Ready for Holiday 2024? ??

As the holiday season approaches, the retail world is buzzing with uncertainty. Our latest report dives into how top retailers are planning for the challenges ahead. The data revealed that retailers are grappling with concerns about promotional effectiveness, inventory levels, and customer acquisition and retention.

Top Concerns Among Surveyed Retailers Included:?

Promotional Strategies:?Retailers are uncertain whether their promotional strategies will be too reactive rather than strategic.?

Inventory Management:?There is a significant worry about having stocked enough of the right merchandise.?

Customer Alignment:?Retailers are not confident that their planned assortments will resonate with target consumers.?

Are you prepared for this upcoming holiday season?

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This Week's Retail Rundown:

• Retailers' Blind Spot for Holiday 2024
• The Apparel Industry’s Stubborn Low-Tech Forecasting Problem
• New Financing Boosts Belk
• TikTok Goes Wild for Olympic Athlete Hauls
• Coles Group Offers $4.1M in Prizes This Winter

The Apparel Industry’s Stubborn Low-Tech Forecasting Problem

The apparel industry’s outdated forecasting methods were evident at Tex World, leading to inefficiencies and issues like Burberry's decline. Despite AI’s potential to streamline design and reduce waste, fashion remains old-school. The industry must quickly adopt new technologies to keep pace with consumer trends.

Read?Greg Petro's Latest Forbes Blog.

New Financing Boosts Belk

Belk is reducing its debt by?over $950 million?and securing $485 million in new loans. CEO Don Hendricks highlights recent growth, with the move aimed at saving jobs and strengthening partnerships. Key lenders KKR and Hein Park will gain controlling interest, continuing Belk's transformation from its family-owned roots.

TikTok Goes Wild for Olympic Athlete Hauls

Olympic athletes are going?viral on TikTok?by showcasing free merchandise from brands like Nike, Ralph Lauren, and Lululemon. These packages include apparel for ceremonies and competitions, generating significant online buzz. Brands aim to boost profits and media impact from these sponsorships.

Retail Industry Question

Retail Quote

"A brand is a story that resonates."??

—??David Brier, Author

Consistency in your retail brand's story helps it resonate with customers. From logos to messaging, a consistent identity across all touchpoints creates a memorable image, strengthening recognition and emotional connections.

Coles Group Offers $4.1M in Prizes This Winter

Coles launches its?'Winter of Sports'?giveaway, offering over $4.1 million in prizes, including instant savings and daily grand prizes like a year’s worth of groceries and sports fan packs. Shoppers spending $20 or more and scanning Flybuys can win instantly or enter daily draws. The giveaway runs from June 24 to September 10.

Retail Industry Question | Answer

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!