Millennial Buying Power, US Ecommerce Forecast

| INSIGHTS

US Ecommerce Forecast 2024

US retail sales are projected to experience modest and steady growth through 2028, with ecommerce expanding at a rate more than four times faster than physical retail. Following a challenging post-pandemic adjustment, major retailers are seeing a resurgence in online sales.

Key drivers of this growth include the increasing influence of Gen Z consumers as digital shoppers and the rise of mobile-first shopping trends.

Key insights

• US ecommerce sales are forecasted to grow by 8.7% in 2024, reaching nearly $1.2 trillion.

• Ecommerce will account for 16.2% of total retail sales by 2024.

• Gen Z's role as digital shoppers and mobile-first consumers is a key driver of ecommerce growth.

• Amazon is expected to maintain its dominance in the US ecommerce space, despite rising competition.

| NEWS

Retail

• Foot Locker saw same-store sales grew 2.6% during 2nd quarter, as the Lace Up Plan to improve customer experience is working.

• Amazon will run its Prime Big Deal Days event in October this year. 

• Gap gained share in Q2, with Old Navy and namesake stores making strides.

• Dollar General hit hard in Q2 as core base of lower-income shoppers had less to spend.

• eBay launches ‘Pre-Loved Fashion Week’ with live resale events in New York and London.

• Pacsun names Aina Konold as new CFO.

Ecommerce

• Recharge announces Tomorrow Brand Challenge as Top ecommerce brands will go head-to-head to compete for $100,000 prize.

• GoDaddy releases AI-powered tools, called Digital Marketing, aims to manage SEO, social media and email marketing.  

• YouTube and Shopify have expanded their partnership to allow Shopify merchants to join YouTube Shopping's affiliate program, showcasing products through videos by creators.

• 5 ways personalization in eCommerce can enhance customer experience.

Fashion

• Denim, Skateboarding and Golf attract interest at MAGIC, Project shows.

• Thred Up and other brands says ending “double taxation” on secondhand apparel would encourage a circular economy.

• Champion sportswear sold in deal worth up to $1.5 billion.

| PARTNER

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| EVENTS

Sept 9-11 - eTail Connect (rsvp)

In a year mark by global and economic uncertainty, one thing’s for sure: San Diego will be THE place to be for ecommerce and digital marketing leaders seeking solutions. Join your peers in an exclusive setting where you’ll be inspired by the latest innovations reshaping retail, from cutting-edge AI to game-changing omnichannel strategies.

These top-tier tools will help unlock your business efficiency & increase profitability. 

ACCOUNTING

🏦 QuickBooks - Save BIG on QuickBooks to make managing your finances effortless. You can get QuickBooks Online products at 70% off for 3 months  

FUNDING

💸 Nav - Fast-track your funding journey and build up business credit scores by up to 50% in just 3 Months with Nav Prime!

💰 8fig - Get funded now and scale your eCommerce store smarter and faster. 8fig's financing solutions will provide the resources you need.

PRODUCTIVITY

🗒️ Notion - An essential tool offering versatile note-taking, project management, and collaboration features, streamlining operations and maximizing productivity.

🧾 Shoeboxed - Drowning in receipts every tax season? Discover the game-changing receipt scanning service that's revolutionizing tax prep!

MARKETING

🔥Crowdfire - Helps you discover and schedule content, manage all your social accounts in one place.

👍🏼 NiceJob - Easily get more reviews, outrank the local competition, and win more sales. It puts review generation, referrals, and social media content on autopilot.

✅ Todoist - Your ultimate task management solution for seamless organization, efficient scheduling, and effortless collaboration.

STAFFING

💪 Gusto - Help your growing business onboard, pay, insure, and support your hardworking team with payroll, benefits, and more.  

🚀 Breezy HR - Elevate your recruiting game with Breezy, the ultimate end-to-end software reshaping processes and bringing delight to teams across countless companies!

🎯 Oyster - An HR platform creating a more equal world by making it possible for companies everywhere to hire people anywhere.

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