Key findings from Signifyd’s July E-commerce Pulse Data include:

• Online spending continued to grow annually in July, but the fastest growth was in orders under $100. Meanwhile, purchases above $500 were nearly flat year-over-year.
• Clues to the health of the upcoming Holiday shopping season remain elusive. Overall, online spending is up 10 percent annually, but growth was powered by discounts and consumers trading down for less expensive merchandise.
• Average order value was down 4 percent compared to July 2023, signaling caution among consumers.

Are Consumers Becoming Fatigued?
“What we saw in July was not surprising given recent macroeconomic trends,” Signifyd CEO Raj Ramanand said. “Online retail remains healthy, but, clearly, economic uncertainty and the decline in surplus savings are weighing on consumers. We’ve entered an era during which merchants need to focus on profitable growth rather than growth at any cost. This is the time for brands to develop lasting customer value by doubling down on the long-term relationships they build with the customers they serve.”

Signifyd suggests that retailers who focus on the long game will have an opportunity to compensate for smaller cart sizes by encouraging customers to return over the long haul.

E-Commerce Sales July 2024 versus July 2023

• Grocery, up 27 percent
• Fashion & Apparel, up 12 percent
• Leisure & Outdoor, up 5 percent
• Luxury Goods, up 1 percent
• Electronics, 0 percent
• Auto Parts, down, 1 percent
• Home Goods, down 8 percent
• Beauty & Cosmetics, down 9 percent
• All Verticals, up 10 percent

Consumers Trading Down in an Uncertain Economy
“The decline in average order value is somewhat worrisome,” said Signifyd’s Senior Data Analyst, Phelim Killough. “Add to that the fact that cart size, or the number of items per order, was down 9 percent, and it’s a less-than-glowing report. Higher overall spending, lower average order value and smaller cart sizes tell the story of consumers who are trading down and finding cheaper options for the things they need.”

A look at how consumers spent their money in July underscores Killough’s analysis. Overall, Signifyd found that the number of e-commerce orders “increased by 15 percent in July compared to a year ago.” Lower-cost purchases reportedly drove the growth. Breaking down average spending per order into $100 increments, Signifyd found that orders under $100 increased 17.7 percent compared to July 2023. Conversely, orders over $500 rose only 1.5 percent over a year ago.

Signifyd noted that “economists have been warning that consumer spending, a growth engine that has been roaring since the end of the pandemic, could not run at turbo speed forever. Record savings, bolstered by pandemic stimulus payments, are dwindling, and strong employment growth dipped in July, briefly panicking equity markets.”

Signifyd, reflecting on the nature of the overall economy, found that consumers spent “robustly in some retail verticals in July while pulling back in others.” Traditional back-to-school (BTS) and back-to-college verticals were a mixed bag. Apparel spending was up 12 percent over a year ago, while electronics remained flat and home goods spending dropped 8 percent.

BTS Shopping Surfaces Wants and Needs
Discounts played a role in back-to-school shopping this year, with “wants” and “needs” in focus. The average applied discount in the electronics category was 12 percent. Fashion shoppers enjoyed an average discount of 22 percent, about the same as 2023. Home goods discounts averaged nearly 29 percent or 3 percent higher than a year ago, but even those deals were not enough to spur consumers to accelerate home goods spending higher than last July.

The average discount for all transactions across Signifyd’s entire commerce network of “thousands of retailers” was 23.5 percent, a 3 percent increase from discounts applied in July 2023.

Grocery Spending Increased while Beauty and Cosmetics Spending Declined
Other verticals that saw notable annual sales fluctuations in July include grocery, leisure and outdoor and luxury goods. Grocery spending continued a trend that started in the spring, increasing 27 percent annually. Again, in July, the rise in spending was driven by volume, not price increases. Auto parts, beauty and cosmetics declined year-over-year, down 1 percent and 9 percent, respectively.

Methodology
Signifyd’s E-commerce Pulse data is derived from transactions on the company’s Commerce Network of e-commerce retailers and brands. Commerce Network intelligence also powers Signifyd’s Commerce Protection Platform, which leverages AI-driven machine learning models and data from billions of transactions to detect and block fraudulent activity while increasing the number of good orders approved. Signifyd has seen over 600 million unique shopper wallets globally, meaning that 98 percent of the time, when a shopper comes to a Signifyd-protected site, Signifyd’s machine-learning models recognize the shopper instantly.

Data courtesy Signifyd

“I’m excited to partner with Currex.  As a veteran player, I have realized that when I take care of the little things, like my feet, I find it makes a big difference in my performance on the field,” Ramirez said. “Since I started using Currex products, I find it has made a difference in my recovery.”

“We’re thrilled to welcome Christian Ramirez to the Currex family. Just as our Currex CleatPro insoles elevate every player’s game, Christian inspires and elevates those around him. We eagerly look forward to seeing him shine on the pitch in his Currex CleatPro insoles this season,” said Stephen Pifer, marketing director at Foundation Wellness.

***

Tanner Tessmann, a midfielder playing for the U.S. Men’s National Soccer Team (USMNT) and Venezia Football Club, also signed an official partnership agreement with Currex to promote Currex’s CleatPro insoles.

“I am excited to partner with Currex. As a professional soccer player, having the right support in my boots is crucial. The CleatPro insoles with SuperGrip technology.”

“We are excited to welcome Tanner Tessmann to the Currex family. Tanner’s remarkable enthusiasm and talent reflect our drive to help athletes perform their best at what moves them. We look forward to seeing him dominate the pitch this season in his Currex CleatPro insoles,” said Pifer.

With features such as a non-slip grip, forefoot cushioning and a decoupled heel, Currex CleatPro insoles “help players play with better control, precision and stability.”

For more product information, go here.

Images courtesy Currex

Nike optimized its proprietary Air technology, one of the shoe’s “key ingredients,“ for track, court, and pitch performance results using its “athlete data set from the Nike Sport Research Lab.“

With its science-backed and sport-specific research, Nike updated the spikes for track athletes with the Nike Victory 2 and Nike Maxfly 2; created a new basketball shoe, with the Nike G.T. Hustle 3; and updated its boot for footballers (soccer), with the 2024 Nike Air Zoom Mercurial.

Launched in January 2024, the Nike Alphafly 3 came out in new colorways. The new Nike Maxfly 2 and Nike Maxfly 2 remain in limited quantities. The G.T. Hustle 3 and 2024 Air Zoom Mercurial will be available in July. The Nike Alphafly 3, Nike Victory2 and Nike Maxfly2 are available now at nike.com and select retailers.

“When the Alphafly hit, it shocked everyone with the intro of Air Zoom,“ said Tony Bignell, VP of running footwear. “It was polarizing, but with our expert research in the world-class Nike Sport Research Lab along with validation from Eliud Kipchoge, the world’s greatest marathoner, we had the proof that it was efficient, responsive and gave such energy back — it was the best in the industry. This system of speed — our ZoomX foam, carbon plate and Air Zoom units — continues to be Nike’s competitive advantage.”

As for the future of Air?

Nike reported leveraging “AI technology and digital tools to co-create, one-of-one products with its athletes through A.I.R. — Athlete Imagined Revolution.”

A.I.R. is a co-creation with 13 athletes imagining the future of Air. 

Using AI and algorithmic tools and “harnessing Nike’s scientific expertise, creative empathy and design curiosity, with A.I.R., Nike reported it is listening to its athletes and amplifying their potential.”

Nike’s Chief Innovation Officer John Hoke said, “A.I.R. is driven by hyper-personalization, boundless collaboration, and unparalleled creativity, with infinite possibilities. We’re unlocking new heights of innovation by harnessing the power of data, design and dreams. We’re introducing a groundbreaking new era of sport — a fusion of art and science where innovation knows no bounds.”

Image courtesy Nike

Why Focus on Wholesale Now?
Physical stores and wholesale channels are indispensable for brands like Vuori, offering tactile and personalized shopping experiences that digital commerce cannot replicate. Recognizing the value of in-person interactions, Vuori employs ENDVR’s platform to redefine customer engagement in physical stores. The Director of Wholesale and Event Marketing at Vuori stated, “ENDVR has been a game changer in creating brand awareness with all of our wholesale partners, all from the comfort of my office. It allows us to stay engaged with retail staff in a variety of fun ways and keep them up to speed with product knowledge. The sales incentives have been a huge hit also!” 

This approach not only meets but exceeds consumer expectations for personalized experiences, fostering deeper connections in every transaction.

Enhancing Customer Engagement
Vuori’s adoption of ENDVR exemplifies how technology can significantly amplify customer engagement in physical retail settings. By deploying ENDVR’s retail sales enablement platform, Vuori has transformed every employee into a knowledgeable advocate for their products. 

Vuori’s partnership with ENDVR exemplifies how strategic digital enhancements can significantly impact sales metrics.

The Power of Relationship Building in Wholesale
The platform’s effectiveness is reflected in a recent user survey, where ENDVR asked retail sales associates selling brand products in wholesale settings questions about digital education and sales. The results speak volumes, with 68 percent of respondents relying on digital platforms like ENDVR for product knowledge and 95 percent of respondents tending to sell more from brands who make an effort to build a relationship. Furthermore, brands using ENDVR saw a 33 percent increase in average selling price (ASP) and a 44 percent surge in reorders. Many brands using ENDVR see a 38:1 Return on Advertising Spend (ROAS), demonstrating that every dollar rewarded to a sales associate increases sales for the brand.

Discover the ENDVR Difference
Curious about what ENDVR could do for your brand? Give us just a few minutes for a discovery dialogue. It is a simple step that could substantially drive sales in your brand’s wholesale channel(s). Discover firsthand how ENDVR can revolutionize your brand’s sales strategy, making it more engaging and rewarding for your team and customers.

Initiate a Strategic Session
Engage with ENDVR today, and let’s explore how we can transform your wholesale strategy into a cost-effective powerhouse for sales growth. Schedule a quick strategy session to see how we can help escalate your sales figures and market impact, or visit ENDVR.io for more information.

See below for Part 1 and Part 2 of the series:

Burton and Spy’s Winning Moves in the Wholesale Game, Part 2

The Resurgence of Wholesale, Harnessing New Strategies for 2024, Part 1

The Strategic Advantage of Wholesale and Digital Integration
As consumer behavior continues to evolve, ENDVR has seen how many leading brands are discovering increased revenue from wholesale channels when enhanced with digital tools; this is a unique opportunity to extend your brand’s reach and impact. Integrating digital tools, like retail sales enablement platforms like ENDVR, help to create tactile experiences in physical stores that forge deeper customer connections—experiences that are not easily replicated online—and drive wholesale sales. Are you curious to see how? Take a quick break for a 2-minute video dive. Discover how platforms like ENDVR supercharge your brand’s wholesale game through digital integration. 

Empowering Frontline Staff with Digital Tools
Both Burton and Spy have revolutionized their engagement with retail staff through tools like ENDVR. These platforms equip staff with the necessary knowledge and incentives to deliver personalized customer experiences effectively. Reflecting on the shift to digital, Nathan Benson from Burton shares the transformative impact of these tools, 

“This just made everything so much easier. We used to do a lot of up-front work to start a contest the ‘normal way.’ Thanks to ENDVR.io, we can deploy our sales contest immediately. The process was easy, and the results were even better.”

Triple Engagement. See Sales Soar.
Digital tools bridge the gap between online efficiency and in-store personalization. “Engagement was through the roof!” said Benson. 

“After launching our contest with ENDVR.io, we hit 50 percent of last year’s total number of submissions in 18 days! At the end of the contest, we tripled our engagement in recorded entries and sales; this is game-changing. 

See how your brand’s sales can go through the roof with this 2-minute video.

Wholesale channels are not just surviving; they’re thriving by adopting digital strategies that enhance brand presence and deepen customer engagement. Burton and Spy are at the forefront, transforming wholesale into a dynamic, interactive channel that effectively complements their online strategies.

Your Brand’s Next Steps
Are you curious about dramatically increasing your brand’s wholesale sales? Watch this  2-minute video to see how platforms like ENDVR can elevate your brand’s in-store impact to new heights and drive significant sales growth.

See below for Part 1 and Part 3 of the series:

The Resurgence of Wholesale, Harnessing New Strategies for 2024, Part 1

Vuori and ENDVR’s Strategic Alliance: Driving Sales Growth in Wholesale Channels, Part 3

Why Wholesale Now?
The pivot to wholesale aligns with shifting consumer behaviors and market dynamics. Nike’s recalibration towards wholesale highlights a more comprehensive industry insight: multi-brand retail environments are crucial for capturing consumer attention and driving innovation. This shift is mirrored across the board, underscoring the need for a presence across various consumer touchpoints.

The Future of Wholesale Success for Brands
Navigating this transition, ENDVR’s analysis suggests wholesale success hinges on a comprehensive strategy: product education, relationship building and leveraging technology. This approach emphasizes:

1. Increasing Sales and Engagement Through Expert Product Education: Utilizing digital retail sales enablement platforms updates product knowledge. Informed staff can significantly enhance sales by accurately communicating product value and features. Dive deeper into these strategies in our guide.
2. Cultivating Retail Advocates: Strengthening ties with retail sales teams turns them into brand champions. These partnerships drive sales, as motivated staff are more inclined to recommend your products. Technology enables your brand to be omnipresent. Find out more about building these relationships in the guide.
3. Harnessing the Power of Retail Sales Enablement Platforms: Technology is crucial in contemporary wholesale strategies. Platforms like ENDVR give brands an edge by simplifying sales processes and offering insights to refine performance and insights to optimize performance. Our guide offers further insights into leveraging technology for wholesale success.

Advantages of Retail Sales Enablement Platforms like ENDVR
ENDVR stands out in wholesale innovation, enhancing brand sales and sell-through with its platform. Success stories from ENDVR clients—Vuori, Mountain Hardware, K2 Sports, and Burton—demonstrate the platform’s significant impact. These brands have used ENDVR to educate and incentivize retail staff, gaining valuable insights into consumer behavior and product trends and marking a technologically advanced path to boosting wholesale sales and sell-through rates.

The wholesale channel’s evolution presents an opportunity for brands to redefine their sales strategies for unprecedented growth. By adopting expert product education, nurturing retail advocates, utilizing platforms like ENDVR, brands are well-positioned for success in 2024 and beyond.

Call to Action
Advance your wholesale strategy with insights from industry leaders. Download our e-guide, “How to Maximize Your Brand’s Wholesale Channel in 2024,” and learn how to amplify your sales and sell-through rates cost-effectively.

Imagine what 15 minutes could do for your brand. Yes, in the time it takes to enjoy a coffee, you could set the course for transforming your wholesale strategy. It’s absolutely worth it to chat with someone from ENDVR. Discover how you can turbocharge your sales and sell through in your wholesale channels, making every dollar work harder and smarter for you. So, why wait? Dive in, have some fun, and let’s talk solutions today. 

Your brand’s next giant leap forward is just a conversation away. Talk with our sales team today, and let’s make magic happen together!

See below for Part 2 and Part 3 of the series:

Burton and Spy’s Winning Moves in the Wholesale Game, Part 2

Vuori and ENDVR’s Strategic Alliance: Driving Sales Growth in Wholesale Channels, Part 3

Taking a leaf from the playbook of giants like Nike, more brands are making strategic moves back into investing in wholesale, a clear nod to its importance in achieving a well-rounded market presence and revenue-boosting capabilities.

Amid this evolving scene, the power of retail sales enablement platforms starts to shine. These platforms act as the perfect mediator between your brand’s DTC efforts and wholesale ambitions, ensuring you get the best ROI of both worlds.

The Real Challenge: Mastering Wholesale
In a world dominated by online shopping, 85 percent of consumers still crave the hands-on experience of in-store shopping. But diving into wholesale can feel like navigating uncharted waters. How do you measure success where metrics are not as clear-cut as in DTC? Here is where retail sales enablement platforms like ENDVR come into play, simplifying the journey into wholesale with tools designed for brands to increase sales for their products in physical stores.

You may be wondering how brands optimize store performance to justify wholesale investment. Explore these three key strategies:

1. Leverage Analytics:Understand the most effective way to deploy digital education, sales incentives, and retail operations with measurable ROI.
2. Direct Interaction with Frontline Impact: Connect directly with frontline staff to gauge the impact, ensuring sales contests and digital education contribute to improved sales and sell-through. Nixon is in its third year using the ENDVR platform, successfully increasing sell-through across thousands of retail doors and increasing sales.
3. Amplify In-Store Displays: With a $104 billion revenue loss tied to poorly executed displays, brands embracing retail automation technologies alleviate this loss and witness the positive impact of their retail investment.

Powering Your Frontline and Witnessing the ROI Magic
The real game-changer? Activating your frontline sales teams. This crucial engagement establishes emotional bonds with customers, which is essential for fostering brand loyalty, advocacy, and visibility in wholesale. But how are brands achieving this? Through platforms like ENDVR to deliver consistent messages, drive internal digital education campaigns, and empower teams with knowledge across wholesale channels and stores. When sales associates receive product education from brands through apps like ENDVR, their confidence in selling those brand products increases by 97 percent. This direct connection demonstrates a remarkable shift in ROI from 2.9:1 to an incredible 35:1 with ENDVR.

This kind of success story makes investing in wholesale, equipped with the right tools, not just a choice but a strategy for substantial growth.

Success in Action: Nike’s Leap
So why do brands like Nike commit more of their annual budget to wholesale? Nixon is an excellent example of a brand whose partnership with ENDVR is a testament to the platform’s ability to elevate wholesale performance. By leveraging digital sales incentives and digital education, Nixon has significantly increased its wholesale presence, setting a benchmark for what’s possible when you combine great products with cutting-edge sales enablement platforms.

Digital Transformation: Empowering Brands for Retail Success
For brands ready to enhance their wholesale strategy and see a real uptick in revenue, it’s time to explore what ENDVR can do for you. Join the ranks of other top brands like Vuori, Oakley, Burton, OTIS Eyewear, Nixon and more already using ENDVR and redefining their wholesale success.

Visit ENDVR.io to increase your brand’s sales in brick-and-mortar stores.

For more information about retail strategies in 2024, check out ENDVR’s Checklist, which is a guide for active and outdoor brands seeking success in today’s wholesale market.