Walmart and Morning Consult Survey Reveals: Social Media Tops Charts for Product Discovery
55%
A survey by Walmart and Morning Consult found that social media is the top priority for product discovery. In the last 6 months, 55% of Gen Z shoppers have purchased items online while browsing social media, in contrast, only 38% of shoppers overall did the same. While 44% of Gen Z shoppers started their shopping experience with online searches, 42% by browsing in stores, 40% by visiting retailers' mobile apps or websites, and 38% by checking social media.
2%
Consumer tech sales revenue in the U.S. is predicted to drop by 2% YOY in 2024, driven by broader macroeconomic conditions and poor performance in early 2023, according to a Circana report. However, the report anticipates growth in personal computers, large TVs, and tablets, fueled by pandemic-era computer upgrades and increased tablet capabilities. Despite a long string of declines, recent U.S. Department of Commerce data shows a slight year-over-year sales increase in electronics and appliances.
7%
Skechers announced exceptional Q2 sales of $2.16 billion, marking a 7.2% rise compared to the previous year. DTC sales rose over 9%, driven by a 41% increase in EMEA, while wholesale sales grew 5.5%, largely due to a 10% rise in the Americas. CFO John Vandemore stated that Skechers is on track to reach $10 billion in sales by 2026.
13%
Spotify is now named Spotify Ads Manager and also established enhanced ad features, the new update includes a simplified user experience and enhanced audience targeting, with an expanded menu of interest segments. With these features, advertisers like the travel brand Contiki have seen success, with a 267% increase in website clicks. This move follows Spotify's record Q2, which saw 13% year-over-year ad revenue growth, and aims to attract more advertiser investments by leveraging its 626 million monthly active users.
9%
Data from DISQO stated that women are 9% more likely than men to purchase after watching a TikTok video (31% vs. 22%). An EMARKETER survey found that 20.2% of U.S. marketplace buyers purchased from TikTok Shop in its first seven months. Morning Consult research shows that around 40% of Gen Z users aged 18-26 and 24% aged 13-17 have purchased on TikTok Shop, compared to 37% of millennials and 14% of Gen X.
$10
Marketers are encountering high-risk challenges with third-party cookies deprecation and new data protection laws like GDPR and CCPA. Since 2022, Consumer Acquisition Costs have doubled and are expected to double again in 2024 due to Chrome’s changes. To combat this, Fibr, an AI-powered Personalization Hub founded in January 2023 by CEO Ankur Goyal and CPO Pritam Roy, offers a pay-per-use model starting at $10. The company raised $1.8 million in a pre-seed round led by Accel Partners. Fibr’s main product, Pilot, creates personalized landing pages to boost conversions and reduce CAC, while Blocks adapts content for various formats and audiences.
$4.48 B
Meta's Reality Labs unit reported a Q2 operating loss of $4.48 billion, with cumulative losses of about $50 billion since late 2020. Revenue from the Quest VR headsets and Ray-Ban Meta smart glasses rose 28% to $353 million, below the expected $371 million. Despite these losses, Meta continues to invest heavily in augmented and virtual reality technologies, with the Quest 3 VR headset debuting at $499, while Apple's Vision Pro headset starts at $3,500.