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☆ Benefits of secondhand clothing, goods according to Alicia Silverstone
▼ + stars: | 2024-05-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Alicia Silverstone stars in the 1995 film "Clueless." "I've been fighting the good fight to encourage people to buy used and make it sound cool," she said. Online shopping's hefty toll on the environmentWith the explosion of online shopping during the pandemic, a surge in returns seemed like a small price for everyone to pay. The return rate in 2023 was about 15% of total U.S. retail sales, or $743 billion in returned goods, according to the National Retail Federation's most recent data. For online sales, the numbers are even higher, with a return rate closer to 18%, or $247 billion of merchandise purchased online returned.

Persons: Alicia Silverstone, Stringer, Cher Horowitz, Cher, Silverstone, I've, Shraysi Tandon Organizations: CNBC, eBay, National Retail

☆ Salesforce CEO Marc Benioff tells retail workers: AI won't steal your job. It can make you better at it.
▼ + stars: | 2024-01-24 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +2 min

Generative artificial intelligence won't take jobs from retail workers; instead, it will make them better at their jobs, Salesforce CEO Marc Benioff told attendees at the National Retail Federation's annual conference in New York last week. They're not going to need as many agents," Benioff said. The system was able to augment those agents and make them better," Benioff said. With generative AI, he added, Gucci had taken its customer service agents to "a whole other level." "They're pretty incredible people, using generative AI for the first time," Benioff said.

Persons: Marc Benioff, Benioff, NRF, John Furner, Loro Piana, Gucci —, They're, That's, bam, Gucci Organizations: Business, Walmart, LVMH, Gucci, Kering Locations: New York, Italy

☆ Target and Walmart stores in the Bay Area are locking up underwear and socks to prevent shoplifting
▼ + stars: | 2024-01-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Target and Walmart stores in the Bay Area are putting underwear and socks behind locked doors. AdvertisementUnderwear and socks are some of the latest items to be locked up at Target and Walmart stores in the Bay Area, in the retailers' latest efforts to combat shoplifting, NBC Bay Area reported . One customer told NBC Bay Area that they had to wait 10 minutes for an assistant to retrieve an item. A Walmart store located in Hilltop, California is also keeping underwear locked up in a bid to prevent theft. Cesar Zepeda, a Richmond City councilmember, said in an interview with NBC Bay Area that retail theft is hurting the local community and its likely to lead to store closures.

Persons: —, Cesar Zepeda Organizations: Walmart, Service, Target, NBC Bay, NBC Bay Area, Richmond City councilmember, Social, National, Security Survey Locations: Bay, Hilltop , California, Richmond

☆ Google Cloud launches new generative AI tools for retailers
▼ + stars: | 2024-01-11 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Google launched several new tools for retailers using generative artificial intelligence to improve online shopping experiences and other retail operations, its cloud business announced in a release Thursday. Google Cloud's offerings are the latest example of generative AI's growing influence in the retail industry. Google's newly unveiled AI products additionally include tools for enhancing retailers' customer service systems and expediting their product cataloging processes. Beyond online shopping, brick-and-mortar stores are also getting new AI capabilities through Google Distributed Cloud Edge, an existing hardware and software product. The announcement of Google Cloud's latest AI tools comes just days before the start of the National Retail Federation's annual convention in New York City.

Persons: Carrie Tharp Organizations: Google, Amazon, National, CNBC PRO Locations: New York City

☆ Thanksgiving Day online sales jump as discounts motivate holiday shoppers
▼ + stars: | 2023-11-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Online spending on Thanksgiving Day jumped 5.5% compared to a year ago, according to Adobe Analytics, a reflection of holiday shoppers who are buying more of their gifts online and responding to discounts. It does not cover in-store purchases, where the majority of U.S. holiday purchases still take place. And shoppers responded: Online purchases of toys shot up 182% compared to average daily sales in October. Jewelry sales rose 126%, apparel rose 124% and personal care products rose 67%. Mobile shopping played a big role in Thanksgiving sales, with nearly 60% of sales coming through a mobile device — an all-time record for Thanksgiving, Adobe said.

Persons: That's, it's, Mario, Adobe Organizations: Adobe Analytics, National, Target, Disney, Adobe, Marvel, Mobile Locations: U.S

The extension of Black Friday sales and growing strength of other shopping events (hello Cyber Monday ) is also changing what holiday spending looks like today. The term “Black Friday” is several generations old, but it wasn't always associated with the holiday retail frenzy that we know today. In 2003, e-commerce accounted for just 1.7% of total retail sales in the fourth quarter, per the U.S. Commerce Department. BLACK FRIDAY 'MONTH’ AND THE RISE OF CYBER MONDAYIt's no secret that Black Friday sales don't last 24 hours anymore. Offering early deals for holiday sales helps extend that window.

Persons: wasn't, Jie Zhang, Harvey Sanders, University of Maryland’s Robert H, Jay Zagorsky, Zagorsky, I’m, Zhang, it’s, ” Organizations: National Retail Federation, Army, Navy, Associated Press, Retail Management, University of Maryland’s, Smith School of Business, COVID, Boston University’s Questrom School of Business, U.S . Commerce Department, Commerce Department, Small, National Retail, Adobe Analytics Locations: Philadelphia, York

☆ Black Friday deals aren’t as good as you think. Here’s how to snag even lower prices
▼ + stars: | 2023-11-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

By most accounts, Black Friday and Cyber Monday promise some of the lowest prices of the season. This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend's sales, a separate Deloitte Black Friday-Cyber Monday survey found. However, these are not necessarily the best deals of the year, according to Julie Ramhold, a consumer analyst at DealNews.com. A separate analysis of previous Black Friday sales found that 98% of the deals were the same price or cheaper at other points during the year. Stores try to tempt you with discounts, but "I don't know that Black Friday has the same level of value that it did years ago," Ramhold said.

Persons: Julie Ramhold, Ramhold Organizations: National, Deloitte, DealNews.com, Finance

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Using your credit card rewards can save you money on travel, gifts, and the credit card bill. You can also earn rewards by strategically using your credit card to cover groceries, shopping, and travel. But your holidays don't have to be more expensive — if you use the right credit card rewards to make those purchases, you can save yourself some money. Here are three ways to use your credit card rewards for holiday shopping:1.

Persons: — Organizations: Service, National Retail Federation, National Retail

☆ [WATCH NOW] How to drive growth with seamless omnichannel payments
▼ + stars: | 2023-11-01 | by ( Sponsor Post | Created Insider Studios With Paypal | ) www.businessinsider.com time to read: +8 min

At the recent event, "How Enterprise Merchants Can Leverage Seamless Omnichannel Payments to Drive Growth," experts shared insights on how to maximize customer conversions. Watch now and find out how to embed a seamless omnichannel experience into your customer engagement strategy. Omnichannel payments are vital to merchant growthOmnichannel can only deliver a seamless customer experience with a strong payment infrastructure behind it. Today's customers want a seamless omnichannel experience, and if your business can't offer that, they'll find one that can. Watch the video below to learn how adopting omnichannel payments can help your business drive greater growth.

Persons: Julie Fergerson, Fergerson, they're, Cindy Turner, Adam Kronengold, Vince Camuto, Eddie Bauer, Kronengold, Turner Organizations: Merchant Risk Council, PayPal, National Retail, Retail, Authentic Brands, Insider Studios Locations: National Retail Federation's, PayPal Braintree, Braintree

☆ Shoplifting and other inventory loss cost retailers $112 billion last year
▼ + stars: | 2023-09-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Retailers lost a record $112.1 billion to inventory shrink in 2022, per an industry survey. External and internal theft accounted for roughly two-thirds of the losses. AdvertisementAdvertisementRetailers reported losing a record $112.1 billion to inventory shrink in 2022, according to the National Retail Federation's annual Retail Security Survey, published Tuesday. Combined, the two categories of theft account for roughly two-thirds of total shrink. As a percentage of sales, inventory shrink ticked up to 1.6% from 1.4% in 2021, and the total losses are roughly $18 billion higher than the prior record of $94 billion in 2021.

Persons: — Organizations: Service, National, Security

☆ The divide between retail's winners and losers will be stark this back-to-school season
▼ + stars: | 2023-09-01 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Back-to-school spending is expected to reach a record-high of $41.5 billion, according to the National Retail Federation's annual survey . The trends suggest certain retailers will fare better than others, with analysts favoring these stocks for back-to-school. According to a Stifel survey, retro basketball styles from Nike were the most popular choice for back-to-school this year. "These retailers have invested significantly in their private label assortments in recent years and continue to grow penetration," Jefferies analysts wrote in an Aug. 28 note. That could be a warning sign for the holidays as many investors look to back-to-school sales to set the tone for the winter season.

Persons: Morgan Stanley, Jefferies, Doug McMillon, Amazon's, Homegoods, Abercrombie —, Abercrombie, Locker, Stifel Organizations: National, Jefferies, Walmart, Target, Costco, Dollar, Ikea, P, Abercrombie, Fitch, American Eagle Outfitters, Barn Holdings, Nordstrom, Nike, FactSet Locations: U.S, Hollister, Thursday's, Banana

☆ Macy's CEO to step down. Here's what the future of the brand looks like and the strategy to engage younger consumers
▼ + stars: | 2023-03-29 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Macy's CEO Jeff Gennette will retire in February, the company announced on Wednesday. Tony Spring will take his place and continue shifting Macy's strategy based on consumer changes. Here's how Macy's "Polaris Strategy" is preparing the brand for the future. A shift in supply chain proceduresJeff Gennette spoke about the future of Macy's. Astrid Stawiarz/Getty ImagesThe supply chain has been a pain point for many businesses over the last three years.

☆ Here's how much money you'd have if you invested $1,000 in Costco 10 years ago
▼ + stars: | 2023-03-04 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

From its $4.99 rotisserie chickens to its $1.50 hot dog combos, Costco has been a longtime favorite of price-conscious shoppers. Amid rising food prices, inflation-pinched consumers are looking to make their money stretch further, much to Costco's advantage. The retailer reported revenue of $55.27 billion for its fiscal second-quarter of 2023, missing analysts' prediction of $55.54 billion, according to Refinitiv consensus estimates. While the retailer isn't planning to raise its annual membership fees for now, shoppers may need to prepare to pay a bit more for membership in the future. It's been nearly six years since Costco increased its membership fees.

☆ A CVS in New York City is turning to specially trained dogs to combat rampant shoplifting
▼ + stars: | 2023-02-23 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Retailers across the US are fighting an increase in store theft. In New York City, one non-profit retail trade group has started using dogs to combat the problem. The 34th Street Partnership launched the program in partnership with Stapleton Security Services this month at a local CVS. In an emailed comment to Insider, the 34th Street Partnership Ward said the firm has "initiated the canine patrol as a pilot project and will evaluate its efficacy as it continues. Nationwide, retail theft has become a $95 billion problem for the industry, according to the National Retail Federation's most recent Retail Security Survey.

☆ Valentine's Day roses turn Miami, usually a freight desert, into trucking's busiest hot spot
▼ + stars: | 2023-02-12 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

The US will spend $25.6 billion on Valentine's day this year. "There's not a lot of freight in the South Florida markets," Robert Rouse, product manager for truckload freight marketplace and data analytics platform DAT Freight & Analytics, told Insider. The overwhelming majority of Valentine's day roses and carnations come from Colombia and Ecuador. The overwhelming majority of Valentine's day roses and carnations come from Colombia and Ecuador, which are conveniently just a few hours plane ride from Miami. Valentine's roses are to Miami what Christmas trees are to Oregon and North Carolina, or pumpkins to Illinois.

☆ Amazon is rapidly opening new Whole Foods stores after halting Amazon Fresh's expansion, in a troubling sign for online grocery sales
▼ + stars: | 2023-01-18 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Whole Foods wants to triple the number of stores it opens, CEO Jason Buechel said Monday. Last year, Whole Foods opened 11 stores, according to industry publication Winsight Grocery Business. Last March, Amazon said it would close 68 stores, including all of its Amazon Books and Amazon 4-Star locations. Amazon has also reportedly paused new store openings for its Amazon Fresh grocery chain, The Information reported in December. "We are so bullish on our potential to continue to add stores," Buechel said according to Winsight.

☆ Retail advertising will make $45 billion this year — here are 3 ways companies like Nordstrom and Albertsons are looking to cash in
▼ + stars: | 2023-01-17 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Many big retailers are building ad businesses this, which Insider Intelligence predicts will be a $45 billion opportunity in the US this year. Leaders from Albertsons and Nordstrom spoke during the panel about how they plan to grab that money. But retailers also need to grow their advertising businesses beyond those companies to so-called non endemic advertisers, like automakers and insurance companies. Argyilan said Albertsons is also working on a tool to help advertisers plug Albertsons' measurement into their broader measurement efforts. "I think measurement needs to grow up quite a bit in retail media space," she said.

☆ Here's how Macy's is doing business differently, according to the brand's Chairman and CEO
▼ + stars: | 2023-01-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Macy's CEO Jeff Gennette joined the National Retail Federation's "Retail's Big Show" event this month. Retail leaders can predict consumer trends with pricing science and credit card data. One way the store is predicting consumer trends is with digital strategy, allocation science, and pricing science. A shift in supply chain proceduresThe supply chain has been a pain point for many businesses over the last three years. In recent years, Macy's has "totally redone" its supply chain, said Gennette, adding that it's reducing its dependence on China and shifting to more duty-free countries.

☆ Here's what Black Friday sales tell us about the retail sector — and our top pick
▼ + stars: | 2022-11-28 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The holiday shopping season got off to a solid start over the weekend, as Black Friday's online sales beat expectations and started to build some much-needed momentum for the retail sector. According to Adobe's online sales tracker, consumers shelled out a record $9.12 billion shopping online on Black Friday. In another early look report, traffic on Black Friday at brick-and-mortar retail stores rose about 3% over 2021, according to retail tracker Sensormatic, which attributed the rise to increased promotional activity and "favorable in-store experiences." The analysts point out that this year's holiday shopping calendar is one day longer than in 2021. Bottom line With holiday shopping underway, we continue to like off-price retailers in these trying times.

☆ Don't bank on free returns: 60% of retailers roll out stricter policies
▼ + stars: | 2022-11-25 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Roughly 60% of retailers said they're making changes to existing returns policies, with fewer promising free returns, according to a recent survey of retail executives. "These adjustments in return policies are not there to cover costs," Kieboom said. "The more money retailers lose on returns the more they have to make up for that by raising prices," Beitelspacher said. How to avoid return feesStill, shoppers love free returns almost as much as they love free shipping. In fact, 98% of consumers said that free shipping was the most important consideration when shopping online, followed by more than three-quarters who said the same about free returns, according to a recent report by PowerReviews.

☆ National Retail Federation's Matt Shay on normalizing inventory levels
▼ + stars: | 2022-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNational Retail Federation's Matt Shay on normalizing inventory levelsMatt Shay, CEO of the National Retail Federation, joins 'Closing Bell' to discuss consumer spending, holiday season value hunting and aggregate inventory levels compared to historical levels.

☆ Watch CNBC's full interview with National Retail Federation's Matt Shay
▼ + stars: | 2022-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with National Retail Federation's Matt ShayMatt Shay, CEO of the National Retail Federation, joins 'Closing Bell' to discuss consumer spending in retail, holiday value hunting and aggregate inventory levels compared to historical levels.

☆ From Chipotle to Wendy’s, here are 7 places to score Halloween freebies and discounts
▼ + stars: | 2022-10-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Americans are expected to spend a record $10.6 billion on Halloween this year, surpassing last year's record of $10.1 billion, according to the National Retail Federation's annual Halloween Consumer survey. On average, people are expected to spend about $100.45 each on Halloween staples, such as candy, costumes and decorations, the agency found. Halloween celebration rates are predicted to return to pre-pandemic levels also, according to the agency. And as holiday revelers seek out treats, many stores and restaurants are offering freebies and discounts through Oct. 31. Here are seven places to check out:

☆ Retailers trot out 12-foot skeletons, haunted house cookie sets to boost Halloween sales
▼ + stars: | 2022-10-09 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

At the Target department store in Exeter Township Tuesday afternoon for a story on halloween costumes. Cislo, 43, of Dallas, plans to spend about $700 for Halloween to step up his family's front yard decorations. As retailers brace for a lackluster holiday season, many are planning to pump up sales early by dangling a wider assortment of Halloween merchandise. Target executives expressed high hopes for sales of costumes, haunted house cookie building sets and other Halloween merchandise, even after cutting the company's profit outlook twice. That's expected to lift total Halloween spending to a record $10.6 billion, a jump from last year's $10.1 billion, the survey found.

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