Retail theft has caught the attention of the masses in recent years, from startling smash-and-grab videos during the depths of the Covid pandemic to corporate earnings calls where retailers like Target and Foot Locker are discussing losses from organized retail crime more than they ever have.

Despite the increased media attention, the effect of theft on retailers’ bottom lines is about the same as it has been for years, according to the latest data released by NRF.

Retail shrink climbed in absolute dollars, but when reported as a percentage of sales as is commonly done, average annual shrink increased to 1.57%, up from 1.44% in 2021. The share is largely in line with past years. Average annual shrink was 1.62% of sales before the pandemic in 2019, though it was as low as 1.33% in 2017, according to previous surveys.

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Ever since the lockdowns in 2020, shopping patterns have taken many twists and turns. 

In a recent survey, 35% of respondents claim they expect to spend more online than in person in 2023. Only 15% of purchasers expect to check out more at brick-and-mortar retailers this year.

Not only are consumers spending more in different places, they’re also cutting non-essential purchases. JPMorgan’s April 2023 “Cost of Living” survey found that 75% of U.S. consumers expect to reduce non-essential spending by 6% or more this year.

One thing that has stayed the same is the value of loyalty programs and their role in building consumer confidence. Eighty-four percent of respondents reported getting discounts through retailers’ loyalty programs in 2022. 

Click HERE to read more about how shopping trends are changing.

In the most recent white paper by RIS News, Customer Experience in Retail Data: Drives Everything, they dive deep into data from retailers across the country to see the driving forces in customer experiences.

82% of retailers from the recent survey name improved customer experience as their highest business priority for the year ahead, with increased revenues coming in a distant second at 43%. With people going out less frequently than before, making every customer experience as seamless as possible has become essential.

In particular, 63% of companies added curbside pickup and other changes in how they deliver products to customers, with more than half (57%) expecting to continue the new curbside pickup and home delivery services once the pandemic has passed.

Another factor that contributes to great customer experience is the ability to harvest large volumes of data that can inform business decisions aimed at increasing profits, improving customer loyalty, and expanding market share.

Click HERE to download the full white paper on customer experience.

What will the future of retail look like?

Will there be intelligent sensors that recognize you as you enter the store? What about floating, holographic product displays that change as you explore the aisles? 

Or maybe you’ll simply shop from home using virtual reality (VR) headsets, and drones will drop deliveries at your doorstep. While many of these would’ve sounded unreal a few years ago, they aren’t anymore. These technologies exist and are a reality today at a number of retail stores, online and offline. 

Learn G2 asked six retail experts around the globe about the technologies retailers should bet on as companies integrate their online and physical stores in the post-pandemic world.

Here’s the top 6 trends they expect to take off:

1. AI, machine learning (ML), and generative AI
2. Automation
3. Augmented reality (AR)
4. RFID, QR codes, and other smart store technologies
5. Mobile technologies
6. Datafication 

Click HERE to learn more about these emerging technologies.

Starting on Tuesday, the Inform Consumers Act will be implemented as a new legislation targeting organized retail theft and the sale of counterfeit and dangerous products on online platforms. This development comes as many retailers attribute their decreased profits to theft incidents.

Under this law, online marketplaces like Amazon and eBay are required to verify and disclose information about third-party sellers who engage in a significant number of transactions on their platforms. The intention is to discourage individuals who sell stolen or harmful goods from operating on these platforms.

If the companies fail to get in line, they could face more than $50,000 in fines for each violation.

Click HERE to learn more about the future of retail theft prevention.

As the digital landscape transforms, consumer interactions with businesses are constantly evolving. A noteworthy adaptation is the rise of AI-driven chatbots.

Tools like ChatGPT have put the possibilities of AI at the fingertips of everyone — and people all over the world are now recognizing that these tools can do incredible (and useless) things.

A forecast by Juniper Research suggests a significant leap in global retail spending on chatbots – expected to reach US$12 billion in 2023 and rocket to US$72 billion by 2028. 

Click HERE to learn more about the rise of chatbots in retail.

Tools like ChatGPT have put the possibilities of AI at the fingertips of everyone — and people all over the world are now recognizing that these tools can do incredible (and useless) things.

ChatGPT can answer questions, write poetry, create movie scripts with the tone of specific authors, do translation, and more.

The chat also has the potential to have unique use-cases for retail stores. ChatGPT can be a valuable tool for conducting retail market research. By analyzing customer data, ChatGPT can provide insights into buyer behavior, including which products are most popular, which marketing channels are most effective, and what factors drive customer loyalty.

Click HERE to learn more about all the ways ChatGPT can be used in your store.

Memorial Day weekend is traditionally a significant time for retail, and analyzing foot traffic trends can offer valuable insights into industry performance and consumer behavior. Here’s our breakdown of the holiday weekend:

Furniture Industry: The furniture industry experienced a 14% decrease in foot traffic compared to last year’s Memorial Day weekend. While this decline indicates some challenges, it’s important to note that the industry still attracted a considerable number of visitors during the holiday weekend.

Mattress Industry: Foot traffic in the mattress industry declined by 30% compared to the previous year’s Memorial Day weekend. 

Appliance Industry: The appliance industry witnessed a decline of 26% in foot traffic when compared to the same period last year. Although the industry saw a significant decrease, foot traffic still exceeded the weekend average.

Footwear Industry: In contrast to the aforementioned industries, the footwear sector experienced a 2% increase in foot traffic compared to last year’s Memorial Day weekend.