The retail industry is a rapidly evolving environment with continual emergence of new trends and statistics. For those seeking the latest news on retail technology, this article presents a detailed examination of significant figures and insights within the retail sector, featuring prominent entities such as Forrester, Taylor Swift, Superdrug, Roblox, InPost, Selfridges, EE, Aptos, MishiPay, and Amazon.
Beginning with statistical data, Forrester projects that total global online retail sales will grow from $4.4 trillion in 2023 to a substantial $6.8 trillion by 2028, demonstrating an impressive 8.9% compound annual growth rate. Despite the rapid expansion of online sales, it is noteworthy that offline retail sales continue to hold strong, constituting 76% ($21.9 trillion) of global retail sales in 2028. This underscores the importance of omnichannel strategies for retailers in providing a seamless shopping experience catering to both online and offline shoppers.
In the United Kingdom, a survey conducted by GlobalData Retail upon 3,177 consumers to gauge voting intentions by primary supermarket yielded interesting insights. Labour voters dominated across major supermarkets, except for Waitrose. Notably, Tesco, Sainsbury’s, Morrisons, Lidl, and Aldi shoppers have shifted from Conservative to Labour since 2019, with Reform UK influencing Liberal Democrats’ position across supermarkets.
The prominence of Taylor Swift’s Eras Tour is expected to inject a substantial £138.8 million into the UK retail sector as fans prepare with merchandise, outfits, accessories, and craft supplies. Furthermore, it is projected that fans will collectively spend £82.3 million in retail stores leading up to the concerts, with an additional £56.5 million splurged on merchandise retailers on the day of the concerts.
A study by Algolia has drawn attention to the significant impact of social media trends on online product searches among UK consumers, particularly Generation Z and Millennials. This has prompted retailers to acknowledge that poor online search functions result in a loss of £85 per customer.
In other news, Superdrug has made waves by becoming the first health and beauty retailer to launch in Roblox, presenting its Superdrug Obby obstacle game to commemorate its 60th anniversary. This initiative offers a unique opportunity for engagement with younger audiences, adding an interesting dimension to the retail landscape.
Meanwhile, EE has advanced in retail technology by introducing a cloud-based PoS solution from Aptos in its retail stores, aiming to enhance customer engagement capabilities and streamline operational processes.
Additionally, Amazon has initiated its Sustainability Accelerator programme, offering startups across Europe the opportunity to pilot their technology and potentially secure funding of up to £2 million each. This signifies the growing emphasis on sustainability within the retail industry, as companies seek innovative solutions to address environmental challenges.
Furthermore, Grubtech has secured an impressive $15 million in funding, while Swiipr has secured £6 million in Series A funding, indicating strong investor interest in retail technology and innovation.
Finally, InPost has achieved a significant milestone of 7,000 lockers in the UK, and Selfridges has completed a 12-month renovation programme for its Beauty Hall in London, introducing new and cutting-edge features. Moreover, MishiPay’s successful fundraise on Seedrs underscores the growing appeal of self-checkout solutions in the retail sector.
In light of these remarkable developments, it is evident that the retail technology landscape is continuously evolving, presenting new opportunities and challenges on the horizon. As consumers, it is intriguing to witness how these advancements will shape our future shopping experiences. Stay tuned for further updates on the ever-changing world of retail technology.