One of our favorite trend reports of the year has been released. Mary Meeker's report covers the internet in its entirety - extending beyond digital commerce. But, as it is where our stores reside, we anticipate and devour the broader market information that Ms Meeker provides. A few takeaways:Read More
The most anticipated slide deck of the year for ecommerce retailers is here. Our key takeaways:
Here are some of our takeaways:
Global smartphone growth is slowing: Smartphone shipments grew 3 percent year over year last year, versus 10 percent the year before.
Voice is beginning to replace typing in online queries. Twenty percent of mobile queries were made via voice in 2016, while accuracy is now about 95 percent.
China remains a fascinating market, with huge growth in mobile services and payments and services like on-demand bike sharing.
While internet growth is slowing globally, that’s not the case in India, the fastest growing large economy. The number of internet users in India grew more than 28 percent in 2016. That’s only 27 percent online penetration, which means there’s lots of room for internet usership to grow. Mobile internet usage is growing as the cost of bandwidth declines.
Wearables are gaining adoption with about 25 percent of Americans owning one, up 12 percent from 2016. Leading tech brands are well-positioned in the digital health market, with 60 percent of consumers willing to share their health data with the likes of Google in 2016.
All 300+ slides are here: 2017 Internet Trends Report
Moral licensing is a term commonly used in social psychology and marketing, referring to the unconscious way in which we are less conscious of immoral behavior, after acting in a moral way. For example in one study where customers viewed a 40-second video praising their actions, 33.3 percent of those customers bought eco-friendly batteries. Those who saw a similar video, this time praising the company's efforts, purchased the eco-friendly batteries 69.6 percent of the time.
Moral licensing has growing significance in the retail industry today, as more brands focus on sustainable and corporate social responsibility marketing. Maryam Kouchaki and Ata Jami reported for Harvard Business Review that corporate philanthropy reached $18.5 billion in 2015, and cause-related marketing increased to about $2 billion in 2016. In the short-term, if brands and retailers want to effect altruistic consumer behavior, we will use messaging that asks for a commitment to a cause, rather than praising customers for their dedication.
Want to learn more about moral licensing?
Delivering profit plans while executing company strategy requires a talented planning individual. It requires a thorough understanding of how each business metric interacts with one another. Add in cross-functional team buy-in, customer perception, and loyalty, and a master merchandise planner is more than a number cruncher.
To be a great retail buyer, you need to be a master of three skill sets:
- Product selection
- Business management
Connecting the creative aspects of buying with strong business acumen and relationship building skills is key to a successful buying career. It is the buyer’s responsibility to drive sales and profit while simultaneously identifying trends that will be important for the customer.
Uber's head of Economic Research and former economist at Yale, Keith Chen sat with NPR's Shankar Vedantam to talk about dynamic pricing and behavioral economics. This is a must listen for every merchant, buyer and product / brand manager who touches or thinks about pricing.