The Priorities of Millennials Have ‘Evolved’ From Those of Previous Generations, Study Finds

By Staff
Saturday, July 13, 2019 5:00 AM Gaining a better understanding of the millennial population is among the top priorities of many marketers and their brand teams. Surveys have shown that the millennial segment is similar, in some ways, to other population groups, but also different in some ways that have implications for marketers.

According to a recent survey by Deloitte, millennials are no less ambitious than previous generations, but “their priorities have evolved.” The Deloitte report, “Global Millennial Survey 2019,” can be viewed here.

“More than half want to earn high salaries and be wealthy,” Deloitte noted, adding that the financial priorities of this group have “been delayed by financial or other constraints.” In addition, having children, buying homes, and other traditional signals of adulthood “success markers” do not top their list of ambitions,” the firm noted. “Instead, travel and seeing the world was at the top of the list (57 percent) of aspirations, while slightly fewer than half said they wanted to own a home (49 percent). They also were more attracted to making a positive impact in their communities or society at large (46 percent) than having children and starting families (39 percent).”

Retailers Raise Their Spending Across Digital Media

By Staff
Friday, July 12, 2019 10:00 AM According to a recent eMarketer report, digital advertising spending by retailers “parallels that of the overall U.S. digital ad market this year.” The research firm noted that it expects retailers’ digital ad spend to increase 19.1 percent. “For this industry, mobile and search advertising dominate ad spend allocation,” the eMarketer report noted. “We expect retailers will spend $28.3 billion on digital ads in 2019,” the research firm reported. “More than two-thirds of this spend will go toward mobile advertising, with growth rates eclipsing 20 percent through the end of our forecasting period.” Oscar Orozco, a senior forecasting analyst at eMarketer, added, “Retailers are at the forefront of mobile advertising, as strategies have shifted from a desktop-only to a dual-device approach. There has been an increased emphasis on boosting checkout conversion rates, simplifying the purchasing funnel on mobile and targeting shoppers in-store with relevant ads and promotions.” 

Podcast Advertising Revenue Projected to Hit $1 Billion by 2021

By Staff
Friday, July 5, 2019 12:07 PM A recent report prepared by PricewaterhouseCoopers for the Interactive Advertising Bureau (IAB) is forecasting that advertising revenue derived from podcasts will reach $1 billion by 2021. The forecast and the data in the report was produced by PwC via information reported directly to the consulting firm from various companies selling advertising in the podcast market. The full PwC report can be viewed here. In 2018, self-reported podcast revenues by 22 reporting companies in the United States totaled $344.7 million, according to the report. Overall, PwC estimated the total podcast advertising market in the U.S. at $479.1 million in 2018.

BOPIS Gains Ground with U.S. Retailers

By Staff
Thursday, July 4, 2019 4:47 PM Buy Online Pickup in Store (BOPIS) is a growing trend that bridges online and brick and mortar retailing. In a recent report on the growth of BOPIS, retail trend watchers Coresight Research offers these key observations: 1) Retailers can fulfill BOPIS orders using store inventory or ship from distribution centers. In-store order fulfillment enables same-day pick up and optimizes in-store inventory, and 2) as part of launching BOPIS, most retailers integrate inventory systems and invest in technologies such as order management systems that align online and offline channels.

New Study Examines Online Buying Habits of U.S. Consumers

By Staff
Thursday, July 4, 2019 4:23 PM The 2019 Amazon Consumer Behavior Report by e-commerce experts Feedvisor provides a detailed view into the browsing and buying habits of more than 2,000 U.S. consumers who have shopped on Amazon in the last two years. The survey revealed that more than half of consumers (58 percent) buy products online at least once every few weeks, with nearly one-fifth (18 percent) making online purchases at least a few times a week. Of the consumers who belong to Amazon Prime, Amazon’s subscription program, nearly half (48 percent) buy products online once a week or more frequently and nearly three-quarters (74 percent) shop online at least every few weeks, according to Feedvisor. Additionally, more than one-third (37 percent) of the consumers who are not Prime members shop online just a few times a year, revealing that Prime members tend to shop more frequently than their non-Prime counterparts.

The Rise of E-Commerce in the U.S.

By Staff
Wednesday, July 3, 2019 9:53 PM Over the past 20 years, e-commerce has steadily risen in size and reach. According to Statista’s Digital Market Outlook, roughly 270 million Americans will make an online purchase this year, spending a total of $548 billion. But how big is e-commerce really in the grand scheme of things? This chart, based on data from the U.S. Census Bureau, shows the impact of online shopping on total retail sales in the U.S. is still smaller than many people might think. In the first quarter of 2019, e-commerce accounted for 10.2 percent of total retail sales, the third highest share ever and the first double-digit share for a non-holiday quarter.

NRF Warns Office of U.S. Trade Representative to Avoid Additional Tariffs

By Staff
Wednesday, July 3, 2019 6:11 PM WASHINGTON—The National Retail Federation today urged the Office of the U.S. Trade Representative to avoid 25 percent tariffs on $300 billion in Chinese goods and released a new study examining key product categories and the negative impact on American consumers.  “We support efforts to achieve better trade deals, but American consumers shouldn’t be caught in the crosshairs,” NRF senior vice president of Government Relations David French said during testimony prepared for a USTR hearing last month. As part of monthly consumer surveys conducted by Prosper Insights & Analytics, NRF has been tracking the public’s growing concern over the trade war. The June survey found 81 percent of consumers are “concerned the ongoing trade war will cause prices to increase,” an increase of 12 percentage points since November 2018.

In the U.S., Teen Summer Jobs Aren’t What They Used to Be

By Staff
Wednesday, July 3, 2019 6:05 PM School’s out for summer, and U.S. teens are headed for … where, exactly? Probably not to a paying job, according to Pew Research Center’s latest analysis of federal employment data. As recently as two decades ago, roughly half of U.S. teens could expect to spend at least part of their summer vacation lifeguarding, selling T-shirts, dishing up soft-serve ice cream or otherwise working for pay. But the share of teens working during the summer has tumbled since 2000: Only about a third of teens (34.6 percent) had a job last summer, despite some recovery since the end of the Great Recession.

Most Poll Participants Have Not Interviewed While Pregnant

By Staff
Wednesday, July 3, 2019 5:53 PM Just more than 20 percent of respondents to a recent Women In Optometry Pop-Up Poll said that they had ever interviewed for a job while pregnant. Of those who said that they had interviewed while pregnant, nearly half did not inform the potential employer. Nearly one-quarter of the respondents said that a pregnancy impacted their decision to look for another job. When asked how much time did you take off as a new parent, just 11 percent of respondents took 3 to 6 months off from work. The most popular time frame among participants was 8 to 12 weeks with nearly 46 percent taking that amount of time. Another 25 percent took 4 to 6 weeks, and 11 percent took 2 to 4 weeks.

How Technology Is Transforming Manufacturing

By Staff
Wednesday, July 3, 2019 5:21 PM To imagine a world where robots do all the physical work, one simply needs to look at the most ambitious and technology-laden factories of today. A recent article by research firm CB Insights pointed out that in June 2018, the Chinese e-commerce giant JD.com unveiled a fully automated storage and shipping facility in Shanghai. The factory is outfitted with twenty industrial robots that can pick, pack, and transfer packages with no human presence or oversight. Without robots, it would take as many as 500 workers to fully staff this 40K square foot warehouse—instead, the factory requires only five technicians to service the machines and keep them working, CB Insights noted.

Innovation in Last-Mile Logistics

By Staff
Wednesday, July 3, 2019 5:01 PM Coresight Research has published a report about last-mile logistics, a key component of the supply chain that presents unique challenges and exciting opportunities for improvement. The report covers three components of last-mile logistics: transportation, delivery and reverse logistics. Last-mile logistics costs accounted for an estimated 53 percent of overall delivery costs in 2016, according to Coresight Research. “Adding further complexity and congestion to the matter is the steady increase in delivery volumes, up by approximately 38 percent in the period 2012 to 2017.

Ecommerce Continues Strong Gains Amid Global Economic Uncertainty

By Staff
Monday, July 1, 2019 2:23 PM The global retail market will reach $25.038 trillion in 2019, an increase of 4.5 percent and a slight acceleration in growth vs. the prior year, according to an estimate by eMarketer.com. At the same time, it represents a marked decline from the five years preceding that, when global retail sales grew at rates between 5.7 percent and 7.5 percent each year. “This consumer spending slowdown over the past two years reflects growing economic uncertainty and a dampening economic environment across many corners of the globe,” said Andrew Lipsman, eMarketer principal analyst and lead analyst of its latest report collection, “Global Ecommerce 2019.” “China’s economy, which has been surging over the better part of the past decade, has seen GDP growth level off considerably,” he added.

Retailers Prepare Early for the Long Haul

By Staff
Monday, July 1, 2019 1:57 PM Amazon has announced the timing of its annual Prime Day, which this year will be a two-day shopping festival starting July 15, just after midnight Pacific Time. Coresight reported that Jeff Wilke, Amazon CEO Worldwide Consumer, said Amazon’s vision is to let Prime Day “be the absolute best time for consumers to enjoy shopping, savings, entertainment and some of the best deals Prime members have ever seen.” Read more from RetailMeNot.

Taking a Closer Look at the State of Instagram Marketing

By Staff
Sunday, June 30, 2019 11:57 AM According to some social media marketing experts, Instagram is the social media platform of the moment. Instagram, which is owned by Facebook, claims more than 1 billion active users, and it’s continued to “diversify its offerings beyond its digital photo album roots, incorporating more video (IGTV), more creative content options (Stories) and expanded messaging tools for direct communication,” according to a recent post on the site Social Media Today (which is operated by Industry Dive). “For individuals, all of these additions [to Instagram] are significant, but for brands, the rise of Instagram could be even more relevant,” the post noted. “Along with that expanded audience reach, Instagram has also been looking to maximize its revenue opportunities by introducing more tools for business use, and further evolving the platform towards a whole new level of e-commerce connection.” Among the top priorities of the platform are influencer marketing, introduction of business profiles, Shopping Tags, and a shift toward on-platform purchases are all “building more and more of a case for Instagram as a digital marketing option,” according to Social Media Today.

U.S. College Grads Are in for an Unpleasant Surprise

By Staff
Thursday, June 27, 2019 4:52 PM U.S. college students currently working on their degree are in for an unpleasant surprise when negotiating their first salaries, according to this feature from Statista. That’s according to a new study conducted by real estate company Clever, which found that undergraduate students in the U.S. are overestimating what they’re worth by a varying degree, depending on the major. Comparing average expected salaries to median actual salaries as reported in PayScale’s College Salary Report, Clever reveals which majors are particularly prone to unrealistic expectations. As the chart shows, business majors are in for the rudest awakening, overestimating their early career salary by almost $15,000 a year. At the other end of the spectrum, computer science majors are in for a pleasant surprise when they enter the working world: according to Clever’s findings, they are underestimating their earnings potential by nearly $10,000.