Here are the recent happenings in the Retail and Consumer Tech world as of Dec 18, 2024:
U.S. retail sales experienced a robust increase in November, rising by 0.7% and surpassing economists’ forecasts of a 0.5% gain. This growth was largely driven by a 2.6% surge in motor vehicle sales and a 1.8% rise in online purchases. These figures indicate strong consumer spending, contributing to the economy’s expansion.
In the fashion retail sector, Milano-based brand TWINSET reported significant improvements in advertising performance after integrating Tealium’s customer data platform. The company achieved a 54% increase in Google Ads conversion rates and an 80% boost in Meta responsive audience conversions. Daniele Nigro, CIO of TWINSET, stated, “The decision to integrate Tealium was a calculated one… Tealium was the best option because it’s agnostic and interoperable with platforms such as Google and Meta.”
Home improvement retailer Lowe’s unveiled its 2025 Total Home Strategy, focusing on five areas: driving Pro penetration, accelerating online sales, expanding home services, creating a loyalty ecosystem, and increasing space productivity. A significant component of this strategy is the development of a new AI framework designed to enhance customer experience and drive productivity. The company plans to open 10 to 15 stores per year over the next several years in fast-growing U.S. markets. Marvin R. Ellison, Lowe’s chairman, president, and CEO, remarked, “We are evolving our Total Home strategy to help solve our customers’ total home improvement needs with more value and exceptional service.”
The air fryer market is projected to reach USD 2.2 billion by 2033, up from USD 1.1 billienting a compound annual growth rate (CAGR) of 7.4%. This growth is attributed to increasing consumer preference for health-conscious cooking solutions and the rising awareness of sustainable cooking practices.
A recent survey by Theatro found that one-third of holiday shoppers are seeking last-minute purchases within their budgets. This trend highlights the importance of timely promotions and discounts in influencing consumer purchasing decisions during the holiday season. Additionally, limited-time sales have been identified as a top strategy to inspire impulse purchases among consumers. Retailers are leveraging time-sensitive promotions to drive immediate sales and enhance customer engagement.
Augmented reality (AR) is gaining traction in the retail sector, with technology trends focusing on personalized shopping experiences. Retailers are adopting AR to allow customers to visualize products in real-time, enhancing the overall shopping experience and driving sales. These developments underscore the dynamic nature of the retail and consumer tech industries, with companies continually adapting to evolving consumer behaviors and technological advancements.
Brought to you in collaboration by the teams at EVOA Digital, CPG Cloud Partners, and Red Stapler. This article was initiated using AI technology provided by Apple and OpenAI. Contact us to learn more!
