Subscriptions, cash and voice transactions: 5 retail stats you need to know today

Charged has pulled together some of the most vital and insightful figures from across the retail industry this week, covering everything from voice transactions to interactive aisles. 

Voice Assistant Transaction Values to Grow by Over 320 per cent by 2023

Voice assistant (VA) transaction values are predicted to rise by over 320 per cent by 2030 according to a new study by Juniper Research.

The data estimates that ecommerce transaction values via voice assistants will reach $19.4 billion by 2023, rising from just $4.6 billion in 2021.

The report says that retailers will need to implement voice assistant devices with screens in order to monetise VA commerce services.

More than 50 per cent of people in 43 UK counties still rely on cash

Of the 48 UK counties surveyed by PayPoint, 43 of them have a cash reliance score of more than 50 per cent, indicating the need for cash to support everyday expenditure is still majorly important.

The data examined cash as an overall percentage of transactions in its 28,000 stores in the last financial year.

The research has estimated that a north-south divide could emerge in a cashless society, with the north housing the most cash-reliant counties.

County Down, County Antrim, Lanarkshire, Merseyside and County Durham all feature highly in the rankings

Subscription economy grows to £395m

The nation’s demand for subscription services has risen by 23 per cent since last year according to Barclaycard Payment.

The pandemic has accelerated the use of subscription services, with the number in offerings spiking as 83 per cent of subscription-selling retailers launching an average of three new subscription products or services since the start of the year.

Retailers are projecting a further 30 per cent growth for the subscription sector over the next 12 months, while 67 per cent plan to launch a new subscription soon.

The data also shows a 25 per cent increase in the number of households signed up to subscriptions with Brits spending more than 12 per cent more on services annually (£620 from £552).

92 per cent of chief marketing officers (CMOs) feel more confident in their brand’s ability to attract online consumers than before the pandemic

According to new research, ecommerce brands are making a range of new investments across talent, digital marketing and delivery capabilities as they expect a 12 month ecommerce boom.

Multichannel commerce platform ChannelAdvisor and research firm CensusWide surveyed 304 CMOs working at UK brands selling online.

The data also shows that 91 per cent of CMOs believe that their brand’s revenues will grow in the next 12 months with 25 per cent feeling “very confident” in revenue growth.

Ecommerce expertise is going to be the most sought after hire in the next 12 months, followed by marketing talent, according to the data.

Web developers ranked in third while senior strategic expertise came fourth, followed by logistics expertise.

A whopping 80 per cent of brands say their digital marketing spend is higher than it was before the pandemic, with 91 per cent expecting their digital ad spend to increase within the next year.

A further 80 per cent of brands say their digital marketing spend is higher than pre-COVID levels and 91 per cent expect their digital ad spend to increase further over the next 12 months.

57 per cent of customers want digital engagement in the aisle to improve customer experience and inform purchasing decisions

An increasing number of UK consumers are demanding more digital information at shelf edges to improve their shopping experiences and help them make more informed decisions when purchasing, according to Pricer.

The data shows that 65 per cent of shoppers would be more likely to buy a product in-store when they can easily and clearly access information about the product digitally.

Pricer’s report suggests that this information is particularly important for complex, high consideration or big ticket items so customers are able to self-serve information about the product.

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