UK online spending sees first year on year increase since January 2022 as TikTok continues to grow
Adobe has released its UK Digital Economy Index data for June and July, revealing a combined online spend of £18.6 billion, representing the first year-on-year increase in 17 months.
The research, which is based on an analysis of tens of billions of online transactions from UK consumers, also found that buy now pay later usage peaked in July, with shoppers using the services to finance £1.5 billion of spend. Total BNPL spend for the year-to-date has reached £8.8 billion.
Traffic to retail sites from TikTok is on the up. The social media platform’s share of traffic to online retailers continues to grow, with a 17% increase in July, whilst Facebook and Instagram fell by 9% and 14% year-on-year respectively.
Elsewhere, the online price of groceries fell by 0.6% between June and July: Whilst grocery costs remain high, the year-on-year growth in prices has slowed for the third consecutive month, with July prices 0.6% lower than June 2023.
2023 RTIH Innovation Awards
The fifth edition of the RTIH Innovation Awards is now open for entries.
The awards. sponsored by CADS, 3D Cloud by Marxent, and Goodays, celebrate global tech innovation in a fast moving omnichannel world and include a Most Innovative Pureplay category.
Deadline for 2023 submissions is Friday, 27th October, with winners being revealed at an exclusive event at the Barbican in central London on Wednesday, 29th November.
Entries are free and you can submit in multiple categories.
Most Innovative Pureplay
Who has been the most innovative, customer focused pureplay this year?
Judges are asked to look at the tech deployments, pilots etc listed alongside each retailer and decide which one has been the most consistently forward thinking and customer centric in 2022/23.
Download an entry form here.
For all entry related queries, email: scott.thompson@retailtechinnovationhub.com
RTIH Editor, Scott Thompson, says: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“I’m excited to launch the fifth edition of the awards. The 2023 event will be the biggest and best yet.”
Secret Sales
Secret Sales emerged victorious in the Most Innovative Pureplay category at the 2022 RTIH Innovation Awards.
A discount marketplace for fashion, sportswear and beauty brands, it was praised for launching a new reward offering in partnership with tastecard and Coffee Club.
FAQs
Who will be judging the 2023 RTIH Innovation Awards?
Mike Cadden, Mike Cadden, IT Director and CIO with 25 years’ experience running tech teams and strategic delivery for many leading UK and international retailers
Peter Waugh, Director, International Digital (EMEA, LAC & AP), Starbucks
Carole Kingsbury, Former Director of IT, Ted Baker
Christine Russo, Industry Analyst and Retail Influencer
Paula Bobbett, Chief Digital Officer, Boots
Warren Richmond, Founder and CEO, Situ LIve
Scott Thompson, Editor and Founder, Retail Technology Innovation Hub
Toby Pickard, Global Insight Leader, IGD
Matt Taylor, Technology Transformation Leader at EY, Retail and Consumer Products
Amodini Chhabra, Investor, Compass Digital Ventures
Gary Newbury, Supply Chain Advisor and Delivery Executive
Nadine Neatrour, Marketing Director, Selfridges
David Polinchock, Co-Founder/President, Unified Brand Experience Lab
Is there a fee to enter the awards?: No, it is free of charge.
Can I enter across multiple categories: Yes.
Do I need to complete all the sections in the entry form? No, but the more information you provide, the better chance you have of producing a successful submission.
Do you only accept entries from UK-based companies? No, we accept entries from all parts of the world.
When is the deadline for 2023 submissions? Friday, 27th October.
When will the winners revealed? Wednesday, 29th November at an event at the Barbican in central London, featuring a drinks reception, three course meal, and awards ceremony.
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