Baker Retail Rundown

Thanksgiving Holiday Weekend Sees Record Number of Shoppers

The National Retail Federation (NRF) and Prosper Insights & Analytics released their annual survey reporting a record-breaking 200.4 million consumers who shopped during the five-day holiday weekend from Thanksgiving to Cyber Monday. This surpassed the previous year's record of 196.7 million, exceeding NRF's initial expectations by over 18 million shoppers. Both online and in-store channels were utilized, with 121.4 million visiting physical retail locations and 134.2 million shopping online. Black Friday remained the most popular day for in-store shopping, with 76.2 million shoppers, while Cyber Monday was the top day for online shopping, with approximately 73 million consumers.

It’s TikTok Shop’s first Christmas, and shoppers are torn between hot deals and ethics

TikTok Shop is facing its first holiday season since its launch in September this year in the US. The TikTok Shop feature allows business owners to sell their products and users to purchase products on the TikTok platform. While TikTok shop provides a new platform for small businesses and creators to build awareness of their products, it also allows for the sale of fast fashion and other cheaply produced and sold goods. As consumers start shopping for the holiday season, they’re taking into consideration these ethical concerns along with the benefits of TikTok Shop’s deep discounts and convenience.

More US retailers adopt 'keep it' returns policies to shelter profits in holiday surge

U.S. retailers are adopting "returnless" or "keep it" policies for online purchases at an increasing rate. This year, 59% of retailers offer such policies which allow customers to keep items that cost more to return than their value. As retailers seek to cut excess costs, the shift comes amid an expected $173 billion worth of holiday returns in the U.S., a 28% increase from the previous year. This practice gained momentum during the early pandemic e-commerce boom and is being implemented by various companies including Walmart and Wayfair. 

Why Shein Keeps Buying Its Rivals

Shein, the fast-fashion giant, is expanding its market presence through strategic acquisitions, having recently acquired UK-based Missguided and entered a joint venture with its founder. This follows an equity swap deal with Forever 21's owner, Sparc Group. These moves aim to broaden Shein's consumer base and market reach, leveraging the established presence of these brands while integrating Shein's operational strengths.

Do Brands Need Chief Digital Officers?

The role of the Chief Digital Officer (CDO) in fashion and luxury companies, exemplified by Noam Paransky's tenure at Tapestry, is undergoing significant transformation. Initially hired to centralize digital responsibilities and drive e-commerce growth, CDOs like Paransky are seeing their roles evolve or become redundant as companies achieve digital maturity. Tapestry, for instance, has transitioned Paransky to a new role focused on omni-channel and innovation after successfully integrating digital platforms across its brands. This shift reflects a broader industry trend where digital responsibilities are being integrated into various departments, and the CDO role is becoming more focused on profitable growth and blending online and offline customer experiences.