Data & Analytics

The fledgling but growing online formal menswear rental category tuxedo rentals market has a new power player.    Generation Tux, the online suit and tuxedo rental company founded in 2014 by retail veteran George Zimmer, who founded Men’s Wearhouse, has completed the acquisition of Menguin for $25 million. The announcement comes at a time when Menguin, founded in 2013, has experienced three years of 800% compound annual growth rate, according to a company statement.   

When connecting with retailers, consumers are warming up to more complex and emerging technologies.   Retailers are starting to integrate artificial intelligence (AI) and voice technology into communications with shoppers — and consumers are increasingly receptive. In fact, 79% of shoppers have used text, messenger apps or voice devices, and 74% indicated they have used live chat when shopping.  

Consumers continue to make the majority of their purchases at the physical store. However, their constant connectivity to the cloud through smartphones, laptops, tablets and smart watches — combined with the popularity of e-commerce — is redefining their expectations of the ideal in-store experience. Today, consumers want the same convenience, personalization and simplicity they’ve grown accustomed to online.    

Walmart is changing the way it stocks merchandise in its small-format Neighborhood Market Stores.     In a blog on its website, the discounter announced that in more than 430 of its Neighborhood Market stores that are already closed overnight, it is shifting overnight stocking hours to the daytime and using technology to make the inventory management process easier. The retailer said it initially piloted day-stocking in 50 stores in and around the Tampa and Dallas areas with "very encouraging" results. 

Grocers that offer digital resources on e-commerce sites are positioned to attract, convert and retain online customers going forward.   This was according to “Beyond the Supermarket Shelves: How Consumers are Navigating the Grocery Shopping Experience Online and In-store,” a report from PowerReviews.  

With its transformation deemed complete, Best Buy is looking for solid gains in profits and sales during the next several years. It also sees expanded opportunities for growth in new smart home initiatives.  

Social media plays a huge role — bigger than pricing — when it comes to influencing the purchase decisions of Generation Z.   

Eager to get merchandise into shoppers’ hands the same day they place an order, 65% of retailers will offer same-day delivery within two years.   This was according to the “2017 Digital Commerce Benchmark Survey,” from Boston Retail Partners (BRP).   

Wages

Fewer stores translates into reduced holiday hiring for Macy's this year.   Macy's plans to hire a total of 80,000 workers for the holiday rush, down from about 83,000 last year. The company has been closing underperforming stores and currently operates some 70 fewer stores than it did last year.