Launching the Retail Radar!

Hi all,

Welcome to the first Retail Radar, a weekly digest of top retail and eCommerce stories for you to follow what’s going on in the industry. 

Top News Stories

• Foot Locker's third-quarter results showed that sales declined -1.4% leading to to a $33 million loss. The retailer called out sales had been hurt by a weaker consumer spending that concentrated on the back-to-school season and pulled back in September and October, as well as “softness” from its largest brand partner Nike.
• Saudi Arabian online cosmetics retailer NICE ONE plans to raise as much as $322 million with an initial public offering in Riyadh, adding to a flurry of listings in the kingdom this year.
• Aldi UK also opened four new stores as part of its £800m investment to target 1,500 UK stores.

Industry Interest Stats: Personalization

Brands that excel at Personalization are:

• 48% more likely to have exceeded their revenue goals
• 71% more likely to report improved customer loyalty 
• Yet, consumers recognized just 43% of their experiences as personalized, whereas brands said that they personalize a much higher percentage of customer experiences—61% on average.

BFCM 2024:

Shopify hit new heights

• Shopify merchants drive record-high $11.5 billion in sales over Black Friday Cyber Monday - up 24% from last year
• The shopping frenzy peaked at 12:01pm EST on Friday when sales reached a dizzying $4.6 million per minute.
• The Average cart price landed at $108.56

TikTok proves social commerce is growing

• TikTok Shop has revealed it achieved “record-breaking” sales over Black Friday:
• It tripled its US shopping sales to more than $100 million on Black Friday,
• The app’s e-commerce feature, also drew a 165 percent annual increase in shoppers for the two days between Black Friday and Cyber Monday, 
• More than 7 billion posts included the hashtags #tiktokshopblackfriday or #tiktokshopcybermonday.

Look out for a BFCM blog launching later today with some Braze Retail & eCommerce stats!