- Industry Resource Weekly
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- TikTok's Potential Ban As Retailers Weigh In
TikTok's Potential Ban As Retailers Weigh In
Industry Fact:
52% of Consumers Believe Sustainability Information about Their Purchases is a Must-have
87% Believe Sustainability Information about Their Purchases Will Be a Must-have before 2030.
| INSIGHTS
The National Retail Federation issued its annual forecast, anticipating that retail sales will grow between 4% and 6% in 2023. In total, NRF projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year.
The 2023 figure compares with 7% annual growth to $4.9 trillion in 2022. The 2023 forecast is above the pre-pandemic, average annual retail sales growth rate of 3.6%.
Key findings:
• Non-store and online sales, are expected to grow between 10% and 12% year over year to a range of $1.41 trillion to $1.43 trillion.
• Brick-and-mortar stores has evolved in recent years, they remain the primary point of purchase for consumers, accounting for approximately 70% of total retail sales.
• Although the labor market has remained resilient, the unemployment rate is likely to exceed 4% before next year.
| NEWS
US retailers have used TikTok to target younger consumers, but have also found success with other social media platforms such as Instagram Reels and YouTube. A ban on the app would be a disappointment but not disastrous, they said, as influencer content is available on other platforms, although 83% of US teenagers use TikTok at least monthly. TikTok, which charges up to $2m per day for advertising, reached 150 million monthly active users in March 2023, up from 100 million in 2020. [Digital Commerce 360]
Banking
Startups Seeking More FDIC Coverage After Bank Failures
Kruze Consulting has released an overview of FDIC insurance and how to handle cash reserves for startups following the SVB implosion. According to their findings, startup companies now have, on average, more than $5.5 million in cash, up from just over $3 million in early 2019 but down from their peak of $6.5 million in early 2022. With the median startup having over 10 months in runway, finding safe places to store their cash, and managing their risk is essential.
The headless commerce space is becoming increasingly competitive, as more and more businesses are seeing the benefits of this approach and seeking out solutions that can help them provide a better customer experience.Many established eCommerce platforms — including Shopify, Magento and BigCommerce — have started to offer headless commerce options, allowing customers to decouple their front-end and back-end functionalities. [PYMNTS]
PayPal's online payment solution enables SMBs to accept PayPal payments, credit and debit cards, digital wallets and more. Beginning today, SMBs will also be able to accept payments with Apple Pay, allow their customers to save payment methods with the PayPal vault and keep their cards up to date with real-time account updater, as well as get access to features to help them run their business including interchange plus plus (IC++) pricing with gross settlement.
Retail
Superfilate Transforms Affilate Links & Discounts Codes Into Personalized Shopping Experience
In 2022, Affiliate marketing accounted for 16% of all online purchases in the U.S. Superfiliate takes legacy affiliate links and , historically used to simply track attribution, and turns them into fully personalized shopping experiences to drive sales and boost site conversion.
| EVENTS
June 27-29 • Online
ShopTalk Meetup For Women
Shoptalk Meetup for Women harnesses the collective power of our community by creating a space for women to come together to support and empower each other with personal and professional goals, to inspire and to be inspired. Celebrate women's successes, champion gender equality, and help propel more women into leadership roles.
UPCOMING EVENTS
Apr 5 SEO Foundations: Increase Your Search Rankings Like A Pro
Apr 11 Learn And Capture: Ecommerce on set!
Apr 12 Celebrate Earth Month with Sustainability Leaders
Apr 13-15 Build Black Academy
May 3 Increase Your Sales With Google Tools
May 5 Legal 101 for Business Owners
| PODCASTS
To become an entrepreneur, most think first of risk vs. reward. However, they must first align and define many principles, strategies, and cultural questions before putting pen to paper, then money to ideas.
Being an entrepreneur is not for everyone, and certainly not for those faint of heart. I know, having personally built a brand from scratch, it can put “dog years” on your career but also provide valuable experience only being an entrepreneur can provide. It has significant up-and-down cycles, rewards, and benefits, but it mostly takes a toll on you personally and professionally.
| FEATURED PROVIDER
GUSTO's people platform helps growing businesses onboard, pay, insure, and support their hardworking teams with payroll, benefits, and more.
A full-service payroll, HR, and Benefits. and HR platform serving over 100,000 small businesses nationwide. Gusto provides solutions for employee benefit plans in over 38 states. Gusto is also a completely cloud-based platform that offers software integrations with platforms like Xero and QuickBooks.