This is a preview of the new Future of Retail 2020 market research report from our partners at eMarketer. eMarketer PRO analyzes the social media industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. Check if your company subscribes to eMarketer PRO, or learn more about access here.
Retail sales volume was higher in 2019 than ever before — and it will only continue trending upward as the entire experience becomes more streamlined and frictionless for customers. However, the face of the industry is changing rapidly; Business Insider Intelligence recently reported that in 2019 ecommerce sales surpassed 10% of total retail sales for the first time ever.
The growing online trend impacts both e-tailers and brick-and-mortar sellers. Because merchants must embrace ecommerce to boost their own growth, the roles of solutions providers like BigCommerce and Shopify, as well as marketplaces like Amazon, could expand further in the coming years, due to their ability to help merchants without the resources to develop their own ecommerce platforms to begin selling online. Between the growth of ecommerce and new digital technologies and the rise of alternative models like direct-to-consumer and brandless brands, there's been a shift in focus toward the overall shopper experience. Despite the growing ease of the shopping experience, however, there are still larger social, political, and economic factors at play with fears of a potential recession looming. In fact, eMarketer estimates total US retail sales are expected to grow 2.0% to $5.574 trillion in 2020, representing a deceleration of the retail market amid rising economic uncertainty. All of these factors are forcing brick-and-mortar businesses to innovate like never before — or risk losing their customers. eMarketer has been tracking trends in the retail market, analyzing data and interviewing industry experts, to put together its annual Future of Retail 2020 research report. Below is a preview of the top retail trends to know in 2020. Retail Trends in 2020 & The Future of Retail
Direct-to-Consumer Brands Will Go Mainstream Frictionless Commerce Will Speed Up Traditional Retail Transactions Brandless Brands Will Begin to Surge Social Commerce Will Shine Mid-Funnel Shoppable Video & Voice Technology Will Grow The Battle for Faster Delivery Will Accelerate Ecommerce The Rise of 'Retail as a Service' for Both Ecommerce and Brick-and-Mortar Increased Subscription Commerce & Building Customer Loyalty for Growth The Rise of Recommerce (Resale of Secondhand Goods) Digital Installment Payment Plans Will Become More Popular in a Tight Economy
More to Learn With a presently strong economy – but potential recession looming – understanding not merely the top retail trends, but also the underlying reasons for each of them is crucial to gaining an advantage in a fiercely competitive industry. Read the full report to learn more about how major retail industry trends will affect your business. Interested in the full Future of Retail 2020 report and getting more content like this each day? eMarketer PRO features in-depth analyst reports, proprietary forecasts, customizable charts, and more.Click here to inquire about access, or check to see if your company already subscribes to eMarketer PRO.Join the conversation about this story »
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US ecommerce sales surged 44.4% annually while retail contracted in Q2. This increase should push retailers,...US ecommerce sales surged 44.4% annually while retail contracted in Q2. This increase should push retailers, solutions providers, and issuers to quickly adjust their operations as the pandemic stretches on. Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry with the Payments & Commerce Briefing. You can learn more about subscribing here. US retail sales fell 3.4% year-over-year in Q2 due to the coronavirus pandemic, per estimates from the US Census Bureau, which hurt consumer spending, caused temporary store closures, and pushed consumers away from stores that were open in an effort to limit their exposure to the virus. But US ecommerce sales have benefited from the move away from stores, soaring 44.4% annually in the quarter after growing just 13.9% YoY in Q2 2019. This gave ecommerce sales a 15.1% share of total US retail, up from 10.1% in Q2 2019 — a jump we expected the industry to take when we analyzed the potential impact of the pandemic in May. Ecommerce's newfound level of importance to retail means that retailers, their solution providers, and issuers should quickly adjust their operations to boost their performances during the pandemic. Retailers suddenly need to build out their ecommerce capabilities to tap into online sales growth, and commerce enablement firms should be jumping at the opportunity to help them. Retailers that sell online and provide click-and-collect services have the chance to tap into ecommerce's rapid growth and attract sales during the pandemic despite retail's overall struggles. Because of this, enabling digital sales should be a priority for retailers, but some may lack the expertise and resources to sell effectively online and operate omnichannel services. This opens the door for platform providers like Shopify, point-of-sale providers, and other commerce solution providers to attract clients by helping retailers facilitate deliveries, manage inventory, and easily make ecommerce sales. Issuers that want to boost their payments volume despite retail's struggles can take advantage of ecommerce's growth by incentivizing online purchases with rewards. Several major issuers saw their card spending plunge in Q2 due to the pandemic. Although they're already showing signs of recovery, if they can convince consumers to make all of their ecommerce purchases with their cards, they should be able to raise their performances higher. Expanding rewards can help issuers attract volume, and offering benefits specific to ecommerce purchases, something Amex and Chase have done recently, should help issuers push consumers to use their cards online, enabling them to capture more volume as ecommerce sales soar. Retailers, solutions providers, and issuers should embark on these initiatives now because it's unclear when retail will shift back to stores. In-store retail may regain its share of retail sales once concerns about contracting the virus subside, but that may require the widescale availability of a vaccine or therapeutic, and it's unknown when that might occur. That means retail and payments stakeholders may need to adjust to ecommerce playing a bigger role in retail for the foreseeable future. And it's possible ecommerce will retain some of its increased popularity once the pandemic subsides if consumers find they like shopping more online, offering long-term benefits to firms that build up their ecommerce businesses now. Want to read more stories like this one? Here's how you can gain access: Join other Insider Intelligence clients who receive this Briefing, along with other Payments & Commerce forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a Client Explore related topics more in depth. >> Browse Our Coverage Are you a current Insider Intelligence client? Log in here.Join the conversation about this story »
US ecommerce sales grew by nearly a third in Q2, but it wasn't enough to offset losses from brick-and-mortar store closures
US ecommerce sales grew by nearly a third in Q2, making up 16.1% of total retail...US ecommerce sales grew by nearly a third in Q2, making up 16.1% of total retail sales. And its share will likely stay heightened as the pandemic accelerates consumers' shift to digital. Insider Intelligence analyzes this industry and several others to provide in-depth analyst reports, proprietary forecasts, customizable charts, and more. Learn more about what we offer. As many Americans continue to stay at home, it's no surprise that consumers spent heavily on ecommerce: In Q2 2020, US retail ecommerce sales grew by almost a third (31.8%) from the previous quarter, or 44.5% year over year, per the US Census Bureau of the Department of Commerce (DOC). That's a total of $211.5 billion, up from $160.4 billion in Q1. However, this strong ecommerce growth wasn't enough to offset losses from brick-and-mortar store closures, and total retail sales decreased 3.6% from last quarter. Brick-and-mortar declines coupled with strong ecommerce growth led to ecommerce gaining nearly 5 percentage points in the total retail market in just one quarter. Ecommerce sales accounted for 16.1% of all retail sales in Q2—up almost 5 percentage points from Q1, according to the DOC. We estimate that ecommerce will make up 14.5% of US retail sales this year, up from 11.0% in 2019—the largest year-over-year increase since we began measuring the channel in 2008. And we expect ecommerce to retain this increased share of the retail market after lockdowns are lifted. The pandemic has only accelerated consumers' existing shift to the channel. Even as stores reopen and brick-and-mortar sales rebound next year, we expect ecommerce to only lose 0.1% share before continuing to rise by more than a percentage point each year until 2024. By then, US ecommerce sales will surpass $1 trillion to make up 18.1% of total retail sales. Want to read more stories like this one? Here's how you can gain access: Join other Insider Intelligence clients who receive this Briefing, along with other Media, Advertising, & Marketing forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a Client Explore related topics more in depth. >> Browse Our Coverage Are you a current Insider Intelligence client? Log in here.Join the conversation about this story »
This is a preview of the new 2020 TV and Video Trends market research report from...This is a preview of the new 2020 TV and Video Trends market research report from our partners at eMarketer. eMarketer PRO analyzes the TV and video industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. Check if your company subscribes to eMarketer PRO, or learn more about access here. This year, several streaming services will enter an already crowded market, at a time when the traditional TV industry is trying to limit its losses. In other words, the TV and digital video landscape will be noisy, and understanding the video viewing trends for cable TV, connected TV, over-the-top, social media video platforms, and programmatic ads is crucial for marketers deciding where to invest their video marketing efforts. Connected TV and social video are two growing areas within digital video advertising. US marketers will increase their 2020 connected TV ad budgets 28.0% to $8.88 billion. Social network video ad spending by US marketers will grow 23.2% in 2020 to $13.44 billion. An increasing share of video ad dollars will transact programmatically. In 2020, US marketers will spend $27.23 billion on programmatic video, which will account for 47.5% of all US programmatic digital display ad spending. The TV industry analysts at eMarketer have put together the 2020 TV and Video Trends report, which lists out eight bold predictions for the year ahead. TV & Digital Video Trends in 2020 1. More Fractured Viewership Will Make It Harder to More Reach Viewers 2. 'Bundled' Cable Packages User Growth Will Slow 3. TV Advertising Will Continue to Decline... After 2020 4. Connected TV Viewership Will Ad Buyers to Scale 5. Video Ads Will Account For Almost 50% of US Programmatic Spending 6. Facebook's Social Video Ad Market Share Will Decrease 7. Ad-Free Viewing Will Give Rise to Product Placement 8. Tracking Universal Video Metrics will Remain Difficult Learn More with eMarketer PRO As video continues to grow as a medium and the marketplace gets more fragmented, understanding the reasons for these trends will help any marketer make better decisions on where to spend their video ad dollars in 2020. And we explore the how and why of each of these eight trends in the full 2020 TV and Video Trends report from eMarketer, where you will learn more about where viewers are going to be spending their time. To get this report and hundreds of others through an eMarketer PRO membership, enter your information below to have a member of our team contact you. MktoForms2.loadForm("https://app-sj05.marketo.com", "867-SLG-901", 5037); Join the conversation about this story »