EP315 - 2023 Turkey5 Recap with Salesforces Rob Garf

Episode 315 is a recap of Turkey5 (The five days from Thanksgiving through Cyber Monday) 2023 with Rob Garf, Vice President and General Manager, Retail at Salesforce. This is Robs' Six time on the show, having previously been on episodes 110, 248, 282, 299, and 313.

Jason and Scot discuss the "Turkey 5" with their guest Rob Garf, VP and GM for retail at Salesforce. They analyze data from various sources to provide insights into the holiday shopping season. According to the U.S. Department of Commerce, e-commerce grew 7.75% in Q3, while total retail only grew 2%. Jason emphasizes the need for e-commerce to grow at least 7.7% in Q4 to stay on track. Adobe's data shows that Black Friday sales were up 7.5% and Cyber Monday sales were up 12.4% from the previous year. The speakers also discuss data from BigCommerce, MasterCard, and Salesforce, highlighting growth in online sales on Cyber Monday and Black Friday.

Rob Garf adds his observations on retail industry trends, noting an increase in demand and robust pricing. He mentions a rebound in demand in Europe, excluding the UK, and highlights retailers' focus on profitability and inventory levels. The discussion then turns to Amazon's innovative advertising approach during a Friday NFL game, where shoppable ads were displayed via QR codes. Jason believes this strategy will benefit Amazon, as it monetizes viewership and reinforces the brand.

Discounting played a significant role in driving demand during Cyber Week, with retailers offering an average of 30% off. Consumers were patient, waiting for attractive deals, while retailers managed their inventory and discounting strategies well. The luxury category, however, did not perform as strongly, with only a slight increase or even a decrease in sales. The hosts touch on the resale market and the growing popularity of Buy Now, Pay Later (BNPL) options and mobile wallets. They discuss the potential impact of mobile wallets on shopping behavior and note that BNPL resonates with new consumers and has replaced layaway.

Finally, the hosts mention the passing of Charlie Munger and the filing of an IPO by Xi'an, encouraging listeners to support the show and announcing more holiday shopping data and reports on Salesforce.com.

0:00:46 Introduction to the Jason and Scot Show
0:05:04 Black Friday: First Sales for Vendors
0:14:06 Softness in Consumer Electronics and Toys Market
0:14:55 Black Friday and Cyber Monday Impact on Holiday Season Shape
0:16:32 Retailers' Inventory Management and Positive Growth Forecast
0:17:47 Retailers analyzing profitability and customer profitability.
0:18:29 Increase in Demand and Robust Pricing
0:22:34 Amazon's Innovative Advertising and Potential Profitability for Holiday
0:26:27 Discount rates over Cyber Week in comparison to previous years
0:29:04 Retailers' management of inventory and transparency in discounting strategy
0:31:52 Consumer behavior and the rise of Buy Now, Pay Later (BNPL)
0:33:32 Mobile wallets and the impact on checkout process and shopping experiences
0:35:26 Buy Now, Pay Later Growing and Replacing Layaway
0:37:22 Charlie Munger's Passing and Xi'an's IPO Announcement

Throughout this episode make liberal use of real-time data from Salesforce Shopping Insights HQ, which tracks how 1.5+ billion consumers are shaping shopping trends. You can see a real-time holiday dashboard, powered by Tableau so you can interact with the data yourself on the Salesforce Holiday Insights page.

Episode 313 of the Jason & Scot show was recorded on Tuesday November 28th, 2023.

 http://jasonandscot.com

Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing.

Transcript

Jason:
[0:23 ] Welcome to the Jason and Scot Show. This is episode 315 being recorded on Tuesday, November 28th.
I'm your host, Jason Retail Geek Goldberg, and as usual, I'm here with your co-host, Scot Wingo.

Scot:
[0:39 ] Hey, Jason, and welcome back, Jason and Scot Show listeners.
Vigilant listeners will remember that we promised you a delicious turkey five

Introduction to the Jason and Scot Show

[0:47 ] sandwich starring none other than Rob Garf, VP and GM for retail at Salesforce.
And that's what we're delivering today.
Rob was here way back on episode 313 on November 8th. And he is back here today to tell us what happened during the Turkey 5. Welcome back, Rob.

Rob:
[1:05 ] Thanks <span title= "1: