Half of Americans Turn to Retail Apps for Best Deals
$1.2 T
As per FTI Consulting report, U.S. online retail sales are projected to pull up by 9.8% to $1.2 trillion by 2024, making up 22.7% of the retail market, up from 21.6% last year. E-commerce growth accounted for 57% of total retail sales in Q1, marking the highest rate since 2017. FTI Consulting predicts online sales will stabilize around 35% of total retail sales in the next decade, with significant growth expected to continue as retailers adapt to omnichannel strategies.
50%
May 2024 SPAR Group report stated that 50% of US users use retail apps for their best pricing. The report also reveals that about 163.8 million consumers or 76.5% of smartphone users, are expected to use these apps. Users use apps for various reasons for loyalty rewards (46%), tailored coupons (34%), and sales promotions (26%). Retail m-commerce sales are projected to hit $534.88 billion, a 12.7% increase.
11.0%
Reddit has seen the highest growth in average daily time spent by US users among all social media platforms. The time spent on the platform increased by 11.0% to 31 minutes from 28 minutes last year. After going public in March 2024, Reddit introduced Dynamic Product Ads and partnered with DoubleVerify and Integral Ad Science to enhance brand safety. Its US ad revenue is expected to grow 27.9%, reaching $741.2 million.
14%
Google’s parent company Alphabet has seen a 14% revenue increase YOY growth, reaching $84.74 billion. The growth is driven by Google search and cloud services, despite the inflation and interest rates Google’s advertising business continues to grow. Ad revenue grew to $64.62 billion up from $58.14 billion and YouTube ad revenue missed the exceptions and still hit $8.66 billion which is high compared to $7.66 billion in last year’s quarter.
$3.9 B
SK Hynix the world’s largest memory chipmaker reported a surge in its operating profit in Q2 at $3.9 billion, which is the highest level of growth in 6 years and rebounding from a loss of 2.88 trillion won last year. Revenue surged 124.7% year over year to 16.42 trillion won ($11.86 billion), driven by a 32% increase from the previous quarter due to strong demand for AI memory products.
9%
In Q2, Adidas reported a 9% increase in revenue to 5.8 billion euros ($6.4 billion), this marks the second consecutive quarter of growth after the 2023 sales drop. Even Adidas has seen growth in operating profit in Q2 of 97% to 346 million euros, which includes 50 million euros from Yeezy inventory sales. Despite a 50% drop in Yeezy revenue YOY, Adidas' underlying business improved, with currency-neutral sales up 16%.
45%
Netflix’s CFO anticipates ads will be a major revenue in 2026 and the company is planning to launch adserve in 2025. Currently, 45% of new subscribers choose ad-supported tiers, although ads won't drive significant revenue growth in 2024 or 2025. Netflix's US ad revenue is projected at $0.95 billion this year, rising to $1.24 billion by 2025. US adults spend 35 minutes daily on Netflix, just behind YouTube's 36 minutes.