Bringoz Industry Weekly 3/24

he National Retail Federation projects that U.S. retail sales for 2024 will increase by 2.5% to 3.5%, totaling between $5.23 and $5.28 trillion. Shoppers return brick-and-mortar purchased items at a rate far lower than online transactions. Fashion retailer Shein plans to make its supply chain infrastructure and technology available to other brands. Read about these stories and more in our weekly industry news roundup.

The National Retail Federation projects that U.S. retail sales for 2024 will increase by 2.5% to 3.5% compared to the previous year, totaling between $5.23 and $5.28 trillion. That’s slightly less than the 3.6% increase seen in 2023, which saw sales reach $5.1 trillion. Non-store and online sales, which are included in the total figures, are expected to grow by 7% to 9% year-over-year to a range of $1.47 to $1.5 trillion, compared to $1.38 trillion in 2023. Read more.

Shoppers return brick-and-mortar purchased items at a rate far lower than online transactions, according to new data. The average return rate for online transactions is 15.2%, three times higher than the 5% return rate for in-store purchases, according to ICSC’s Consumer Returns Survey. For every $100 spent online, an average of $15 is returned, while an average of only $5 is returned for every $100 spent in store. Read more.

Fashion retailer Shein plans to make its supply chain infrastructure and technology available to other brands, the Wall Street Journal reports. Shein’s unique manufacturing model allows brands to test new fashion items in smaller batches and track their popularity with consumers. This on-demand model uses real-time data to quickly analyze demand, restock orders as needed, and discontinue items with low sales. Read more.

The landscape of B2B sales is evolving as sales professionals are continually seeking innovative ways to engage customers, streamline processes, and increase sales. New tools and platforms are transforming the way B2B sales are conducted, reshaping strategies, operations, and customer interactions. Here’s a look at some technologies shaping the future of B2B sales and how businesses are leveraging them to simplify the sales process. Read more.

In recent years, B2B marketplaces have emerged as powerful platforms that connect buyers and sellers, streamline procurement processes, and drive efficiencies in the B2B supply chain. Unlike traditional B2B sales channels, online marketplaces offer a dynamic environment where businesses can engage with a broader network of suppliers, buyers, and service providers. Here’s a look at the growing significance of B2B marketplaces. Read more.

From inventory management to customer service and fulfillment, automation is transforming every aspect of retail. Innovative technologies are offering retailers new opportunities to improve efficiency, reduce costs, and enhance the customer experience. Here’s a look at the role of automation in retail and some ways retailers can use new technologies to expand their customer base and improve their retail and fulfillment operations. Read more.

By listening to customer feedback, retailers can identify areas for improvement and make changes to better meet their customers’ needs. In order to effectively use customer feedback, retailers should make it easy for customers to provide feedback and regularly monitor and analyze the feedback they receive. Here are some ways in which customer feedback can be used to improve shopping experiences. Read more.