Loop\u00a0has debuted a solution to help merchants offset the cost of returns and reverse logistics.
\nDubbed \u201cOffset,\u201d the solution lets brands offer their customers the chance to pay a small upfront fee during checkout in exchange for free returns later, the company said in a Wednesday (Sept. 25)\u00a0press release.
\n\u201cWith the rising costs of returns and reverse logistics posing significant challenges for brands, global retailers like H&M, Zara, and ASOS have shifted away from free return policies,\u201d Loop said in the release. \u201cIn fact, over 60% of merchants today charge a return fee in an effort to recover the costs of managing returns.\u201d
\nOffset, the release adds, gives merchants a way to deliver profitability and customer satisfaction at scale, helping reduce friction and dissatisfaction by being transparent about return fees up front.
\nPYMNTS spoke last month with Loop CEO\u00a0Hannah Bravo\u00a0about the issue of returns fraud, which cost American merchants an\u00a0estimated $101 billion in 2023.
\n\u201cThe tightening economy has led to consumers getting creative when it comes to returns fraud, and online shopping is just making it easier,\u201d Bravo said. \u201cAlong with this, the intent to use items only temporarily and dissatisfaction with product quality are also driving factors in the rise of policy abuse.\u201d
\nThis behavior, Bravo added, \u201cmight be a reaction to\u00a0overly lenient returns policies\u00a0that were prevalent during the eCommerce boom and the pandemic, when companies prioritized shopper convenience over profitability.\u201d
\nBut in spite of its financial toll, Bravo said returns fraud offers a major opportunity for both brands and solution providers.
\n\u201cReturns fraud and policy abuse have become difficult behaviors for retailers to prevent, turning into a major drag on many brands\u2019 margins and contributing to major financial losses,\u201d she told PYMNTS.
\nFor companies like hers, this means taking the opportunity to deliver comprehensive fraud prevention solutions, Bravo said, underlining how Loop\u2019s platform offers integrated tracking tools, advanced analytics and automation to help retailers address fraud more efficiently.
\nMeanwhile, PYMNTS spoke with\u00a0Catherine Dummitt, vice president of marketing at\u00a0Narvar, about the ways retailers are turning the pressure from the costs associated with returns into an opportunity for growth.
\n\u201cMaking\u00a0returns as smooth and consumer-friendly\u00a0as possible is crucial for retaining customer loyalty and fostering repeat purchases,\u201d she said. \u201cImplementing options like in-store returns, drop-off points, and box-free, label-free returns can significantly enhance the customer experience.\u201d
\nThe post Loop Debuts Tool to \u2018Offset\u2019 the Cost of Returns appeared first on PYMNTS.com.
\n", "content_text": "Loop\u00a0has debuted a solution to help merchants offset the cost of returns and reverse logistics.\nDubbed \u201cOffset,\u201d the solution lets brands offer their customers the chance to pay a small upfront fee during checkout in exchange for free returns later, the company said in a Wednesday (Sept. 25)\u00a0press release.\n\u201cWith the rising costs of returns and reverse logistics posing significant challenges for brands, global retailers like H&M, Zara, and ASOS have shifted away from free return policies,\u201d Loop said in the release. \u201cIn fact, over 60% of merchants today charge a return fee in an effort to recover the costs of managing returns.\u201d\nOffset, the release adds, gives merchants a way to deliver profitability and customer satisfaction at scale, helping reduce friction and dissatisfaction by being transparent about return fees up front.\nPYMNTS spoke last month with Loop CEO\u00a0Hannah Bravo\u00a0about the issue of returns fraud, which cost American merchants an\u00a0estimated $101 billion in 2023.\n\u201cThe tightening economy has led to consumers getting creative when it comes to returns fraud, and online shopping is just making it easier,\u201d Bravo said. \u201cAlong with this, the intent to use items only temporarily and dissatisfaction with product quality are also driving factors in the rise of policy abuse.\u201d\nThis behavior, Bravo added, \u201cmight be a reaction to\u00a0overly lenient returns policies\u00a0that were prevalent during the eCommerce boom and the pandemic, when companies prioritized shopper convenience over profitability.\u201d\nBut in spite of its financial toll, Bravo said returns fraud offers a major opportunity for both brands and solution providers.\n\u201cReturns fraud and policy abuse have become difficult behaviors for retailers to prevent, turning into a major drag on many brands\u2019 margins and contributing to major financial losses,\u201d she told PYMNTS.\nFor companies like hers, this means taking the opportunity to deliver comprehensive fraud prevention solutions, Bravo said, underlining how Loop\u2019s platform offers integrated tracking tools, advanced analytics and automation to help retailers address fraud more efficiently.\nMeanwhile, PYMNTS spoke with\u00a0Catherine Dummitt, vice president of marketing at\u00a0Narvar, about the ways retailers are turning the pressure from the costs associated with returns into an opportunity for growth.\n\u201cMaking\u00a0returns as smooth and consumer-friendly\u00a0as possible is crucial for retaining customer loyalty and fostering repeat purchases,\u201d she said. \u201cImplementing options like in-store returns, drop-off points, and box-free, label-free returns can significantly enhance the customer experience.\u201d\nThe post Loop Debuts Tool to \u2018Offset\u2019 the Cost of Returns appeared first on PYMNTS.com.", "date_published": "2024-09-25T16:11:32-04:00", "date_modified": "2024-09-25T16:11:32-04:00", "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/2021/12/retailer-gift-returns.jpg", "tags": [ "ecommerce", "Free Returns", "logistics", "Loop", "News", "PYMNTS News", "Retail", "returns", "returns fraud", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2105338", "url": "https://www.pymnts.com/news/retail/2024/stitch-fix-hopes-for-revenue-growth-by-2026-as-it-implements-transformation-strategy/", "title": "Stitch Fix Hopes for Revenue Growth by 2026 as It Implements Transformation Strategy", "content_html": "As Stitch Fix, the online personal styling service, navigates a challenging retail landscape with a transformation strategy designed to revive its financial performance and client engagement, CEO Matt Baer is confident the company will return to revenue growth by the end of fiscal 2026.
\nDuring Stitch Fix\u2019s fourth-quarter and full-year fiscal year 2024 results announced Tuesday (Sept. 24), Baer said he was pleased with the company\u2019s execution of its transformation, embedding retail best practices, increasing efficiency of operations, optimizing organizational structure, and expanding gross margins with no debt.
\n\u201cWe expect to continue to drive improvements and return to revenue growth by the end of FY 2026,\u201d Baer said, adding the rationalization phase revealed a strengthening of the company\u2019s foundation, which included exiting its U.K. business and closing two fulfillment centers, resulting in $100 million savings in FY 2024.
\n\u201cWe are squarely in the building phase now,\u201d Baer said.
\nIn Q4 2024, the company reported net revenue of $319.6 million, a decrease of 12.4% year over year. While the decline is significant, Baer noted the results met the high end of their guidance, indicating progress amid restructuring efforts. Full-year revenue reached $1.34 billion, down 16% from the previous year, with active clients dropping to 2.5 million.
\nBaer, who recently completed his first year as CEO at Stitch Fix after serving as Macy\u2019s chief customer and digital officer and vice president of eCommerce at Walmart.com, emphasized the company is positioned for growth. He is optimistic about the reimagined client experience, underscoring investments in artificial intelligence (AI) and data science to enhance personalization and engagement.
\nThis renewed focus on understanding customer preferences and behaviors is central to Stitch Fix\u2019s plan to increase revenue and improve client retention.
\n\u201cWe know more about our clients on Day 1 than many retailers do over their entire relationship,\u201d Baer said. \u201cThat\u2019s a differentiator for us that\u2019s tied to delivering a convenient and personalized experience.\u201d
\nWhile Baer is optimistic about the company\u2019s financial footing and strategies, he acknowledged why a transformation plan had to be devised, adding, \u201cAs the retail market and client experiences evolved, we didn\u2019t adapt our service or assortment enough.\u201d
\nIn the call, Baer outlined the key changes the company made.
\n\u201cFirst, we created a more engaging visual and interactive way for clients to demonstrate their styles and fit,\u201d he said, noting personalized snapshots of client\u2019s style profiles. \u201cOur proprietary AI models enable us to present style files, and we\u2019ve seen a 5% increase in conversions for clients who received a style file. We are launching style files to all existing clients. This will be a valuable tool.\u201d
\nSecond, Stitch Fix is increasing the visibility of its stylists by creating stylist profiles showing each one\u2019s areas of expertise and related interests. Baer noted a 12% increase in conversions for clients who received stylist profiles.
\nThird, Baer said the company is increasing the flexibility of its model in response to client feedback. Instead of clients receiving five items to try, now they will each receive eight items.
\n\u201cRevenue is up 50% with clients who have received eight items instead of five,\u201d Baer explained. \u201cWe are now well positioned to bring considerable newness and adding thousands of new styles in Q1. So many clients are eager to spend more with us. That is a big part of our strategy going forward is to drive that revenue up per client.\u201d
\nBaer added, \u201cTransformation takes time. I\u2019m confident in our strategy. I\u2019m encouraged by the progress we\u2019re making on our transformation strategy and energized by the bright future I see for this company.\u201d
\nThe post Stitch Fix Hopes for Revenue Growth by 2026 as It Implements Transformation Strategy appeared first on PYMNTS.com.
\n", "content_text": "As Stitch Fix, the online personal styling service, navigates a challenging retail landscape with a transformation strategy designed to revive its financial performance and client engagement, CEO Matt Baer is confident the company will return to revenue growth by the end of fiscal 2026.\nDuring Stitch Fix\u2019s fourth-quarter and full-year fiscal year 2024 results announced Tuesday (Sept. 24), Baer said he was pleased with the company\u2019s execution of its transformation, embedding retail best practices, increasing efficiency of operations, optimizing organizational structure, and expanding gross margins with no debt.\n\u201cWe expect to continue to drive improvements and return to revenue growth by the end of FY 2026,\u201d Baer said, adding the rationalization phase revealed a strengthening of the company\u2019s foundation, which included exiting its U.K. business and closing two fulfillment centers, resulting in $100 million savings in FY 2024.\n\u201cWe are squarely in the building phase now,\u201d Baer said.\nIn Q4 2024, the company reported net revenue of $319.6 million, a decrease of 12.4% year over year. While the decline is significant, Baer noted the results met the high end of their guidance, indicating progress amid restructuring efforts. Full-year revenue reached $1.34 billion, down 16% from the previous year, with active clients dropping to 2.5 million.\nBaer, who recently completed his first year as CEO at Stitch Fix after serving as Macy\u2019s chief customer and digital officer and vice president of eCommerce at Walmart.com, emphasized the company is positioned for growth. He is optimistic about the reimagined client experience, underscoring investments in artificial intelligence (AI) and data science to enhance personalization and engagement. \nThis renewed focus on understanding customer preferences and behaviors is central to Stitch Fix\u2019s plan to increase revenue and improve client retention. \n\u201cWe know more about our clients on Day 1 than many retailers do over their entire relationship,\u201d Baer said. \u201cThat\u2019s a differentiator for us that\u2019s tied to delivering a convenient and personalized experience.\u201d\nWhile Baer is optimistic about the company\u2019s financial footing and strategies, he acknowledged why a transformation plan had to be devised, adding, \u201cAs the retail market and client experiences evolved, we didn\u2019t adapt our service or assortment enough.\u201d\nIn the call, Baer outlined the key changes the company made.\n\u201cFirst, we created a more engaging visual and interactive way for clients to demonstrate their styles and fit,\u201d he said, noting personalized snapshots of client\u2019s style profiles. \u201cOur proprietary AI models enable us to present style files, and we\u2019ve seen a 5% increase in conversions for clients who received a style file. We are launching style files to all existing clients. This will be a valuable tool.\u201d\nSecond, Stitch Fix is increasing the visibility of its stylists by creating stylist profiles showing each one\u2019s areas of expertise and related interests. Baer noted a 12% increase in conversions for clients who received stylist profiles.\nThird, Baer said the company is increasing the flexibility of its model in response to client feedback. Instead of clients receiving five items to try, now they will each receive eight items.\n\u201cRevenue is up 50% with clients who have received eight items instead of five,\u201d Baer explained. \u201cWe are now well positioned to bring considerable newness and adding thousands of new styles in Q1. So many clients are eager to spend more with us. That is a big part of our strategy going forward is to drive that revenue up per client.\u201d\nBaer added, \u201cTransformation takes time. I\u2019m confident in our strategy. I\u2019m encouraged by the progress we\u2019re making on our transformation strategy and energized by the bright future I see for this company.\u201d\nThe post Stitch Fix Hopes for Revenue Growth by 2026 as It Implements Transformation Strategy appeared first on PYMNTS.com.", "date_published": "2024-09-24T19:35:40-04:00", "date_modified": "2024-09-24T19:35:40-04:00", "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/2024/09/Stitch-Fix-logo.jpg", "tags": [ "AI", "artificial intelligence", "customer engagement", "Earnings", "ecommerce", "Matt Baer", "News", "personalization", "PYMNTS News", "Retail", "Stitch Fix" ] }, { "id": "https://www.pymnts.com/?p=2104468", "url": "https://www.pymnts.com/news/retail/2024/fabric-ceo-peak-website-helps-retailers-win-battle-for-post-purchase-efficiency/", "title": "Fabric CEO: \u2018Peak Website\u2019 Helps Retailers Win Battle for Post-Purchase Efficiency", "content_html": "\u201cThis is where the battle\u2019s going to be won,\u201d Mike Micucci, CEO at\u00a0fabric, told PYMNTS\u2019 Karen Webster.
\n\u201cThis\u201d is retail\u2019s ability to meet consumers where they are \u2014 whether online, in-store or on social media \u2014 and deliver a seamless, efficient and reliable shopping experience across all channels.
\nThey might find a product on social, browse a marketplace, or even discover a product through search. Retailers need to be able to adapt to this multifaceted consumer journey and orchestrate their inventory accordingly. This requires a level of flexibility and agility that many legacy systems simply cannot offer.
\n\u201cA term we\u2019ve been bantering around a lot inside our company is the concept of \u2018peak website,\u2019\u201d he added, explaining that it\u2019s an idea that reflects how the traditional eCommerce model \u2014 where retailers drive traffic to their websites and convert sales directly \u2014 may no longer suffice. That\u2019s because consumers are flexible in their shopping journeys, often starting online and ending in-store or purchasing directly through social media.
\n\u201cYour consumer customer is going to show up where they want to show up,\u201d Micucci said.
\nIt\u2019s not a new story, nor a new item on retail\u2019s agenda. But it\u2019s an outcome that\u2019s complex to execute, Micucci said, despite the host of digital innovations, including advances like artificial intelligence (AI), that retailers have at their fingertips to help them.
\nWithout systems that provide visibility and flexibility, retailers struggle to manage the complexity of omnichannel fulfillment. Historically, retailers would rely on outdated enterprise resource planning (ERP) systems and spreadsheets, creating an inefficient back-end process prone to errors, delays and poor customer experiences. For example, Micucci laid out a scenario where an order might be placed online but fulfilled by several different stores, leading to partial shipments or cancellations, which can damage customer trust and loyalty.
\n\u201cI literally just finished a customer meeting between a spreadsheet and a 25-year-old ERP system that doesn\u2019t have APIs,\u201d Micucci said. \u201cThe ERP system was designed for financial controls, not for flexibility of delivering these experiences.\u201d
\nFrom 2010 to the onset of the pandemic, eCommerce and retail experienced steady, predictable growth, Micucci explained, with brick-and-mortar retail maintaining a growth rate of around 4% and eCommerce outpacing it at about 12%.
\nThen came COVID-19 that accelerated the adoption of eCommerce by a factor of 10, with consumers flocking to online shopping platforms. However, as the pandemic waned, retail found itself at an inflection point \u2014 and eCommerce in particular started to moderate as core retail rebounded.
\n\u201cIt\u2019s not that consumers are not buying online anymore, but more and more transactions and spend is being swooped up under the guises of marketplaces, whether its Amazon, Walmart, or the direct-from-China model with Temu and TikTok,\u201d Micucci said. \u201cAbout 55% of the spend is captured right there.\u201d
\nThe reason? These digital platforms have back-end systems that enable them to meet shoppers\u2019 expectations.
\nThis shift places pressure on traditional retailers to rethink their digital strategies. The challenge, according to Micucci, lies in what happens after a consumer hits the \u201ccheckout\u201d button. This is where the orchestration of inventory, order fulfillment and delivery becomes critical. He stressed that the real battleground for retailers is not necessarily in creating a beautiful, user-friendly website, but in ensuring that their back-end systems can meet consumer expectations for fast, reliable delivery.
\nThe challenge, as Micucci outlined, is for retailers to meet consumers where they are and to deliver the right product at the right time with the right inventory \u2014 something referred to in the business as \u201cclientelling.\u201d
\nThe solution, Micucci noted, lies in adopting cloud-native back-end systems that provide retailers with the visibility and control they need to manage complex order fulfillment processes seamlessly. These systems, he stressed, must not only handle the complexities of inventory management and order orchestration but also provide the agility required to respond to the next major disruption \u2014 whatever that may be.
\nMicucci highlighted that even now, buy online, pickup in-store (BOPIS) remains a challenge for many retailers. While this model holds tremendous potential to drive foot traffic and sales, the execution often falls short due to inflexible systems that struggle to manage inventory across channels.
\nLegacy systems are not equipped to handle such requirements, and retailers that fail to modernize risk falling behind, he said. \u00a0
\nStill, hope springs eternal \u2014 and it usually does so on the back of technological innovation, particularly for retailers crafting seamless customer experiences.
\nAs an example, Webster shared an anecdote around her experience shopping at the Celine store in Paris, where she purchased an item in-store. Then, later and back in America, she put her name on the waitlist for a separate product from the luxury brand. Later that day, she received a text message from the same store associate who had waited on her in Paris letter her know that the item was in stock and in her size.
\n\u201cA great omnichannel experience comes from using the same systems behind the scenes that are operating the digital site, as well as the retailer\u2019s other pieces, to create a seamless customer journey,\u201d Micucci said about the Celine experience. \u201cUnifying that journey and orchestration behind the scenes, that\u2019s the win.\u201d
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Fabric CEO: ‘Peak Website’ Helps Retailers Win Battle for Post-Purchase Efficiency appeared first on PYMNTS.com.
\n", "content_text": "\u201cThis is where the battle\u2019s going to be won,\u201d Mike Micucci, CEO at\u00a0fabric, told PYMNTS\u2019 Karen Webster. \n\u201cThis\u201d is retail\u2019s ability to meet consumers where they are \u2014 whether online, in-store or on social media \u2014 and deliver a seamless, efficient and reliable shopping experience across all channels.\nThey might find a product on social, browse a marketplace, or even discover a product through search. Retailers need to be able to adapt to this multifaceted consumer journey and orchestrate their inventory accordingly. This requires a level of flexibility and agility that many legacy systems simply cannot offer. \n\u201cA term we\u2019ve been bantering around a lot inside our company is the concept of \u2018peak website,\u2019\u201d he added, explaining that it\u2019s an idea that reflects how the traditional eCommerce model \u2014 where retailers drive traffic to their websites and convert sales directly \u2014 may no longer suffice. That\u2019s because consumers are flexible in their shopping journeys, often starting online and ending in-store or purchasing directly through social media. \n\u201cYour consumer customer is going to show up where they want to show up,\u201d Micucci said.\nIt\u2019s not a new story, nor a new item on retail\u2019s agenda. But it\u2019s an outcome that\u2019s complex to execute, Micucci said, despite the host of digital innovations, including advances like artificial intelligence (AI), that retailers have at their fingertips to help them. \nWithout systems that provide visibility and flexibility, retailers struggle to manage the complexity of omnichannel fulfillment. Historically, retailers would rely on outdated enterprise resource planning (ERP) systems and spreadsheets, creating an inefficient back-end process prone to errors, delays and poor customer experiences. For example, Micucci laid out a scenario where an order might be placed online but fulfilled by several different stores, leading to partial shipments or cancellations, which can damage customer trust and loyalty.\n\u201cI literally just finished a customer meeting between a spreadsheet and a 25-year-old ERP system that doesn\u2019t have APIs,\u201d Micucci said. \u201cThe ERP system was designed for financial controls, not for flexibility of delivering these experiences.\u201d \nLegacy Systems Hold Retailers Back\nFrom 2010 to the onset of the pandemic, eCommerce and retail experienced steady, predictable growth, Micucci explained, with brick-and-mortar retail maintaining a growth rate of around 4% and eCommerce outpacing it at about 12%. \nThen came COVID-19 that accelerated the adoption of eCommerce by a factor of 10, with consumers flocking to online shopping platforms. However, as the pandemic waned, retail found itself at an inflection point \u2014 and eCommerce in particular started to moderate as core retail rebounded. \n\u201cIt\u2019s not that consumers are not buying online anymore, but more and more transactions and spend is being swooped up under the guises of marketplaces, whether its Amazon, Walmart, or the direct-from-China model with Temu and TikTok,\u201d Micucci said. \u201cAbout 55% of the spend is captured right there.\u201d\nThe reason? These digital platforms have back-end systems that enable them to meet shoppers\u2019 expectations. \nThis shift places pressure on traditional retailers to rethink their digital strategies. The challenge, according to Micucci, lies in what happens after a consumer hits the \u201ccheckout\u201d button. This is where the orchestration of inventory, order fulfillment and delivery becomes critical. He stressed that the real battleground for retailers is not necessarily in creating a beautiful, user-friendly website, but in ensuring that their back-end systems can meet consumer expectations for fast, reliable delivery.\nThe challenge, as Micucci outlined, is for retailers to meet consumers where they are and to deliver the right product at the right time with the right inventory \u2014 something referred to in the business as \u201cclientelling.\u201d \nBack-End Shift to Business Agility\nThe solution, Micucci noted, lies in adopting cloud-native back-end systems that provide retailers with the visibility and control they need to manage complex order fulfillment processes seamlessly. These systems, he stressed, must not only handle the complexities of inventory management and order orchestration but also provide the agility required to respond to the next major disruption \u2014 whatever that may be.\nMicucci highlighted that even now, buy online, pickup in-store (BOPIS) remains a challenge for many retailers. While this model holds tremendous potential to drive foot traffic and sales, the execution often falls short due to inflexible systems that struggle to manage inventory across channels.\nLegacy systems are not equipped to handle such requirements, and retailers that fail to modernize risk falling behind, he said. \u00a0\nStill, hope springs eternal \u2014 and it usually does so on the back of technological innovation, particularly for retailers crafting seamless customer experiences. \nAs an example, Webster shared an anecdote around her experience shopping at the Celine store in Paris, where she purchased an item in-store. Then, later and back in America, she put her name on the waitlist for a separate product from the luxury brand. Later that day, she received a text message from the same store associate who had waited on her in Paris letter her know that the item was in stock and in her size. \n\u201cA great omnichannel experience comes from using the same systems behind the scenes that are operating the digital site, as well as the retailer\u2019s other pieces, to create a seamless customer journey,\u201d Micucci said about the Celine experience. \u201cUnifying that journey and orchestration behind the scenes, that\u2019s the win.\u201d\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Fabric CEO: ‘Peak Website’ Helps Retailers Win Battle for Post-Purchase Efficiency appeared first on PYMNTS.com.", "date_published": "2024-09-24T04:03:53-04:00", "date_modified": "2024-09-23T20:59:16-04:00", "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/2024/09/Fabric-retail.jpg", "tags": [ "Click-and-Mortar\u2122", "clientelling", "customer experience", "ecommerce", "Fabric", "Featured News", "fulfillment", "Mike Micucci", "News", "omnichannel retail", "peak website", "PYMNTS News", "pymnts tv", "Retail", "video" ] }, { "id": "https://www.pymnts.com/?p=2102566", "url": "https://www.pymnts.com/news/retail/2024/hark-anthropologie-heralds-christmas-in-september/", "title": "Hark! Anthropologie Heralds Christmas in September", "content_html": "If you felt odd about the Christmas retail push starting as soon as Thanksgiving was over, you might want to avoid New York City\u2019s Upper West Side this weekend.
\nAnthropologie is ringing in the holiday season extra early this year, with its Holiday House, showcasing products for the December festivities, having opened its doors Tuesday (Sept. 17).
\n\u201cThis holiday season, we are thrilled to expand our holiday house experience, presenting it on a larger scale than ever before,\u201d Anthropologie Group CMO Elizabeth Preis said in a press release. \u201cThis year\u2019s showhouse boasts more spaces, an expanded product range, and enhanced design elements.\u201d
\nThe \u201cfully shoppable\u201d pop-up, which will remain open through Sunday (Sept. 22), is done in partnership with creative director and interior designer Glen Proebstel. It features holiday furniture and decor from Anthropologie and from its fellow URBN-owned retailer Terrain, all bearing QR codes to purchase them online. In addition to extending holiday sales, the move also aims to drive loyalty program adoption, with appointments being exclusively open to AnthroPerks members.
\nThe move comes as consumers, amid ongoing economic challenges, are being thoughtful about how they spend on gifts. Many are planning ahead in an effort to best manage their budgets. The \u201cConsumers Cautiously Spend More Amid Lower Inflation\u201d edition of the PYMNTS Intelligence \u201cConsumer Inflation Sentiment\u201d examined how financial pressures affected consumers\u2019 gift shopping last holiday season. The report revealed that, among the 77% of consumers who spent money on gifts during the 2023 holiday season, 56% said they had already decided what to buy for most or all purchases before going shopping.
\nAnthropologie is not the only merchant looking to capture the holiday spending of pre-planners. Retail giants Amazon and Walmart are squaring off for gift shoppers\u2019 early spending as well. In early October, the former has its \u201cPrime Big Deal Days\u201d two-day event offering early discounts on holiday products.
\n\u201cWe\u2019re gearing up for another exciting holiday shopping season, filled with unbeatable deals on beloved brands, seasonal products, and popular gifts available exclusively for Prime members,\u201d Jamil Ghani, Amazon\u2019s vice president of Prime worldwide, commented. \u201cWhether Prime members are hoping to cross items off their gift lists early, looking forward to hosting joyful gatherings, or scoring something special for themselves, Prime Big Deal Days is here for all their holiday needs and more.\u201d
\nNot to be outdone, Walmart\u2019s early holiday shopping sale, announced Thursday (Sept. 19), starts Oct. 8, the same day as Amazon\u2019s. However, it runs several days longer, ending on the 13. The Holiday Deals event features discounts on popular gifts and seasonal decorations.
\nThese sales events come as the merchants aim to capture consumers\u2019 holiday splurges, with eCommerce spending for the season estimated to increase by 2.3% to 3.3%
\nWhile some may feel nostalgic for a slower, more traditional start to the season, the trend toward early shopping reflects the evolving landscape of consumer behavior, where financial pressures prompt more thoughtful spending. As the competition for holiday dollars heats up, it\u2019s evident that the race to capture the spirit of giving starts long before the first snow falls.
\nThe post Hark! Anthropologie Heralds Christmas in September appeared first on PYMNTS.com.
\n", "content_text": "If you felt odd about the Christmas retail push starting as soon as Thanksgiving was over, you might want to avoid New York City\u2019s Upper West Side this weekend.\nAnthropologie is ringing in the holiday season extra early this year, with its Holiday House, showcasing products for the December festivities, having opened its doors Tuesday (Sept. 17).\n\u201cThis holiday season, we are thrilled to expand our holiday house experience, presenting it on a larger scale than ever before,\u201d Anthropologie Group CMO Elizabeth Preis said in a press release. \u201cThis year\u2019s showhouse boasts more spaces, an expanded product range, and enhanced design elements.\u201d\nThe \u201cfully shoppable\u201d pop-up, which will remain open through Sunday (Sept. 22), is done in partnership with creative director and interior designer Glen Proebstel. It features holiday furniture and decor from Anthropologie and from its fellow URBN-owned retailer Terrain, all bearing QR codes to purchase them online. In addition to extending holiday sales, the move also aims to drive loyalty program adoption, with appointments being exclusively open to AnthroPerks members.\nThe move comes as consumers, amid ongoing economic challenges, are being thoughtful about how they spend on gifts. Many are planning ahead in an effort to best manage their budgets. The \u201cConsumers Cautiously Spend More Amid Lower Inflation\u201d edition of the PYMNTS Intelligence \u201cConsumer Inflation Sentiment\u201d examined how financial pressures affected consumers\u2019 gift shopping last holiday season. The report revealed that, among the 77% of consumers who spent money on gifts during the 2023 holiday season, 56% said they had already decided what to buy for most or all purchases before going shopping.\nAnthropologie is not the only merchant looking to capture the holiday spending of pre-planners. Retail giants Amazon and Walmart are squaring off for gift shoppers\u2019 early spending as well. In early October, the former has its \u201cPrime Big Deal Days\u201d two-day event offering early discounts on holiday products.\n\u201cWe\u2019re gearing up for another exciting holiday shopping season, filled with unbeatable deals on beloved brands, seasonal products, and popular gifts available exclusively for Prime members,\u201d Jamil Ghani, Amazon\u2019s vice president of Prime worldwide, commented. \u201cWhether Prime members are hoping to cross items off their gift lists early, looking forward to hosting joyful gatherings, or scoring something special for themselves, Prime Big Deal Days is here for all their holiday needs and more.\u201d\nNot to be outdone, Walmart\u2019s early holiday shopping sale, announced Thursday (Sept. 19), starts Oct. 8, the same day as Amazon\u2019s. However, it runs several days longer, ending on the 13. The Holiday Deals event features discounts on popular gifts and seasonal decorations.\nThese sales events come as the merchants aim to capture consumers\u2019 holiday splurges, with eCommerce spending for the season estimated to increase by 2.3% to 3.3%\nWhile some may feel nostalgic for a slower, more traditional start to the season, the trend toward early shopping reflects the evolving landscape of consumer behavior, where financial pressures prompt more thoughtful spending. As the competition for holiday dollars heats up, it\u2019s evident that the race to capture the spirit of giving starts long before the first snow falls.\nThe post Hark! Anthropologie Heralds Christmas in September appeared first on PYMNTS.com.", "date_published": "2024-09-21T04:00:44-04:00", "date_modified": "2024-09-20T09:30:05-04:00", "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/2024/09/Anthropologie-Christmas-September.jpg", "tags": [ "Amazon", "Anthropologie", "Anthropologie Holiday House", "Consumer Spending", "economy", "holiday shopping", "holiday spending", "holidays", "Main Feature", "News", "PYMNTS News", "Retail", "Saturday Feature", "URBN", "walmart", "Weekender" ] }, { "id": "https://www.pymnts.com/?p=2103386", "url": "https://www.pymnts.com/news/retail/2024/pelotons-new-marketing-campaign-to-promote-breadth-of-fitness-offerings/", "title": "Peloton\u2019s New Marketing Campaign to Promote Breadth of Fitness Offerings", "content_html": "Peloton\u2019s upcoming marketing campaign will reportedly promote the company\u2019s full range of services and target audiences the firm hasn\u2019t been reaching.\u00a0
\n\u201cWe believe that we were hitting some diminishing return in our previous strategy, because we\u2019ve been talking to the same people with very similar messages,\u201d Peloton Chief Marketing Officer\u00a0Lauren Weinberg told the Wall Street Journal (WSJ) in a\u00a0report\u00a0posted Friday (Sept. 20).
\nWeinberg, who was previously CMO of\u00a0Intuit\u2019s\u00a0QuickBooks and at\u00a0Square, joined Peloton in January, according to the report.
\nThe new marketing campaign she is readying for Peloton will highlight all the services the company offers, for customers with a variety of fitness goals, and will target groups of consumers who haven\u2019t been drawn to the brand in the past, such as millennial men, per the report.
\nIn addition, TV commercials will be concentrated in the fall and winter, which retail’s busiest period; promotions and marketing will focus on the United States market; and promotions and sales will be limited to boost the average price paid for each hardware unit, according to the report.
\nPeloton Interim Co-CEO\u00a0Karen Boone said in August that many people still think of the company as a \u201cbike and/or cardio company\u201d despite an earlier\u00a0rebranding effort launched in May 2023.
\n\u201cWe have 16 modalities, but not everyone knows all the modalities we have,\u201d Boone said Aug. 22 during the company\u2019s quarterly earnings call. \u201cWe\u2019re really excited about Tread and Running, but also the content, the experiences, and run clubs and social features that we\u2019re thinking about. We\u2019re really bullish on strength. There\u2019s so much of a movement toward strength. I think people understand the science behind it and why it\u2019s important. It\u2019s the No. 2 modality for us, but I still think there\u2019s a lot of people who come for the cardio and then understand the strength.\u201d
\nIn addition, the company ended the most recent quarter with 75,000 fewer paid connected fitness\u00a0subscribers. It also reported a net reduction of 59,000 paid app subscribers, despite investing in new content and features aimed at enhancing the app\u2019s strength offerings, personalization and social features.
\nThe post Peloton\u2019s New Marketing Campaign to Promote Breadth of Fitness Offerings appeared first on PYMNTS.com.
\n", "content_text": "Peloton\u2019s upcoming marketing campaign will reportedly promote the company\u2019s full range of services and target audiences the firm hasn\u2019t been reaching.\u00a0\n\u201cWe believe that we were hitting some diminishing return in our previous strategy, because we\u2019ve been talking to the same people with very similar messages,\u201d Peloton Chief Marketing Officer\u00a0Lauren Weinberg told the Wall Street Journal (WSJ) in a\u00a0report\u00a0posted Friday (Sept. 20).\nWeinberg, who was previously CMO of\u00a0Intuit\u2019s\u00a0QuickBooks and at\u00a0Square, joined Peloton in January, according to the report.\nThe new marketing campaign she is readying for Peloton will highlight all the services the company offers, for customers with a variety of fitness goals, and will target groups of consumers who haven\u2019t been drawn to the brand in the past, such as millennial men, per the report.\nIn addition, TV commercials will be concentrated in the fall and winter, which retail’s busiest period; promotions and marketing will focus on the United States market; and promotions and sales will be limited to boost the average price paid for each hardware unit, according to the report.\nPeloton Interim Co-CEO\u00a0Karen Boone said in August that many people still think of the company as a \u201cbike and/or cardio company\u201d despite an earlier\u00a0rebranding effort launched in May 2023.\n\u201cWe have 16 modalities, but not everyone knows all the modalities we have,\u201d Boone said Aug. 22 during the company\u2019s quarterly earnings call. \u201cWe\u2019re really excited about Tread and Running, but also the content, the experiences, and run clubs and social features that we\u2019re thinking about. We\u2019re really bullish on strength. There\u2019s so much of a movement toward strength. I think people understand the science behind it and why it\u2019s important. It\u2019s the No. 2 modality for us, but I still think there\u2019s a lot of people who come for the cardio and then understand the strength.\u201d\nIn addition, the company ended the most recent quarter with 75,000 fewer paid connected fitness\u00a0subscribers. It also reported a net reduction of 59,000 paid app subscribers, despite investing in new content and features aimed at enhancing the app\u2019s strength offerings, personalization and social features.\nThe post Peloton\u2019s New Marketing Campaign to Promote Breadth of Fitness Offerings appeared first on PYMNTS.com.", "date_published": "2024-09-20T17:59:40-04:00", "date_modified": "2024-09-20T17:59:40-04:00", "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/2024/09/Peloton-retail-marketing-advertising.jpg", "tags": [ "advertising", "Connected Economy", "ecommerce", "exercise", "Health and Wellness", "Karen Boone", "Lauren Weinberg", "marketing", "News", "Peloton", "PYMNTS News", "Retail", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2102730", "url": "https://www.pymnts.com/news/retail/2024/nike-ceo-john-donahoe-to-retire-succeeded-by-longtime-executive-elliott-hill/", "title": "Nike CEO John Donahoe to Retire, Succeeded by Longtime Executive Elliott Hill", "content_html": "The Nike board of directors has announced a leadership transition that will see Elliott Hill, the company\u2019s former president for consumer and marketplace, who retired in 2020, return to the company as president and CEO.
\nThe board also said in a Thursday (Sept. 19) press release that current President and CEO John Donahoe will retire from those roles and from the Nike board of directors effective Oct. 13. To ensure a smooth transition, Donahoe will remain as an adviser to the company through Jan. 31.
\nDonahoe said in the release: \u201cIt became clear now was the time to make a leadership change, and Elliott is the right person. I look forward to seeing Nike and Elliott\u2019s future successes.\u201d
\nWhen Hill was with Nike before retiring, he held senior leadership positions across Europe and North America; helped grow the business to more than $39 billion; and, when serving as president for consumer and marketplace, led all commercial and marketing operations for Nike and Jordan Brand, according to the release.
\n\u201cI am excited to welcome Elliott back to Nike,\u201d Mark Parker, executive chairman of Nike, said in the release. \u201cGiven our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the board concluded it was clear Elliott\u2019s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes and employees, make him the right person to lead Nike\u2019s next stage of growth.\u201d
\nHill said in the release that he looks forward to reconnecting with the employees and partners he worked with over the years, to building new relationships and to \u201cdelivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.\u201d
\nNike said in a June 27 earnings release that its revenues were down 2% during the quarter ended May 31.
\nDuring an earnings call held that day, Nike Executive Vice President and Chief Financial Officer Matthew Friend said the company expected to see lower Nike Digital growth due to lower traffic caused by fewer product launches, planned declines of certain classic footwear franchises as the company works to balance supply and demand and reduced promotional activity.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Nike CEO John Donahoe to Retire, Succeeded by Longtime Executive Elliott Hill appeared first on PYMNTS.com.
\n", "content_text": "The Nike board of directors has announced a leadership transition that will see Elliott Hill, the company\u2019s former president for consumer and marketplace, who retired in 2020, return to the company as president and CEO.\nThe board also said in a Thursday (Sept. 19) press release that current President and CEO John Donahoe will retire from those roles and from the Nike board of directors effective Oct. 13. To ensure a smooth transition, Donahoe will remain as an adviser to the company through Jan. 31.\nDonahoe said in the release: \u201cIt became clear now was the time to make a leadership change, and Elliott is the right person. I look forward to seeing Nike and Elliott\u2019s future successes.\u201d\nWhen Hill was with Nike before retiring, he held senior leadership positions across Europe and North America; helped grow the business to more than $39 billion; and, when serving as president for consumer and marketplace, led all commercial and marketing operations for Nike and Jordan Brand, according to the release.\n\u201cI am excited to welcome Elliott back to Nike,\u201d Mark Parker, executive chairman of Nike, said in the release. \u201cGiven our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the board concluded it was clear Elliott\u2019s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes and employees, make him the right person to lead Nike\u2019s next stage of growth.\u201d\nHill said in the release that he looks forward to reconnecting with the employees and partners he worked with over the years, to building new relationships and to \u201cdelivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.\u201d\nNike said in a June 27 earnings release that its revenues were down 2% during the quarter ended May 31.\nDuring an earnings call held that day, Nike Executive Vice President and Chief Financial Officer Matthew Friend said the company expected to see lower Nike Digital growth due to lower traffic caused by fewer product launches, planned declines of certain classic footwear franchises as the company works to balance supply and demand and reduced promotional activity.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Nike CEO John Donahoe to Retire, Succeeded by Longtime Executive Elliott Hill appeared first on PYMNTS.com.", "date_published": "2024-09-19T19:34:26-04:00", "date_modified": "2024-09-19T19:34:26-04:00", "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/2024/09/Nike-CEO.jpg", "tags": [ "Elliott Hill", "John Donahoe", "Mark Parker", "Matthew Friend", "News", "Nike", "Nike CEO", "PYMNTS News", "Retail", "Sports Apparel", "sportswear", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2102377", "url": "https://www.pymnts.com/news/retail/2024/amazon-walmart-add-membership-value-deepen-loyalty/", "title": "Amazon and Walmart Add Membership Value to Deepen Loyalty", "content_html": "As retail giants Amazon and Walmart race to capture consumers\u2019 online shopping spend, both aim to sweeten the deal for members of their paid subscriptions to drive loyalty and engagement.
\nAmazon, for its part, is adding more offerings that extend beyond its own marketplace. The eCommerce behemoth is expanding its existing Buy with Prime\u00a0program, which enables Prime members to get benefits such as free shipping from select external merchants\u2019 online shops. The company announced Wednesday (Sept. 18) that consumers can now pay with PayPal through the offering.
\nAmazon is also growing its social commerce presence through Buy with Prime. Wednesday\u2019s product updates additionally included the option for merchants participating in the program to advertise its availability on TikTok and provide real-time delivery estimates in these ads.
\n\u201cBuy with Prime and Amazon Multi-Channel Fulfillment continue to help sellers attract new shoppers with the convenient, fast and predictable experience they expect from Amazon,\u201d Peter Larsen, vice president of Buy with Prime and Amazon Multi-Channel Fulfillment, said in a statement. \u201cBoth services have seen significant growth over the last year, and we\u2019re delighted to add to the momentum.\u201d
\nAmazon noted that Buy with Prime orders through merchant websites have risen 45% year over year, and more than 50% more Prime customers adopted the offering. There are more than 25% more merchants offering the service. Additionally, during Prime Day, the company saw a 300% rise in amount orders compared to the same period the previous month.
\nMeanwhile, Walmart is appealing to deal-seeking consumers in its efforts to sweeten the bargain for paid subscribers. The company announced Thursday (Sept. 19) that its early holiday shopping sales event will be open early to paid members of its Walmart+ program, giving them a head start on getting the best discounts.
\nThe move comes as part of a push to give members more perks to drive continued enrollment and retention.
\n\u201cWe talk with our members all the time,\u201d Seth Dallaire, Walmart U.S. executive vice president and chief revenue officer, told analysts during last week\u2019s Goldman Sachs Communacopia and Technology Conference. \u201c\u2026 We want to understand\u2026 what is it about the delivery benefit that we do well that you want more of? And they\u2019re very vocal and give us great feedback about that. But then also, we asked them are there other benefits that we might be able to offer to you?\u201d
\nDallaire added that members are seeking more kinds of benefits such as streaming perks, which the retailer is offering through its Paramount+ partnership, and food offerings, which it is now making a foray into with its Burger King tie-up.
\nPYMNTS Intelligence found that Amazon Prime remains more popular than Walmart+, but the latter is gaining ground. This year\u2019s installment of the PYMNTS Intelligence Amazon Prime Day study drew from a July survey of nearly 6,000 United States consumers to understand their subscription and spending habits with the two retail giants. The results revealed that more than two-thirds of consumers are members of Prime, up from 65% last year. Meanwhile, 30% participate in Walmart+, up from 23% last year.
\nThe post Amazon and Walmart Add Membership Value to Deepen Loyalty appeared first on PYMNTS.com.
\n", "content_text": "As retail giants Amazon and Walmart race to capture consumers\u2019 online shopping spend, both aim to sweeten the deal for members of their paid subscriptions to drive loyalty and engagement.\nAmazon, for its part, is adding more offerings that extend beyond its own marketplace. The eCommerce behemoth is expanding its existing Buy with Prime\u00a0program, which enables Prime members to get benefits such as free shipping from select external merchants\u2019 online shops. The company announced Wednesday (Sept. 18) that consumers can now pay with PayPal through the offering.\nAmazon is also growing its social commerce presence through Buy with Prime. Wednesday\u2019s product updates additionally included the option for merchants participating in the program to advertise its availability on TikTok and provide real-time delivery estimates in these ads.\n\u201cBuy with Prime and Amazon Multi-Channel Fulfillment continue to help sellers attract new shoppers with the convenient, fast and predictable experience they expect from Amazon,\u201d Peter Larsen, vice president of Buy with Prime and Amazon Multi-Channel Fulfillment, said in a statement. \u201cBoth services have seen significant growth over the last year, and we\u2019re delighted to add to the momentum.\u201d\nAmazon noted that Buy with Prime orders through merchant websites have risen 45% year over year, and more than 50% more Prime customers adopted the offering. There are more than 25% more merchants offering the service. Additionally, during Prime Day, the company saw a 300% rise in amount orders compared to the same period the previous month.\nMeanwhile, Walmart is appealing to deal-seeking consumers in its efforts to sweeten the bargain for paid subscribers. The company announced Thursday (Sept. 19) that its early holiday shopping sales event will be open early to paid members of its Walmart+ program, giving them a head start on getting the best discounts.\nThe move comes as part of a push to give members more perks to drive continued enrollment and retention.\n\u201cWe talk with our members all the time,\u201d Seth Dallaire, Walmart U.S. executive vice president and chief revenue officer, told analysts during last week\u2019s Goldman Sachs Communacopia and Technology Conference. \u201c\u2026 We want to understand\u2026 what is it about the delivery benefit that we do well that you want more of? And they\u2019re very vocal and give us great feedback about that. But then also, we asked them are there other benefits that we might be able to offer to you?\u201d\nDallaire added that members are seeking more kinds of benefits such as streaming perks, which the retailer is offering through its Paramount+ partnership, and food offerings, which it is now making a foray into with its Burger King tie-up.\nPYMNTS Intelligence found that Amazon Prime remains more popular than Walmart+, but the latter is gaining ground. This year\u2019s installment of the PYMNTS Intelligence Amazon Prime Day study drew from a July survey of nearly 6,000 United States consumers to understand their subscription and spending habits with the two retail giants. The results revealed that more than two-thirds of consumers are members of Prime, up from 65% last year. Meanwhile, 30% participate in Walmart+, up from 23% last year.\nThe post Amazon and Walmart Add Membership Value to Deepen Loyalty appeared first on PYMNTS.com.", "date_published": "2024-09-19T12:56:25-04:00", "date_modified": "2024-09-19T12:56:25-04:00", "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/2024/09/Amazon-Prime.jpg", "tags": [ "Amazon", "Amazon Prime", "buy with prime", "ecommerce", "holidays", "loyalty rewards", "News", "PYMNTS News", "Retail", "subscriptions", "walmart" ] }, { "id": "https://www.pymnts.com/?p=2102111", "url": "https://www.pymnts.com/news/retail/2024/walmart-takes-on-amazon-with-earlier-holiday-deals-event/", "title": "Walmart Takes on Amazon With Earlier Holiday Deals Event", "content_html": "Walmart\u00a0says it is beginning its holiday shopping offerings earlier than ever.
\n\u201cThis year, nearly 50% of consumers will start their holiday shopping as early as August and September, as people remain price-conscious and plan ahead to maximize their holiday budgets,\u201d the retail giant said in a Thursday (Sept. 19)\u00a0news release.
\n\u201cTo meet customers where and how they\u2019re shopping, Walmart will offer customers a holiday head start with savings starting in October, including its first Holiday Deals event of the season and the return of its inflation-free holiday meal \u2014 weeks earlier than previous years,\u201d per the release.
\nThat event begins Oct. 8, the same day Walmart rival\u00a0Amazon\u00a0kicks off its two-day,\u00a0holiday-focused\u00a0Prime Big Deal Days.
\nLikewise, Walmart\u2019s event will get underway with a focus on its subscription holders, giving Walmart+ members a 12-hour head start on deals on the company\u2019s app and website, starting at 12 a.m. Oct. 8.
\nAll customers can find deals on the website and app beginning at noon that day, with in-store sales slated to begin the following day.
\nAs reported here earlier this month, the 2024 holiday shopping season is expected to be slower compared to the prior year, though strong\u00a0eCommerce sales\u00a0are expected. A projection from consulting firm Deloitte finds that eCommerce sales will climb between 7% and 9% this season, to the tune of $289 billion and $294 billion.
\n\u201cOur forecast indicates that eCommerce sales will remain strong as consumers continue to take advantage of online deals to maximize their spending,\u201d said Michael Jeschke, principal at Deloitte Consulting, and the firm\u2019s retail and consumer products lead.
\nAnd consumers are likely to\u00a0seek out deals this fall, PYMNTS wrote recently, especially the 60% who live paycheck to paycheck. Research by PYMNTS Intelligence finds that the vast majority of these consumers have not seen their income increase to offset inflation.
\n\u201cAs such, these shoppers are making more conservative budgeting decisions,\u201d PYMNTS wrote recently. \u201cNinety-two percent of paycheck-to-paycheck consumers in the former category and 97% of those in the latter said they have taken actions to cope with price increases when buying retail products. Plus, 94% and 96%, respectively, have done so for grocery products.\u201d
\nThe research also found that\u00a042% of consumers\u00a0have taken on the \u201cbudget shopper\u201d persona when buying retail products as a way to cope with inflation.
\nThese shoppers \u201ctrade down by turning to cheaper merchants and plan their purchases around sales and discounts,\u201d the report said.
\nThe post Walmart Takes on Amazon With Earlier Holiday Deals Event appeared first on PYMNTS.com.
\n", "content_text": "Walmart\u00a0says it is beginning its holiday shopping offerings earlier than ever.\n\u201cThis year, nearly 50% of consumers will start their holiday shopping as early as August and September, as people remain price-conscious and plan ahead to maximize their holiday budgets,\u201d the retail giant said in a Thursday (Sept. 19)\u00a0news release.\n\u201cTo meet customers where and how they\u2019re shopping, Walmart will offer customers a holiday head start with savings starting in October, including its first Holiday Deals event of the season and the return of its inflation-free holiday meal \u2014 weeks earlier than previous years,\u201d per the release.\nThat event begins Oct. 8, the same day Walmart rival\u00a0Amazon\u00a0kicks off its two-day,\u00a0holiday-focused\u00a0Prime Big Deal Days.\nLikewise, Walmart\u2019s event will get underway with a focus on its subscription holders, giving Walmart+ members a 12-hour head start on deals on the company\u2019s app and website, starting at 12 a.m. Oct. 8.\nAll customers can find deals on the website and app beginning at noon that day, with in-store sales slated to begin the following day.\nAs reported here earlier this month, the 2024 holiday shopping season is expected to be slower compared to the prior year, though strong\u00a0eCommerce sales\u00a0are expected. A projection from consulting firm Deloitte finds that eCommerce sales will climb between 7% and 9% this season, to the tune of $289 billion and $294 billion.\n\u201cOur forecast indicates that eCommerce sales will remain strong as consumers continue to take advantage of online deals to maximize their spending,\u201d said Michael Jeschke, principal at Deloitte Consulting, and the firm\u2019s retail and consumer products lead.\nAnd consumers are likely to\u00a0seek out deals this fall, PYMNTS wrote recently, especially the 60% who live paycheck to paycheck. Research by PYMNTS Intelligence finds that the vast majority of these consumers have not seen their income increase to offset inflation.\n\u201cAs such, these shoppers are making more conservative budgeting decisions,\u201d PYMNTS wrote recently. \u201cNinety-two percent of paycheck-to-paycheck consumers in the former category and 97% of those in the latter said they have taken actions to cope with price increases when buying retail products. Plus, 94% and 96%, respectively, have done so for grocery products.\u201d\nThe research also found that\u00a042% of consumers\u00a0have taken on the \u201cbudget shopper\u201d persona when buying retail products as a way to cope with inflation.\nThese shoppers \u201ctrade down by turning to cheaper merchants and plan their purchases around sales and discounts,\u201d the report said.\nThe post Walmart Takes on Amazon With Earlier Holiday Deals Event appeared first on PYMNTS.com.", "date_published": "2024-09-19T08:38:02-04:00", "date_modified": "2024-09-19T08:38:02-04:00", "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/2024/01/walmart-7.jpg", "tags": [ "Amazon", "Consumer Spending", "discounts", "ecommerce", "Holiday Sales", "holiday shopping", "holidays", "News", "pricing", "PYMNTS News", "Retail", "walmart", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2101381", "url": "https://www.pymnts.com/news/retail/2024/dollar-stores-slow-sales-are-not-cramping-expansion-plans/", "title": "Dollar Stores\u2019 Slow Sales Aren\u2019t Cramping Expansion Plans", "content_html": "The two biggest dollar store chains in the United States plan to open hundreds of locations despite cooling sales.
\nDollar Tree and Dollar General aim to open more than 1,300 new stores during this fiscal year, The Wall Street Journal reported Wednesday (Sept. 18).
\nWhile that figure is down from last year \u2014 and comes as Dollar Tree is closing many of its Family Dollar locations \u2014 it\u2019s ahead of other retailers\u2019 expansion plans, illustrating the chain\u2019s belief that new stores can help boost sales and market share, according to the report.
\nDollar stores are wrestling with a decline in spending, increased competition from other discounters, and a \u201cstrategic disadvantage when it comes to eCommerce,\u201d with companies like Target and Walmart investing in omnichannel shopping integrations, the report said.
\n\u201cDollars always had this large niche in retail because it was the combination of value and convenience,\u201d said Peter Keith, a senior analyst for Piper Sandler, per the report.
\nNow, Keith added, especially for middle- and upper-income consumers, \u201cthe shift toward this digital shopping has become the new convenience play.\u201d
\nDollar General management said last month that the company is employing a mix of digital tools and in-store experiences to boost sales.
\n\u201cWe have increased the employee presence at the front end of our stores, with our associates committed to providing [a] friendly, welcome and elevated level of engagement to our customers while also facilitating the positive checkout experience,\u201d CEO Todd Vasos said during an earnings call.
\nDollar Tree, meanwhile, announced this month its new multi-price format, designed to diversify the product range with items priced between $1.50 and $7. The goal is not to raise prices on existing products but to introduce new items at higher prices to improve the shopping experience and attract more customers.
\nThis week saw the release of the latest retail sales figures from the U.S. Census Bureau, which showed that while consumers were still spending in August, the pace slowed. Overall retail sales were up 0.1% month over month, with non-store retail sales \u2014 typically seen as a proxy for eCommerce \u2014 climbing 1.4%.
\nThe post Dollar Stores\u2019 Slow Sales Aren\u2019t Cramping Expansion Plans appeared first on PYMNTS.com.
\n", "content_text": "The two biggest dollar store chains in the United States plan to open hundreds of locations despite cooling sales.\nDollar Tree and Dollar General aim to open more than 1,300 new stores during this fiscal year, The Wall Street Journal reported Wednesday (Sept. 18).\nWhile that figure is down from last year \u2014 and comes as Dollar Tree is closing many of its Family Dollar locations \u2014 it\u2019s ahead of other retailers\u2019 expansion plans, illustrating the chain\u2019s belief that new stores can help boost sales and market share, according to the report.\nDollar stores are wrestling with a decline in spending, increased competition from other discounters, and a \u201cstrategic disadvantage when it comes to eCommerce,\u201d with companies like Target and Walmart investing in omnichannel shopping integrations, the report said.\n\u201cDollars always had this large niche in retail because it was the combination of value and convenience,\u201d said Peter Keith, a senior analyst for Piper Sandler, per the report.\nNow, Keith added, especially for middle- and upper-income consumers, \u201cthe shift toward this digital shopping has become the new convenience play.\u201d\nDollar General management said last month that the company is employing a mix of digital tools and in-store experiences to boost sales.\n\u201cWe have increased the employee presence at the front end of our stores, with our associates committed to providing [a] friendly, welcome and elevated level of engagement to our customers while also facilitating the positive checkout experience,\u201d CEO Todd Vasos said during an earnings call.\nDollar Tree, meanwhile, announced this month its new multi-price format, designed to diversify the product range with items priced between $1.50 and $7. The goal is not to raise prices on existing products but to introduce new items at higher prices to improve the shopping experience and attract more customers.\nThis week saw the release of the latest retail sales figures from the U.S. Census Bureau, which showed that while consumers were still spending in August, the pace slowed. Overall retail sales were up 0.1% month over month, with non-store retail sales \u2014 typically seen as a proxy for eCommerce \u2014 climbing 1.4%.\nThe post Dollar Stores\u2019 Slow Sales Aren\u2019t Cramping Expansion Plans appeared first on PYMNTS.com.", "date_published": "2024-09-18T09:44:34-04:00", "date_modified": "2024-09-18T09:44:34-04:00", "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/2022/11/Dollar-Tree.jpg", "tags": [ "brick and mortar", "Dollar General", "Dollar Tree", "News", "PYMNTS News", "Retail", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2100328", "url": "https://www.pymnts.com/news/retail/2024/dollar-general-looks-to-in-store-experiences-to-attract-consumers/", "title": "Dollar General Looks to In-Store Experiences to Attract Consumers", "content_html": "Dollar General\u2019s second-quarter results show the impact of inflation on its primary customer base, and the retailer is doubling-down on in-store experiences to attract shoppers.
\nCEO Todd Vasos acknowledged that the company\u2019s performance fell short of expectations, attributing it to rising prices and tightened consumer budgets, which have altered spending behaviors.
\nDespite a slight uptick in store traffic, the company has experienced a decline in average spending, highlighting the strain both on the retailer and its cost-conscious shoppers.
\nVasos noted same-store sales growth of just 0.5% fell short of expectations. While customer traffic rose by 1%, the average transaction amount declined by 0.5%, driven by lower prices per item. This shift illustrates a trend where Dollar General\u2019s customers, largely from lower-income households, are pinching pennies.
\n\u201cThis pattern suggests that our customers are less able to stretch their budgets through the end of the month,\u201d Vasos explained during the company\u2019s second-quarter earnings call. \u201cWith that in mind, as well as our continued softness in discretionary sales in our own customer data and survey work, we believe the softer-than-anticipated sales performance in Q2 is at least partially attributable to a core customer that is less confident of their financial position.\u201d
\nVasos noted Dollar General\u2019s customer base, primarily households earning less than $35,000 annually, has been hit hard by rising costs. Inflation has stretched their budgets, forcing many to forgo basic necessities and rely more heavily on credit cards for essential purchases.
\n\u201cAs a result, our core customer, who contributes approximately 60% of our overall sales, comes predominantly from households earning less than $35,000 annually,\u201d Vasos explained. \u201cInflation has continued to negatively impact these households, with more than 60% claiming they have had to sacrifice on purchasing basic necessities due to the higher cost of those items, in addition to paying more for expenses such as rent, utilities and healthcare.
\n\u201cMore of our customers report that they are now resorting to using credit cards for basic household needs, and approximately 30% have at least one credit card that has reached its limit. And in our latest survey, 25% of our customers surveyed noted they anticipated missing a bill payment in the next six months.\u201d
\nAccording to the PYMNTS Intelligence report, \u201cNew Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck,\u201d 82% of the roughly 4,000 respondents rated inflation No. 1 among their economic concerns. As of January, 62% of consumers lived paycheck to paycheck, including 36% of those annually earning more than $200,000.
\nConsumers are blasting through their savings also. According to PYMNTS Intelligence in \u201cNew Reality Check: The Paycheck-to-Paycheck Report\u201d titled, \u201cSavings Deep Dive Edition,\u201d on average, consumers exhaust 67% of their available savings every four years. For those living paycheck to paycheck, this depletion occurs more frequently, about every 2.5 years.
\n\u201cAs customers have felt more pressure on their spending, we have also seen corresponding elevation in the promotional environment beyond what we had anticipated coming into the year,\u201d Vasos said.
\n\u201cImportantly, we continue to feel very good about our everyday low-price position relative to competitors and other classes of trade. However, the increased promotional activity has pressured both sales and gross margin, and we anticipate this will likely continue for the duration of the year.\u201d
\nIn response to these challenges, Dollar General is implementing a back-to-basics strategy focused on core operational improvements. The company has ramped up efforts to enhance the in-store experience, including increasing employee presence and focusing on inventory management. These initiatives aim to improve customer satisfaction and boost sales.
\nThe company\u2019s commitment to refining its supply chain and merchandising processes appears to be paying off. Dollar General has reported improvements in inventory levels and lower turnover rates among its staff, which has improved operational efficiency and customer engagement. The enhanced shopping environment and better in-stock levels are designed to resonate with the core customer base, providing the value and convenience they seek.
\n\u201cOur efforts in the stores have centered around further enhancing the customer experience to deliver the value and convenience they expect in a clean and friendly shopping environment,\u201d Vasos said.
\n\u201cWe have increased the employee presence at the front end of our stores, with our associates committed to providing friendly, welcome and elevated level of engagement to our customers while also facilitating the positive checkout experience. We have also focused labor hours on perpetual inventory management in our stores in an effort to significantly improve our in-stock levels and support our sales growth.\u201d
\nAs part of its promotional efforts, Dollar General has focused on leveraging digital tools to attract and retain customers. This strategy has already begun to show results.
\n\u201cJust like we anticipated, we\u2019re seeing the response from the consumer,\u201d Vasos said. \u201cIt was almost immediate. She continues to engage, especially with those digital tools. We talk to her each and every quarter, and that\u2019s exactly what we\u2019re offering her right now, and we\u2019ll continue to do so. We believe that those promotional cadences will continue to garner more and more customers and more and more transactions as we move through this quarter and into next.\u201d
\nThe post Dollar General Looks to In-Store Experiences to Attract Consumers appeared first on PYMNTS.com.
\n", "content_text": "Dollar General\u2019s second-quarter results show the impact of inflation on its primary customer base, and the retailer is doubling-down on in-store experiences to attract shoppers.\nCEO Todd Vasos acknowledged that the company\u2019s performance fell short of expectations, attributing it to rising prices and tightened consumer budgets, which have altered spending behaviors.\nDespite a slight uptick in store traffic, the company has experienced a decline in average spending, highlighting the strain both on the retailer and its cost-conscious shoppers.\nVasos noted same-store sales growth of just 0.5% fell short of expectations. While customer traffic rose by 1%, the average transaction amount declined by 0.5%, driven by lower prices per item. This shift illustrates a trend where Dollar General\u2019s customers, largely from lower-income households, are pinching pennies.\n\u201cThis pattern suggests that our customers are less able to stretch their budgets through the end of the month,\u201d Vasos explained during the company\u2019s second-quarter earnings call. \u201cWith that in mind, as well as our continued softness in discretionary sales in our own customer data and survey work, we believe the softer-than-anticipated sales performance in Q2 is at least partially attributable to a core customer that is less confident of their financial position.\u201d\nEconomy\u2019s Impact\nVasos noted Dollar General\u2019s customer base, primarily households earning less than $35,000 annually, has been hit hard by rising costs. Inflation has stretched their budgets, forcing many to forgo basic necessities and rely more heavily on credit cards for essential purchases. \n\u201cAs a result, our core customer, who contributes approximately 60% of our overall sales, comes predominantly from households earning less than $35,000 annually,\u201d Vasos explained. \u201cInflation has continued to negatively impact these households, with more than 60% claiming they have had to sacrifice on purchasing basic necessities due to the higher cost of those items, in addition to paying more for expenses such as rent, utilities and healthcare. \n\u201cMore of our customers report that they are now resorting to using credit cards for basic household needs, and approximately 30% have at least one credit card that has reached its limit. And in our latest survey, 25% of our customers surveyed noted they anticipated missing a bill payment in the next six months.\u201d\nAccording to the PYMNTS Intelligence report, \u201cNew Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck,\u201d 82% of the roughly 4,000 respondents rated inflation No. 1 among their economic concerns. As of January, 62% of consumers lived paycheck to paycheck, including 36% of those annually earning more than $200,000.\nConsumers are blasting through their savings also. According to PYMNTS Intelligence in \u201cNew Reality Check: The Paycheck-to-Paycheck Report\u201d titled, \u201cSavings Deep Dive Edition,\u201d on average, consumers exhaust 67% of their available savings every four years. For those living paycheck to paycheck, this depletion occurs more frequently, about every 2.5 years.\n\u201cAs customers have felt more pressure on their spending, we have also seen corresponding elevation in the promotional environment beyond what we had anticipated coming into the year,\u201d Vasos said.\n \u201cImportantly, we continue to feel very good about our everyday low-price position relative to competitors and other classes of trade. However, the increased promotional activity has pressured both sales and gross margin, and we anticipate this will likely continue for the duration of the year.\u201d\nPivoting to Woo Shoppers\nIn response to these challenges, Dollar General is implementing a back-to-basics strategy focused on core operational improvements. The company has ramped up efforts to enhance the in-store experience, including increasing employee presence and focusing on inventory management. These initiatives aim to improve customer satisfaction and boost sales.\nThe company\u2019s commitment to refining its supply chain and merchandising processes appears to be paying off. Dollar General has reported improvements in inventory levels and lower turnover rates among its staff, which has improved operational efficiency and customer engagement. The enhanced shopping environment and better in-stock levels are designed to resonate with the core customer base, providing the value and convenience they seek.\n\u201cOur efforts in the stores have centered around further enhancing the customer experience to deliver the value and convenience they expect in a clean and friendly shopping environment,\u201d Vasos said. \n\u201cWe have increased the employee presence at the front end of our stores, with our associates committed to providing friendly, welcome and elevated level of engagement to our customers while also facilitating the positive checkout experience. We have also focused labor hours on perpetual inventory management in our stores in an effort to significantly improve our in-stock levels and support our sales growth.\u201d\nAs part of its promotional efforts, Dollar General has focused on leveraging digital tools to attract and retain customers. This strategy has already begun to show results.\n\u201cJust like we anticipated, we\u2019re seeing the response from the consumer,\u201d Vasos said. \u201cIt was almost immediate. She continues to engage, especially with those digital tools. We talk to her each and every quarter, and that\u2019s exactly what we\u2019re offering her right now, and we\u2019ll continue to do so. We believe that those promotional cadences will continue to garner more and more customers and more and more transactions as we move through this quarter and into next.\u201d\nThe post Dollar General Looks to In-Store Experiences to Attract Consumers appeared first on PYMNTS.com.", "date_published": "2024-09-16T20:31:21-04:00", "date_modified": "2024-09-16T20:31:21-04:00", "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/2024/09/dollar-general-earnings-2.jpg", "tags": [ "Consumer Spending", "Dollar General", "Earnings", "essential spending", "News", "paycheck-to-paycheck", "PYMNTS Intelligence", "PYMNTS News", "Retail", "retail spending", "Todd Vasos" ] } ] }