The Modern Retail Podcast Rundown: What retailers are saying about holidays sales
Nov 30, 2024
The discussion kicks off with the competition between big box retailers and online marketplaces, highlighting logistical challenges during the holiday season. Walmart's strong growth contrasts sharply with Target's struggles. Strategies to attract budget-conscious shoppers are examined, along with the rising significance of social commerce on platforms like TikTok. Additionally, there's a look at the resurgence of traditional marketing methods as retailers adapt to changing consumer engagement patterns amidst crowded digital spaces.
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Walmart vs. Target Q3 Earnings
- Walmart's Q3 earnings were positive, with US sales up 5% and e-commerce jumping 22%.
- Target's earnings were less optimistic, with flat sales growth expected in Q4, contrasting sharply with Walmart's projected 3-4% growth.
Shein and Temu's Impact on Black Friday
- Shein and Temu's low prices pose a threat to US retailers, especially during Black Friday sales.
- These platforms are experiencing significant sales increases, with Shein up 16%, Temu up 18%, and TikTok Shop sales more than tripling.
Discounting Trends
- Most brands (71%) maintained similar discount levels to 2023, while only 7% increased discounts.
- Instead of deeper discounts, brands extended discount periods, offering longer sales rather than steeper price cuts.