Roughly one in four Americans have used BNPL, a means to finance a purchase over time that often comes with zero-interest or is fee-free if paid on time. Some BNPL experts anticipate that usage of the platforms could continue as inflation continues to rise, widening the risk for potentially overextended young consumers who are more likely than other generations to use the credit card alternative.
Secondhand marketplaces have taken a fair share of customers’ spending in recent years. In fact, the secondhand market in the U.S. is expected to grow more than double by 2026, climbing to $82 billion from $35 billion in 2021, according to ThredUp’s 2022 resale report. And with more consumers looking for more deals, resale programs are playing an increasingly important role for retailers to capture shoppers.
With restrictions easing, consumers are eager to spend money on travel again rather than discretionary goods. In an attempt to reclaim some of those spending dollars, retailers are creating opportunities to entice shoppers by teaming up with travel companies or building out their travel retail strategies.
A back-end technology upgrade and subsequent rebrand marks a new chapter for Schwan's. The company serves roughly 20,000 neighborhoods and 2 million customers across the country. The move also helps Schwan make more efficient deliveries in an increasingly crowded marketplace for at-home food delivery.
Rent the Runway continues to forge its profitability path by diversifying beyond fashion rentals. The company's latest move is a partnership with Saks Off 5th, the off-price department store owned by Saks Fifth Avenue, which will sell pre-worn Rent the Runway items through its website.
According to Glossy and Modern Retail research, some of brands' recent investments in e-commerce have centered on the creation of third-party marketplaces to sell products from other brands and AI-driven personalization tools.
Prose is a hair care company in growth mode, but it's also laser-focused on remaining a responsible brand. One of the people behind this push is Helen Nwosu, the company's vp of social impact. On this week's episode of the Modern Retail Podcast, Nwosu spoke about how she juggles the needs of a scaling brand while maintaining Prose's core values.
Merrell's push into trail running comes as outdoor brands are seeing a bump thanks to an emergence of “gorpcore” fashion, plus the popularity of outdoor sports following the COVID-19 lockdowns.
According to recent research from Modern Retail and Glossy, while brands and retailers are investing in a variety of last-mile delivery options -- the ultra-fast platforms have yet to make a real dent.
Interior design business Havenly is making a move into brick and mortar with a brand new pop-up showroom in New York City. The Havenly pop-up is the latest sign of continued business growth for the furniture sales, which saw a 30-year high of $12.4 billion in June.
A number of retail brands that were experiencing hyper-growth -- GoPuff, Tonal, Victoria's Secret -- have recently announced layoffs. Cutting a sizable percentage of the workforce is common lever companies pull to reduce costs in the short term. However, experts warn that this might do more damage to a retailer’s reputation and finances in the long run when the economy stabilizes.
Future Market Insights anticipates that the “portion packs” market will hit $3.6 billion in 2022 and accelerate to $7.3 billion by 2032. The category includes food items packaged in individual servings like pouches, cups or blister packs.
The buy now, pay later sector is hardly shriveling up, with consumer demand remaining strong and business activity happening all over the globe. Overall, the global market is projected to reach $576 billion in 2016, up from $120 billion last year, according to a May 2022 report from Global Data.
The appointment of an individual into a newly created role is by no means new. But as some pandemic-driven shopping behaviors and trends become permanent, retailers have been reevaluating their C-suites and introducing new roles recently to create efficiencies and focus on areas that would drive success in the long term.
In a survey of 46 brand executives, nearly two-thirds (63%) of respondents said they're investing in new technologies and capabilities that will help them combat supply chain delays. These investments include opening new factories, bringing manufacturing closer to their end shoppers and branching out into new types of shipping.
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