??Gen Z: Shaping Retail's Future
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The AI-Powered Decision Engine for Customer-First Products and Experiences
Gen Z, digital natives, are reshaping retail with their mobile shopping habits and value-driven choices. They influence their parents' spending, prioritize sustainability, and openly discuss finances. Companies must adapt to their rapid response to market changes and focus on practicality to thrive in this new landscape.
This Week's Retail Rundown:
Costco Wholesale's New Membership Fees
Costco is increasing its?annual membership fees?in the U.S. and Canada by $5 and its higher-tier membership by $10, marking the first hike since 2017. The change, effective September 1, affects about 52 million memberships. This move helps Costco keep prices low as it competes with Sam's Club and BJ's.
Macy's Launches All-Star Week
From July 16 to 23, Macy’s loyalty members earn extra points on select brands and categories during its?"All-Star Week"?sales event. New store cardholders get an additional 30% off up to $100. Part of the “Summer’s Greatest Hits” campaign, this event aligns with other major retailers' summer sales to compete with Amazon's Prime Day.
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Retail Quote of the Week
"Like most retailers, we don’t know exactly where we will land at the end of it but our curiosity and willingness to create will be a guide for us."?
— Jesper Brodin, CEO, 宜家
The Closet: EILEEN FISHER, INC. New AI Tool
Eileen Fisher's new AI-powered tool,?The Closet, launched in March, helps customers visualize clothing on different body types. This tool has increased conversions by 50% and reduced returns. As AI becomes more common for personalized shopping, brands like Amazon, Google, and Doubl are also adopting similar technologies. Fit technology is expected to grow, reducing return costs and boosting customer confidence.
TikTok's Future Uncertain, Ad Spend Declines
With a possible?U.S. TikTok ban?in January, major brands like Target and DoorDash have reduced ad spending. Despite TikTok's popularity, advertisers are diversifying to avoid potential disruptions. Legal and political uncertainties continue to cloud TikTok's future in the U.S.
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About First Insight?????
First Insight is the global leader in Voice of the Customer retail solutions, transforming business decision-making through actionable consumer insights and AI. Our platform enables retailers and brands to boost revenues and profitability by informing strategic decisions with consumer data and removing guesswork. Trusted by hundreds of leading retailers, vertically integrated brands, mass merchants, and wholesalers, First Insight leads in optimizing strategy, product, pricing, and marketing decisions.
Visit??www.firstinsight.com?to learn more, or if you're interested in harnessing the power of First Insight's Retail Decision Platform for your business,?let's talk!