In terms of retail technology, the article discusses the gap between consumer survey responses and actual spending behavior, the unsuccessful attempts by retailers to reduce customer returns, and the challenges and costs associated with AI in retail. It also mentions recent layoffs at Wayfair and Macy's, and the controversy surrounding Kyte Baby. On a positive note, Walmart is increasing pay and potential bonuses for store managers. The article concludes by stating that despite uncertainties, some retailers are not waiting for a clear outlook on 2024 and are moving ahead with confidence.
Key takeaways:
- The US GDP increased by 3.3% in the fourth quarter of 2023, beating expectations, largely driven by consumer and government spending.
- There is a significant gap between what consumers report in surveys and their actual spending behavior, indicating that surveys may not be a reliable source of consumer behavior data.
- AI models have improved significantly, but they still have a long way to go in terms of unlearning bad behavior and controlling for biases.
- Despite the uncertain consumer scene, some retailers are not waiting for clarity and are moving ahead with their plans, which may be the defining factor between retail winners and losers.