• Weekly Retail Update: December 12, 2016

  • December 12, 2016
Weekly Retail Update

Online Billion Dollar Spending Days the New Norm  

According to ComScore, $38 billion in online sales have occurred this holiday season-to-date. That’s a 12% increase over the same timeframe last year and online shopping growth shows no sign of stopping. “The key shopping days of Thanksgiving, Black Friday and Cyber Monday all experienced strong growth rates of buying using mobile devices, giving a boost to total digital sales, with mobile accounting for more than a quarter of online spending on those days,” comScore CEO Gian Fulgoni said. “While mobile continues to have more friction points and therefore lower conversion than desktop, it’s clear that many consumers are becoming increasingly comfortable transacting over these devices.” (CSA) 

New High-tech Security Tags Stopping Theft

As theft and inventory loss grows, retailers are looking for new ways to reduce shrinkage. The Concept Tag, introduced by Argon Systems, is unlike other EAS tags, as it needs a high-powered motor, not a magnet, to be released. JD Sports was the first store to pilot the tag and found a 60 percent reduction in theft in the first three months. The tag is set to be unveiled to US retailers by mid-2017. Current industry figures regularly quote losses in excess of 1 percent. We operate less than a quarter of that,” says Tim Edwards, group loss control director at JD Sports. “The [JD Sports Fashion] Group has a profit protection culture that is led from the top tier of management and supported by all employees. After all, if the stock is stolen then it cannot be sold.” (NRF) 

Consumers Expect More from Online Retailers This Holiday Season  

According to new survey from Voxware, 84% of consumers say their expectations for online retailers are higher than they have been in the past. Also, 78% of retailers expect on-time and fast shipping from online retailers. This survey shows that consumer expectations are at their highest level during the holiday season with expediency, accuracy and traceability driving online retail shopping trends. Retailers are facing tremendous pressure to get orders right and get them delivered faster than ever before,” said Keith Phillips, CEO of Voxware. “With 77 percent of shoppers intending to have more gifts delivered to themselves this season compared to last year, the stakes are too high for fulfillment failures.” (PYMNTS.com)

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About Holly Pels

Holly Pels is the Content Strategy Manager at RICS. When she isn’t planning out the awesome content you see on the RICS site, you can find her playing soccer, baking, or drinking champagne.