What's Going on With Retail?! ??

Diversity is?Key

From retail to B2B, this week's top stories show that the landscape of e-commerce is constantly evolving, and the competition is fierce! Here's a roundup of the top stories that have been making waves in the industry:

• As the?retail industry braces for turbulent times, Walmart relies on its grocery strength, vast resources, and limitless reach to remain well-positioned.
• To satisfy hybrid shoppers,?retailers are strategically revamping their omnichannel offerings.
• B2B customers demand a comprehensive digital buying experience, and they want it now!
• Amazon has unveiled an Artificial Intelligence platform?designed to cater to their corporate clients, entering the AI arena alongside Google and Microsoft.

Top Retail and E-commerce Stories

Walmart Unchained:?Keeping Retail Alive and Thriving

Walmart on the front lines.?With shoppers becoming more frugal,?Walmart is capitalizing on the opportunity to showcase its strength. Just like other retailers, it must confront slowing sales as pandemic-led spending diminishes and inflation impacts consumers' finances.

Unlike most other companies, Walmart has a few key advantages: the majority of its profits come from groceries and food products - items that consumers need no matter what state the economy is in. Additionally, it stands by its commitment to providing low prices which allow shoppers to save money. Lastly, due to Walmart's expansive reach, they are able to make more money through ads, delivery services as well as fulfilling orders for third-party sellers online.

Side Note:?Top 5 Marketing Strategies for Selling on Walmart

Walmart's executives have seen a dramatic shift in their customers' buying habits. According to John David Rainey, the company's Chief Financial Officer, shoppers now rely on private-label products and opt for more cost-effective proteins such as peanut butter or hot dogs instead. Furthermore, individuals are investing more money into groceries and essentials rather than general merchandise - an alteration in purchasing that is influencing sales not only at Walmart but also with retailers like Target.

Read more to learn about how?Walmart is responding to changes in Consumer spending habits!?

Rethinking Retail:?The Omnichannel Advantage

Change is the new normal!?As shoppers have had to become more flexible due to COVID-19,?merchants must follow suit by offering increasingly hybrid services.?In particular, retailers are now having to consider what services they can expand such as curbside and buy online pick up in-store (BOPIS), and which ones they should cut back on - a strategy that is outlined in?Digital Commerce 360s 2023 Omnichannel Report.

In 2022, physical retailers gave Amazon true competition for market share as digital spending in the U.S. was 35.7%, which is slightly lower than 36.9% from 2021; but even with this decrease, the web giant still accounted for 20.7% of all growths in e-commerce activity nationwide!

Side Note:?What is Shopify Markets and How Can It Scale Your E-Commerce Business?

Digital Commerce 360 reports that there has been a sharp decline in online sales compared to 2021 and 2020 when e-commerce was booming due to the pandemic. With the right technology strategy such as omnichannel services, retail stores are able to gain back lost ground by providing customers with convenience and dependability both online and in-store.

Learn more about how?omnichannel services are becoming the new norm for consumer-spending preferences!?

QUICK TIP

Try this.?Leverage Google Local Inventory Ads (LIA) and have your store’s inventory showcased on Google Shopping. This is a great way to target potential customers who are searching for items near their location.

There's a lot more where this came from! Check out this week's entire newsletter and?subscribe to Click & Conversion here!