime appeared first on PYMNTS.com.", "date_published": "2024-07-30T16:46:13-04:00", "date_modified": "2024-07-30T16:46:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Amazon-Prime-1.jpg", "tags": [ "Amazon Prime", "amazon prime day", "ecommerce", "News", "PYMNTS Intelligence", "PYMNTS News", "Retail", "subscriptions", "walmart", "Walmart+ Week" ] }, { "id": "https://www.pymnts.com/?p=2018487", "url": "https://www.pymnts.com/news/retail/2024/gift-card-scams-surge-as-maryland-enacts-law-amid-federal-crackdown/", "title": "Gift Card Scams Surge as Maryland Enacts Law Amid Federal Crackdown", "content_html": "Gift card scams are back in the news, with two federal agencies issuing warnings about their proliferation and one state now passing a law aimed at stopping its latest iteration called card draining, where scammers deplete the value of gift cards before they are used.
\nFirst, the good news. Maryland has enacted the Gift Card Scams Prevention Act of 2024 which mandates several preventative measures and imposes new obligations on merchants and third-party gift card resellers.
\nThe law requires merchants conducting online gift card sales to register annually with the Division of Consumer Protection within the Office of the Attorney General. These merchants must also display a consumer warning about gift card scams online and at physical retail locations where gift cards are sold. The bill also stipulates that physical gift cards be enclosed in secure packaging to prevent tampering unless the card is chip-enabled and numberless or sold exclusively for use at the merchant\u2019s own establishments.
\n\u201cA merchant may not knowingly sell an open-loop gift card to a consumer unless … the merchant conspicuously displays a notice … and the gift card is enclosed in secure packaging that is sealed in a manner that is not easily opened without signs of tampering,\u201d the law states.
\nThe bill also mandates that merchants provide employee training on identifying and responding to gift card fraud. Third-party gift card resellers must maintain detailed records of transactions for at least three years. These records include the transaction date, the seller\u2019s and buyer\u2019s identification details, and the gift card\u2019s specifics. Law enforcement agencies can request these records if needed for criminal investigations.
\nViolations of this act are classified as unfair, abusive or deceptive trade practices under the Maryland Consumer Protection Act, subject to enforcement and penalties. The law is scheduled to take effect in two phases: initial provisions on Oct. 1 and full implementation by June 1, 2025. This comprehensive approach aims to enhance consumer protection and mitigate the risks associated with gift card fraud.
\nAccording to ProPublica, the Maryland law is part of a growing effort among several government agencies \u2014 federal and state \u2014 to combat card draining, which escalated during the pandemic at the hands of Chinese organized crime rings. ProPublica recently\u00a0reported that late last year, the Department of Homeland Security launched a task force to address card draining.
\n\u201cWe\u2019re talking hundreds of millions of dollars, potentially billions of dollars, [and] that\u2019s a substantial risk to our economy and to people\u2019s confidence in their retail environment,\u201d Adam Parks, a Homeland Security assistant special agent in charge, told ProPublica.
\nThe FBI issued a warning on May 6 warning of an increase in gift card scams where fraudsters impersonate legitimate entities, such as government agencies, tech support, or romantic interests, to trick victims into purchasing gift cards. Scammers often create a sense of urgency, claiming immediate action is required to resolve issues or secure prizes. Once the victim buys the gift cards, the scammer requests the card numbers and PINs, enabling them to quickly access the funds. The FBI advised consumers not to share gift card information, scrutinize unsolicited requests for payments, and report any suspicious activity to the Federal Trade Commission (FTC) or the FBI\u2019s Internet Crime Complaint Center (IC3).
\nThe FTC also recently issued a report on general financial scams, in which gift card scams played a major role. The FTC report highlights that in 2023, gift card scams led to $228 million in losses, with a median individual loss of $500. Nearly 44% of scam reports involved gift cards, with Apple, Target, and Google Play being the most impersonated companies. The report also notes that scams often use romance, tech support, and government impersonations to trick victims into buying gift cards. Additionally, people aged 20-29 reported the highest number of scam incidents, although older adults, especially those over 70, reported higher financial losses.\u00a0
\nThe post Gift Card Scams Surge as Maryland Enacts Law Amid Federal Crackdown appeared first on PYMNTS.com.
\n", "content_text": "Gift card scams are back in the news, with two federal agencies issuing warnings about their proliferation and one state now passing a law aimed at stopping its latest iteration called card draining, where scammers deplete the value of gift cards before they are used.\nFirst, the good news. Maryland has enacted the Gift Card Scams Prevention Act of 2024 which mandates several preventative measures and imposes new obligations on merchants and third-party gift card resellers.\nThe law requires merchants conducting online gift card sales to register annually with the Division of Consumer Protection within the Office of the Attorney General. These merchants must also display a consumer warning about gift card scams online and at physical retail locations where gift cards are sold. The bill also stipulates that physical gift cards be enclosed in secure packaging to prevent tampering unless the card is chip-enabled and numberless or sold exclusively for use at the merchant\u2019s own establishments.\n\u201cA merchant may not knowingly sell an open-loop gift card to a consumer unless … the merchant conspicuously displays a notice … and the gift card is enclosed in secure packaging that is sealed in a manner that is not easily opened without signs of tampering,\u201d the law states.\nThe bill also mandates that merchants provide employee training on identifying and responding to gift card fraud. Third-party gift card resellers must maintain detailed records of transactions for at least three years. These records include the transaction date, the seller\u2019s and buyer\u2019s identification details, and the gift card\u2019s specifics. Law enforcement agencies can request these records if needed for criminal investigations.\nViolations of this act are classified as unfair, abusive or deceptive trade practices under the Maryland Consumer Protection Act, subject to enforcement and penalties. The law is scheduled to take effect in two phases: initial provisions on Oct. 1 and full implementation by June 1, 2025. This comprehensive approach aims to enhance consumer protection and mitigate the risks associated with gift card fraud.\nGift Card Scams on the Rise\nAccording to ProPublica, the Maryland law is part of a growing effort among several government agencies \u2014 federal and state \u2014 to combat card draining, which escalated during the pandemic at the hands of Chinese organized crime rings. ProPublica recently\u00a0reported that late last year, the Department of Homeland Security launched a task force to address card draining.\n\u201cWe\u2019re talking hundreds of millions of dollars, potentially billions of dollars, [and] that\u2019s a substantial risk to our economy and to people\u2019s confidence in their retail environment,\u201d Adam Parks, a Homeland Security assistant special agent in charge, told ProPublica.\nThe FBI issued a warning on May 6 warning of an increase in gift card scams where fraudsters impersonate legitimate entities, such as government agencies, tech support, or romantic interests, to trick victims into purchasing gift cards. Scammers often create a sense of urgency, claiming immediate action is required to resolve issues or secure prizes. Once the victim buys the gift cards, the scammer requests the card numbers and PINs, enabling them to quickly access the funds. The FBI advised consumers not to share gift card information, scrutinize unsolicited requests for payments, and report any suspicious activity to the Federal Trade Commission (FTC) or the FBI\u2019s Internet Crime Complaint Center (IC3).\nThe FTC also recently issued a report on general financial scams, in which gift card scams played a major role. The FTC report highlights that in 2023, gift card scams led to $228 million in losses, with a median individual loss of $500. Nearly 44% of scam reports involved gift cards, with Apple, Target, and Google Play being the most impersonated companies. The report also notes that scams often use romance, tech support, and government impersonations to trick victims into buying gift cards. Additionally, people aged 20-29 reported the highest number of scam incidents, although older adults, especially those over 70, reported higher financial losses.\u00a0\nThe post Gift Card Scams Surge as Maryland Enacts Law Amid Federal Crackdown appeared first on PYMNTS.com.", "date_published": "2024-07-29T13:38:35-04:00", "date_modified": "2024-07-29T13:43:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Gift-card-scams.jpg", "tags": [ "ecommerce", "FBI", "Fraud Prevention", "FTC", "Gift Card", "News", "PYMNTS News", "Retail", "Retail sales", "scams" ] }, { "id": "https://www.pymnts.com/?p=2017144", "url": "https://www.pymnts.com/news/retail/2024/doomsday-ready-costco-aims-to-be-the-go-to-retailer-for-preppers/", "title": "Doomsday Ready: Costco Aims to Be the Go-To Retailer for Preppers", "content_html": "As many consumers look for ways to ease their doomsday anxieties, Costco is positioning itself as the go-to retailer for consumers who are worried about worst-case scenarios.
\nThe warehouse club retailer is selling a discounted Emergency Preparedness Food Bucket promising 150 just-add-water food and beverage servings spanning 80 entrees and sides, 30 breakfasts and 40 beverages, all with a 25-year shelf life.
\n\u201cIn a world where unpredictability has become a constant, our assortment takes on a vital role in emergency preparedness,\u201d the Costco product description states. \u201cImagine the sudden onset of severe weather, the challenges of unexpected job transitions, or the unsettling thought of food shortages. \u2026 It’s about having the peace of mind that comes from knowing you’ve taken proactive steps to secure your well-being.\u201d
\nNotably, while Costco sells the bucket for roughly $80, Amazon is selling the same product for nearly 50% more at approximately $119.
\nThis food bucket is not the only way Costco is capitalizing on consumers\u2019 doomsday anxieties. The retailer has also seen the gold it sells drive eCommerce growth for several consecutive quarters. Gold is often seen as a source of reliable value during times of economic instability, such as recessions, inflation or geopolitical tensions.
\nThe opportunity here is significant. A 2023 study from financial comparison platform Finder found that consumers had spent $11 billion on emergency preparedness in the previous year, with food and water being the most common such purchases, while a small but significant share (1% of women and 7% of men) bought precious metals.
\nMoreover, according to Reuters, Chris Ellis, a U.S. Army colonel who specializes in handling disasters and who researches preppers, found that that the movement now spans 20 million people. Ellis defines preppers as those who can survive up to one month without external resources.
\nCostco is not the only retailer looking to capture the opportunity presented by consumers\u2019 disaster anxieties. Home Depot advertises its Emergency Preparedness goods with a range of shopping and informational resources. Competitor Lowe\u2019s, too, offers similar options. Plus, electronics retailer Best Buy also offers educational content that links back to products in an effort to get in on shoppers\u2019 worst-case scenario spending, and outdoors retailer REI provides similar resources.
\nCertainly, the current economic climate is exacerbating consumers\u2019 anxieties. People are consistently reporting high levels of concern. A March PYMNTS Intelligence study found that 83% of consumers say they are concerned about their near-term economic prospects.
\nPlus, a May survey of more than 2,400 U.S. consumers for the \u201cNew Reality Check: The Paycheck-to-Paycheck Report\u201d found that nearly two-thirds lived paycheck to paycheck, an 8-percentage-point increase in the last year and the highest on record since March 2022.
\nAs consumers grapple with a landscape of economic uncertainty and unpredictable events, retailers like Costco are stepping in to meet their needs for emergency preparedness. By offering essential products at competitive prices, Costco not only provides a sense of security but also capitalizes on a growing market trend. With the added pressures of economic instability driving consumer anxieties, the demand for doomsday preparedness shows no signs of slowing.
\nFor all PYMNTS retail coverage, subscribe to the daily\u00a0Retail Newsletter.
\nThe post Doomsday Ready: Costco Aims to Be the Go-To Retailer for Preppers appeared first on PYMNTS.com.
\n", "content_text": "As many consumers look for ways to ease their doomsday anxieties, Costco is positioning itself as the go-to retailer for consumers who are worried about worst-case scenarios. \nThe warehouse club retailer is selling a discounted Emergency Preparedness Food Bucket promising 150 just-add-water food and beverage servings spanning 80 entrees and sides, 30 breakfasts and 40 beverages, all with a 25-year shelf life. \n\u201cIn a world where unpredictability has become a constant, our assortment takes on a vital role in emergency preparedness,\u201d the Costco product description states. \u201cImagine the sudden onset of severe weather, the challenges of unexpected job transitions, or the unsettling thought of food shortages. \u2026 It’s about having the peace of mind that comes from knowing you’ve taken proactive steps to secure your well-being.\u201d \nNotably, while Costco sells the bucket for roughly $80, Amazon is selling the same product for nearly 50% more at approximately $119. \nThis food bucket is not the only way Costco is capitalizing on consumers\u2019 doomsday anxieties. The retailer has also seen the gold it sells drive eCommerce growth for several consecutive quarters. Gold is often seen as a source of reliable value during times of economic instability, such as recessions, inflation or geopolitical tensions.\nThe opportunity here is significant. A 2023 study from financial comparison platform Finder found that consumers had spent $11 billion on emergency preparedness in the previous year, with food and water being the most common such purchases, while a small but significant share (1% of women and 7% of men) bought precious metals. \nMoreover, according to Reuters, Chris Ellis, a U.S. Army colonel who specializes in handling disasters and who researches preppers, found that that the movement now spans 20 million people. Ellis defines preppers as those who can survive up to one month without external resources.\nCostco is not the only retailer looking to capture the opportunity presented by consumers\u2019 disaster anxieties. Home Depot advertises its Emergency Preparedness goods with a range of shopping and informational resources. Competitor Lowe\u2019s, too, offers similar options. Plus, electronics retailer Best Buy also offers educational content that links back to products in an effort to get in on shoppers\u2019 worst-case scenario spending, and outdoors retailer REI provides similar resources.\nCertainly, the current economic climate is exacerbating consumers\u2019 anxieties. People are consistently reporting high levels of concern. A March PYMNTS Intelligence study found that 83% of consumers say they are concerned about their near-term economic prospects. \nPlus, a May survey of more than 2,400 U.S. consumers for the \u201cNew Reality Check: The Paycheck-to-Paycheck Report\u201d found that nearly two-thirds lived paycheck to paycheck, an 8-percentage-point increase in the last year and the highest on record since March 2022.\nAs consumers grapple with a landscape of economic uncertainty and unpredictable events, retailers like Costco are stepping in to meet their needs for emergency preparedness. By offering essential products at competitive prices, Costco not only provides a sense of security but also capitalizes on a growing market trend. With the added pressures of economic instability driving consumer anxieties, the demand for doomsday preparedness shows no signs of slowing.\n\nFor all PYMNTS retail coverage, subscribe to the daily\u00a0Retail Newsletter.\n\nThe post Doomsday Ready: Costco Aims to Be the Go-To Retailer for Preppers appeared first on PYMNTS.com.", "date_published": "2024-07-27T04:00:26-04:00", "date_modified": "2024-07-26T11:43:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Costco-Doomsday.jpg", "tags": [ "Best Buy", "Costco", "economy", "emergency preparedness", "Home Depot", "Lowes", "Main Feature", "News", "PYMNTS News", "REI", "Retail", "Saturday Feature", "Security", "Weekender" ] }, { "id": "https://www.pymnts.com/?p=2016925", "url": "https://www.pymnts.com/news/retail/2024/amazon-and-walmart-tap-imaging-tech-to-improve-ecommerce-experience/", "title": "Amazon and Walmart Tap Imaging Tech to Improve eCommerce Experience", "content_html": "Amazon and Walmart are looking to make the online shopping experience more visual in an effort to boost consumers\u2019 eCommerce engagement.
\nAmazon, for its part, has been touting its visual search capabilities with its Amazon Lens tool. The eCommerce giant shared in a news release Monday (July 22) how the technology enables consumers to upload images to find products similar to those that appear, to do the same with real-time shots directly from a device\u2019s camera and to scan barcodes on items to see the product\u2019s Amazon page.
\nCertainly, consumers want technology that offers easier search experiences. The study \u201cAI-Enabled Payments Enhance Customer Options,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0ACI Worldwide collaboration, found that 84% of consumers search online with artificial intelligence (AI) every week and 52% receive AI-powered product recommendations online.
\nWalmart, too, is evidently exploring stepping up the visual capabilities of its eCommerce platforms. On Tuesday (July 23), the company released its first annual \u201cAdaptive Retail Report,\u201d featuring results from a survey that examined consumer interest in technologies such as virtual try-ons and other features to see how items would appear in the real world.
\n\u201cAdvancements in technologies like augmented reality and artificial intelligence are transforming how consumers engage with retailers,\u201d Richard Kowalski, reviewer of the study and senior director, business intelligence at Consumer Technology Association, said in a statement included in the press release. \u201cThe latest research from Walmart and Morning Consults shows that consumers have high expectations for how technology will improve their shopping experiences in the future.\u201d
\nThis focus on virtual try-on and visualization technologies suggests that Walmart may be looking to step up its existing presence in the space, with its beauty, apparel and accessories digital trial offerings.
\nIndeed, having intuitive, simple digital experiences can be key to winning and maintaining shoppers\u2019 loyalty. The PYMNTS Intelligence report \u201cThe Online Features Driving Consumers to Shop With Brands, Retailers or Marketplaces,\u201d created in collaboration with\u00a0Adobe, found that 40% of consumers surveyed said that they consider how easy to navigate the merchant\u2019s online store is when selecting a digital merchant.
\nAdditionally, there is interest among shoppers in visual omnichannel shopping experiences, per PYMNTS Intelligence\u2019s report \u201cHow We Will Pay Report: How Connected Devices Enable Multitasking Among Digital-First Consumers,\u201d which drew from a survey of more than 4,600 U.S. consumers. The study found that, among the 95% of consumers who own connected devices, 39% would be interested in using an app on their phone to see how a piece of clothing would look on them before buying it, and 5% already do this. Plus, 38% said they would be interested in using virtual technology to see how items look in their room before buying them, and 6% already do this.
\nAs Amazon and Walmart invest in advanced imaging technologies, they are setting new standards for online shopping experiences. By making their platforms more visually intuitive and interactive, these retail giants are not only catering to current consumer expectations but also shaping the future of eCommerce.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Amazon and Walmart Tap Imaging Tech to Improve eCommerce Experience appeared first on PYMNTS.com.
\n", "content_text": "Amazon and Walmart are looking to make the online shopping experience more visual in an effort to boost consumers\u2019 eCommerce engagement. \nAmazon\u2019s Image Searches\nAmazon, for its part, has been touting its visual search capabilities with its Amazon Lens tool. The eCommerce giant shared in a news release Monday (July 22) how the technology enables consumers to upload images to find products similar to those that appear, to do the same with real-time shots directly from a device\u2019s camera and to scan barcodes on items to see the product\u2019s Amazon page. \nCertainly, consumers want technology that offers easier search experiences. The study \u201cAI-Enabled Payments Enhance Customer Options,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0ACI Worldwide collaboration, found that 84% of consumers search online with artificial intelligence (AI) every week and 52% receive AI-powered product recommendations online. \nWalmart\u2019s Virtual Try-On\nWalmart, too, is evidently exploring stepping up the visual capabilities of its eCommerce platforms. On Tuesday (July 23), the company released its first annual \u201cAdaptive Retail Report,\u201d featuring results from a survey that examined consumer interest in technologies such as virtual try-ons and other features to see how items would appear in the real world. \n\u201cAdvancements in technologies like augmented reality and artificial intelligence are transforming how consumers engage with retailers,\u201d Richard Kowalski, reviewer of the study and senior director, business intelligence at Consumer Technology Association, said in a statement included in the press release. \u201cThe latest research from Walmart and Morning Consults shows that consumers have high expectations for how technology will improve their shopping experiences in the future.\u201d \nThis focus on virtual try-on and visualization technologies suggests that Walmart may be looking to step up its existing presence in the space, with its beauty, apparel and accessories digital trial offerings. \nThese Technologies Impact Merchant Choice\nIndeed, having intuitive, simple digital experiences can be key to winning and maintaining shoppers\u2019 loyalty. The PYMNTS Intelligence report \u201cThe Online Features Driving Consumers to Shop With Brands, Retailers or Marketplaces,\u201d created in collaboration with\u00a0Adobe, found that 40% of consumers surveyed said that they consider how easy to navigate the merchant\u2019s online store is when selecting a digital merchant.\nAdditionally, there is interest among shoppers in visual omnichannel shopping experiences, per PYMNTS Intelligence\u2019s report \u201cHow We Will Pay Report: How Connected Devices Enable Multitasking Among Digital-First Consumers,\u201d which drew from a survey of more than 4,600 U.S. consumers. The study found that, among the 95% of consumers who own connected devices, 39% would be interested in using an app on their phone to see how a piece of clothing would look on them before buying it, and 5% already do this. Plus, 38% said they would be interested in using virtual technology to see how items look in their room before buying them, and 6% already do this. \nAs Amazon and Walmart invest in advanced imaging technologies, they are setting new standards for online shopping experiences. By making their platforms more visually intuitive and interactive, these retail giants are not only catering to current consumer expectations but also shaping the future of eCommerce.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Amazon and Walmart Tap Imaging Tech to Improve eCommerce Experience appeared first on PYMNTS.com.", "date_published": "2024-07-26T08:00:55-04:00", "date_modified": "2024-07-25T20:22:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Amazon-Walmart.jpg", "tags": [ "Amazon", "Amazon Lens", "Amazon vs Walmart", "Consumer Technology Association", "digital trial", "ecommerce", "image search", "imaging technology", "News", "PYMNTS News", "Retail", "Richard Kowalski", "virtual try-on", "walmart" ] }, { "id": "https://www.pymnts.com/?p=2016177", "url": "https://www.pymnts.com/news/retail/2024/married-parents-are-apparel-retailers-best-customers/", "title": "PYMNTS Data Shows Married Parents Driving Retail Trends", "content_html": "Married parents are emerging as the leading demographic for apparel retailers, demonstrating a preference for clothing and accessories purchases compared to other household types, and merchants are adapting accordingly.
\n![\"retail](\"https://www.pymnts.com/wp-content/uploads/2024/07/retail-spending-consumer-breakdown.png\")
\u201cThe Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel,\u201d a PYMNTS Intelligence report, draws on insights from a study of more than 2,700 United States consumers, examining how spending varies for different types of households.
\nThe results reveal that, when it comes to retail purchases, those who are married with children in the household purchase clothing and accessories disproportionately often. Roughly one-third of consumers in this group said that their last non-grocery retail purchase fell into this category, while 30% of those who are single with children said the same.
\nThose shares drop considerably to 22% for those who are single without children at home, and consumers who are married without children at home buy clothing the least frequently, with only 18% of shoppers in this group citing such a product as their most recent non-grocery retail purchase.
\nThese findings underscore the importance for retailers to tailor their marketing strategies to the specific needs of different household types. By recognizing that married consumers with children are more likely to prioritize clothing and accessories, while those without children show less interest in these categories, merchants can better allocate their resources and develop targeted campaigns to capitalize on these distinct spending patterns.
\nTake, for instance, investing in high-quality children\u2019s products to win the spending of parents. Last week, Zara announced the launch of a collection in partnership with New York-based apparel brand Sea focusing on \u201ceffortlessly cool kid\u2019s ready-to-wear, shoes, and accessories.\u201d
\n\u201cThe DNA of Sea is all about ease and the freedom to express, two things that should always be considered as important to a child\u2019s wardrobe as they are to an adult\u2019s,\u201d the retailer said in a news release. \u201cSea x Zara collection is all about that kind of curiosity and a sense of play.\u201d
\nPlus, earlier this month, brand management company WHP Global announced a new licensing partnership with FFI Global to improve its G-Star line\u2019s children\u2019s offerings.
\n\u201cWe are thrilled to partner with FFI Global to strengthen G-STAR\u2019s presence in the children\u2019s market. This strategic partnership allows us to tap into one of the fastest growing demographics and offer high-quality, fashionable solutions to the next generation of consumers,\u201d Lynn Flynn, WHP Global\u2019s executive vice president of the fashion vertical, said in a statement.
\nThe post PYMNTS Data Shows Married Parents Driving Retail Trends appeared first on PYMNTS.com.
\n", "content_text": "Married parents are emerging as the leading demographic for apparel retailers, demonstrating a preference for clothing and accessories purchases compared to other household types, and merchants are adapting accordingly.\nBy the Numbers\u00a0\n\n\u201cThe Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel,\u201d a PYMNTS Intelligence report, draws on insights from a study of more than 2,700 United States consumers, examining how spending varies for different types of households.\nThe results reveal that, when it comes to retail purchases, those who are married with children in the household purchase clothing and accessories disproportionately often. Roughly one-third of consumers in this group said that their last non-grocery retail purchase fell into this category, while 30% of those who are single with children said the same.\nThose shares drop considerably to 22% for those who are single without children at home, and consumers who are married without children at home buy clothing the least frequently, with only 18% of shoppers in this group citing such a product as their most recent non-grocery retail purchase.\nThe Data in Context\nThese findings underscore the importance for retailers to tailor their marketing strategies to the specific needs of different household types. By recognizing that married consumers with children are more likely to prioritize clothing and accessories, while those without children show less interest in these categories, merchants can better allocate their resources and develop targeted campaigns to capitalize on these distinct spending patterns.\nTake, for instance, investing in high-quality children\u2019s products to win the spending of parents. Last week, Zara announced the launch of a collection in partnership with New York-based apparel brand Sea focusing on \u201ceffortlessly cool kid\u2019s ready-to-wear, shoes, and accessories.\u201d\n\u201cThe DNA of Sea is all about ease and the freedom to express, two things that should always be considered as important to a child\u2019s wardrobe as they are to an adult\u2019s,\u201d the retailer said in a news release. \u201cSea x Zara collection is all about that kind of curiosity and a sense of play.\u201d\nPlus, earlier this month, brand management company WHP Global announced a new licensing partnership with FFI Global to improve its G-Star line\u2019s children\u2019s offerings.\n\u201cWe are thrilled to partner with FFI Global to strengthen G-STAR\u2019s presence in the children\u2019s market. This strategic partnership allows us to tap into one of the fastest growing demographics and offer high-quality, fashionable solutions to the next generation of consumers,\u201d Lynn Flynn, WHP Global\u2019s executive vice president of the fashion vertical, said in a statement.\nThe post PYMNTS Data Shows Married Parents Driving Retail Trends appeared first on PYMNTS.com.", "date_published": "2024-07-24T14:33:52-04:00", "date_modified": "2024-07-24T23:00:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/retail-apparel-kids-children-clothes.jpg", "tags": [ "apparel", "children", "fashion", "FFI Global", "kids fashion", "News", "PYMNTS Intelligence", "PYMNTS News", "Retail", "SEA", "The Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel", "WHP Global", "zara" ] }, { "id": "https://www.pymnts.com/?p=2016138", "url": "https://www.pymnts.com/news/retail/2024/best-buy-cmo-jennie-weber-says-customers-want-inspiration-not-information/", "title": "Best Buy CMO Jennie Weber Says Customers Want Inspiration, Not Information", "content_html": "As Best Buy looks to turn its sales around, the electronics retailer is rethinking its relationship to its customers as shoppers\u2019 expectations have evolved, prioritizing providing inspiration over product education.
\nThe retailer announced Tuesday (July 23) a range of branding and user experience changes. This includes a shift in focus, with the company observing that consumers are now educating themselves more about products, so they do not always want information from store associates. Instead, they are more interested in turning to retailers for discovery.
\n\u201cWe\u2019re embracing this change, and we\u2019re excited about it, because we know it\u2019s where our customers want us to go,\u201d Best Buy CMO Jennie Weber said in a statement. \u201cThis new world of discovery is personal to every customer, their passions and the moments in life that matter most. They want technology to level up their lives \u2014 to help them do more of what they love \u2014 and there\u2019s no one more passionate and better positioned to do that than Best Buy.\u201d
\nThe move comes as the company looks to return to sales growth, having seen year-over-year declines every quarter since Q4 fiscal 2022. Most recently, for the first quarter of 2024, comparable sales dropped 6.1% year over year.
\nThe company has updated its color palette, made its tagline \u201cimagine that\u201d and added a hologram spokesperson named Gram.
\nThe company noted an increased interest among consumers in viewing videos when researching technology, prompting the company to prioritize creating content for platforms such as YouTube. Best Buy plans to post more than 500 videos to its YouTube channel, its app and its website by the year\u2019s end, a over-threefold increase from last year.
\nAdditionally, the retailer is also adding a \u201cShop with Videos\u201d capability to its app, which includes \u201cpersonalized video content.\u201d
\nCertainly, consumers are looking to more kinds of media for shopping inspiration. The 2023 PYMNTS Intelligence report \u201cTracking the Digital Payments Takeover: Monetizing Social Media,\u201d which drew on insights from a study of nearly 3,000 U.S. consumers, found that 43% of consumers browse social media to find goods and services. That share rises to 68% for Gen Z and 64% for millennials.
\nBest Buy is also heightening its focus on personalization, aligning with the evolving needs of its tech-savvy customers. The retailer\u2019s app, for instance, has been upgraded to offer a more personalized shopping journey, with a new home page tailored to the user and with individualized alerts for sales and exclusive member deals.
\n\u201cThis new era of discovery is coming to life across Best Buy in highly personalized ways for each customer,\u201d the company stated.
\nIndeed, personalization is key to meeting the needs of today\u2019s shoppers, especially those with cash to burn. The PYMNTS Intelligence report \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d found that 83% of consumers are interested in receiving personalized offers. This type of messaging is particularly effective with millennials and with those who make more than $100,000 a year, with that share rising to 89% for both groups.
\nThe post Best Buy CMO Jennie Weber Says Customers Want Inspiration, Not Information appeared first on PYMNTS.com.
\n", "content_text": "As Best Buy looks to turn its sales around, the electronics retailer is rethinking its relationship to its customers as shoppers\u2019 expectations have evolved, prioritizing providing inspiration over product education.\nThe retailer announced Tuesday (July 23) a range of branding and user experience changes. This includes a shift in focus, with the company observing that consumers are now educating themselves more about products, so they do not always want information from store associates. Instead, they are more interested in turning to retailers for discovery.\n\u201cWe\u2019re embracing this change, and we\u2019re excited about it, because we know it\u2019s where our customers want us to go,\u201d Best Buy CMO Jennie Weber said in a statement. \u201cThis new world of discovery is personal to every customer, their passions and the moments in life that matter most. They want technology to level up their lives \u2014 to help them do more of what they love \u2014 and there\u2019s no one more passionate and better positioned to do that than Best Buy.\u201d\nThe move comes as the company looks to return to sales growth, having seen year-over-year declines every quarter since Q4 fiscal 2022. Most recently, for the first quarter of 2024, comparable sales dropped 6.1% year over year.\nThe company has updated its color palette, made its tagline \u201cimagine that\u201d and added a hologram spokesperson named Gram.\nLights, Camera, Action\nThe company noted an increased interest among consumers in viewing videos when researching technology, prompting the company to prioritize creating content for platforms such as YouTube. Best Buy plans to post more than 500 videos to its YouTube channel, its app and its website by the year\u2019s end, a over-threefold increase from last year.\nAdditionally, the retailer is also adding a \u201cShop with Videos\u201d capability to its app, which includes \u201cpersonalized video content.\u201d\nCertainly, consumers are looking to more kinds of media for shopping inspiration. The 2023 PYMNTS Intelligence report \u201cTracking the Digital Payments Takeover: Monetizing Social Media,\u201d which drew on insights from a study of nearly 3,000 U.S. consumers, found that 43% of consumers browse social media to find goods and services. That share rises to 68% for Gen Z and 64% for millennials.\nGetting Personal\nBest Buy is also heightening its focus on personalization, aligning with the evolving needs of its tech-savvy customers. The retailer\u2019s app, for instance, has been upgraded to offer a more personalized shopping journey, with a new home page tailored to the user and with individualized alerts for sales and exclusive member deals.\n\u201cThis new era of discovery is coming to life across Best Buy in highly personalized ways for each customer,\u201d the company stated.\nIndeed, personalization is key to meeting the needs of today\u2019s shoppers, especially those with cash to burn. The PYMNTS Intelligence report \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d found that 83% of consumers are interested in receiving personalized offers. This type of messaging is particularly effective with millennials and with those who make more than $100,000 a year, with that share rising to 89% for both groups.\nThe post Best Buy CMO Jennie Weber Says Customers Want Inspiration, Not Information appeared first on PYMNTS.com.", "date_published": "2024-07-24T13:57:57-04:00", "date_modified": "2024-07-24T13:57:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Best-Buy.jpg", "tags": [ "advertising", "Best Buy", "Content Creation", "Jennie Weber", "marketing", "News", "Product Discovery", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2016117", "url": "https://www.pymnts.com/news/retail/2024/english-welsh-retailers-call-for-prosecutions-as-shoplifting-leaps-30percent/", "title": "English, Welsh Retailers Call for Crackdown as Shoplifting Leaps 30%", "content_html": "Shoplifting surged by 30% in England and Wales over the last year, a government agency reported Wednesday (July 24).
\nLeaders of a retail trade union and a convenience store trade association attributed the increase in part to insufficient police presence and a too-high threshold for prosecuting shoplifters.
\nThere were 443,995 shoplifting offenses reported during the year ended in March, up from 342,428 in the previous year, the Office for National Statistics said in a Wednesday\u00a0press release.
\n\u201cNotably, shoplifting has continued to see increases and remains at its highest level in 20 years,\u201d the agency said in the release.
\nThe release added that another recent survey found that 26% of locations in the wholesale and retail sector experienced customer theft during the previous 12 months, up from 20% about 10 years earlier.
\nA leader of the retail trade union\u00a0Usdaw attributed the rise in shoplifting in part to a threshold for prosecuting shoplifters and a lower-than-desired police presence.
\n\u201cWe look forward to Labour delivering a much-needed protection of shop workers\u2019 law; ending the indefensible \u00a3200 threshold for prosecuting shoplifters, which has effectively become an open invitation to retail criminals; and funding more uniformed officers patrolling shopping areas along with town center banning orders for repeat offenders,\u201d\u00a0Paddy Lillis, general secretary of Usdaw, said in a Wednesday\u00a0press release.
\nUsdaw said in the release that it is \u201cdeeply concerned\u201d by the Office for National Statistics\u2019 findings. The group added that its own survey of retail staff found that 18% suffered a violent attack in 2023, up from 8% in 2022, and that 60% of these incidents were triggered by shoplifting or armed robbery.
\nThe\u00a0Association of Convenience Stores said that the rise in shoplifting has been driven by organized gangs.
\n\u201cThey are often stealing to order, targeting higher value items to sell on to normal people who are struggling with the cost of living,\u201d\u00a0James Lowman, chief executive of the Association of Convenience Stores, said in a Wednesday\u00a0press release. \u201cThese thieves are stealing on a regular basis without fear of apprehension, so it\u2019s essential that every police force in the country takes theft seriously, not least because challenging thieves is one of the biggest triggers for abuse of shopworkers.\u201d
\nIn the United States, the\u00a0National Retail Federation said in September that retailers are seeing \u201cunprecedented levels of theft\u201d and that shrink cost retailers $112.1 billion\u00a0in 2022.
\nThe post English, Welsh Retailers Call for Crackdown as Shoplifting Leaps 30% appeared first on PYMNTS.com.
\n", "content_text": "Shoplifting surged by 30% in England and Wales over the last year, a government agency reported Wednesday (July 24).\nLeaders of a retail trade union and a convenience store trade association attributed the increase in part to insufficient police presence and a too-high threshold for prosecuting shoplifters.\nThere were 443,995 shoplifting offenses reported during the year ended in March, up from 342,428 in the previous year, the Office for National Statistics said in a Wednesday\u00a0press release.\n\u201cNotably, shoplifting has continued to see increases and remains at its highest level in 20 years,\u201d the agency said in the release.\nThe release added that another recent survey found that 26% of locations in the wholesale and retail sector experienced customer theft during the previous 12 months, up from 20% about 10 years earlier.\nA leader of the retail trade union\u00a0Usdaw attributed the rise in shoplifting in part to a threshold for prosecuting shoplifters and a lower-than-desired police presence.\n\u201cWe look forward to Labour delivering a much-needed protection of shop workers\u2019 law; ending the indefensible \u00a3200 threshold for prosecuting shoplifters, which has effectively become an open invitation to retail criminals; and funding more uniformed officers patrolling shopping areas along with town center banning orders for repeat offenders,\u201d\u00a0Paddy Lillis, general secretary of Usdaw, said in a Wednesday\u00a0press release.\nUsdaw said in the release that it is \u201cdeeply concerned\u201d by the Office for National Statistics\u2019 findings. The group added that its own survey of retail staff found that 18% suffered a violent attack in 2023, up from 8% in 2022, and that 60% of these incidents were triggered by shoplifting or armed robbery.\nThe\u00a0Association of Convenience Stores said that the rise in shoplifting has been driven by organized gangs.\n\u201cThey are often stealing to order, targeting higher value items to sell on to normal people who are struggling with the cost of living,\u201d\u00a0James Lowman, chief executive of the Association of Convenience Stores, said in a Wednesday\u00a0press release. \u201cThese thieves are stealing on a regular basis without fear of apprehension, so it\u2019s essential that every police force in the country takes theft seriously, not least because challenging thieves is one of the biggest triggers for abuse of shopworkers.\u201d\nIn the United States, the\u00a0National Retail Federation said in September that retailers are seeing \u201cunprecedented levels of theft\u201d and that shrink cost retailers $112.1 billion\u00a0in 2022.\nThe post English, Welsh Retailers Call for Crackdown as Shoplifting Leaps 30% appeared first on PYMNTS.com.", "date_published": "2024-07-24T13:29:52-04:00", "date_modified": "2024-07-24T13:29:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/shoplifting-retail-UK.jpg", "tags": [ "convenience stores", "EMEA", "legal", "News", "Prosecution", "PYMNTS News", "Retail", "Shoplifting", "Theft", "uk", "What's Hot" ] } ] }