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Consumer products holiday season insights: E-commerce helps drive holiday sales growth – RSM US

Consumer products holiday season insights: E-commerce helps drive holiday sales growth – RSM US

The consumer continues to beat spending expectations with 4.1% year-over-year growth, 4.9% year-over-year in core goods (excluding food services, gas, building materials and motor vehicle dealers), according to the U.S Census Bureau. Cyber Monday and e-commerce natives helped lead the charge for this growth. Shopify reported $9.3 billion in Black Friday and Cyber Monday sales, a 24% increase from last year. Consumers are choosing e-commerce because of the convenience along with the ability to shop deals more broadly than in-store. Faster payment options like Shop Pay have been adding to the technology advantages, making checkout faster and more convenient.According to Shopify, Shop Pay payments were up by 60% year over year. Artificial intelligence chat bots were also helping drive additional sales as companies begin to leverage AI to provide customer support. With a tight labor market and unemployment remaining under 4%, retailers are leaning on automation to help keep up with consumer expectations of service.E-commerce is on the path to hit $2.55 trillion by 2027, which will make up 33% of U.S. retail sales from 25% today, according to Bloomberg Intelligence.Consumer expectations are rapidly expanding, fueled by advancements in generative AI technology, which is expected to boost conversion rates through personalized… 

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