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As a result, a wide swath of companies that sell housing-related products鈥攊ncluding home improvement retailers like Home Depot and Lowe鈥檚, consumer electronics retailers like Best Buy, and furniture sellers like Wayfair鈥攕uffered. Making it cheaper to borrow money could drive more consumers to splurge on big-ticket items like TVs.

July has turned into prime time for deal hunting and several merchants, including Best Buy, Target, and Walmart, shifted their sales ahead of Prime Day to capture a larger share of consumers鈥� finite discretionary spend. TikTok explains it all.

With Best Buy and Target hosting events of their own, retail media spending won鈥檛 be limited to Amazon.

Best Buy didn鈥檛 even wait until Q4 to launch the first of its promotions this year. Amazon, Target, and Walmart are launching holiday promotions in early October. Even so, Cyber Monday and Black Friday will still be the two biggest online shopping days of the year.

That鈥檚 despite fierce competition from Target, Walmart, Best Buy, Nordstrom, and a host of other retailers all looking to get a slice of a highly lucrative pie. As a result, Amazon鈥檚 share of Prime Day sales is shrinking; our forecast puts it at 59.6%, down from 60.9% in 2019.

The trend: While Best Buy is the latest high-profile merchant to turn to layoffs to cut costs, many retailers and hospitality firms are dealing with the opposite problem: an inability to hire enough staff. Over half of retailers and hospitality companies (53%) said staffing and wage issues were their top concerns heading into summer, per a survey by Multimedia Plus.

Number two, best Buy. Okay, we're cheating a little bit here because what Best Buy did happened in April, but it was the end of April and it was after our last episode. So we're including it Best Buy partnered with CNET on a new retail media model where cnet product reviews show up on Best Buy channels and advertisers who buy inventory from Best Buy can show up on cnet.

Despite a brutal 2022 and rumors of bankruptcy, Carvana will remain tied with Best Buy at No. 8 in 2023. We expect Carvana鈥檚 sales to continue to grow and its share to surpass Best Buy and Costco in 2024 to reach the No. 7 slot. Lowe鈥檚 will maintain its share as Wayfair falters.

Driving shoppers to spend: Best Buy, Amazon, Target, and Walmart are just a few of the retailers that have leaned on high-profile sales events to convince shoppers to begin their back-to-school shopping in June or July; the approach seems to be working as 18% of consumers intended to start shopping in June, up seven percentage points from a year ago, per a Sensormatic Solutions survey.

Best Buy kick-started this year鈥檚 events in late June with its Member Deals Day that offered discounts on thousands of items for the paid tiers of its membership program. Target Circle Week, which features discounts on summer and back-to-school essentials, runs from July 7-13 for members of its free Target Circle loyalty program.

While businesses like Best Buy and Klarna see AI-enabled chatbots as an opportunity to save money on labor without sacrificing service, consumers feel differently.

Amazon shouldn鈥檛 worry though: No other retailer can compete with the 鈥渇renzy of sales and activity鈥� of Amazon鈥檚 Prime Day, said Lipsman, though 鈥渂ig-box retailers [like] Walmart, Target, [and] Best Buy all have a chance to win consumers鈥� attention鈥� by creating their own sales days. Still, it鈥檚 important for retailers to keep the dates of their sales events relatively in line with Amazon鈥檚.

With inflation remaining high and consumers pulling back on discretionary spending, retailers ranging from Best Buy to Target to Lowe鈥檚 are bracing for a challenging year and potential year-over-year revenue declines. We expect US retail sales will slow to 3.3% this year, according to our Retail Sales forecast鈥攄own from 8.1% last year as consumers pull back on discretionary spending.

Traveling for the holidays? Here are four episodes of our "Reimagining Retail" podcast for your listening pleasure.

While grocery and consumer packaged goods remain the core of retail media鈥檚 growth, many specialty retailers have been jumping on the bandwagon, including Best Buy and Chewy. The channel鈥檚 growing popularity has also produced retail media partnerships between brands, publishers, and media platforms.

Companies like Best Buy, Subway, and Warby Parker, which already use RCS, can now engage more effectively with a broader audience, including iPhone users who previously couldn't use RCS features. The iOS introduction of RCS addresses several current limitations in cross-platform messaging including lower-quality media, truncated messages, and no end-to-end encryption; RCS solves these issues.

Walmart, Target, Best Buy, and other retailers created their own sales events in response, all trying to score their share of consumer spending. Over half (55%) of Prime Day shoppers checked prices at competing retailers before finalizing their purchases on Amazon, per Numerator. Many consumers also shopped or planned to shop competing sales events by Walmart (31%) and Target (25%).

Black Friday in October: Amazon鈥檚 sale has driven retailers such as Best Buy, Costco, Target, Walmart to launch their own October events that, in some cases, coincide with Prime Big Deal Days. Consumers have taken note: 33% of Numerator respondents shopped or planned to shop Walmart Holiday Deals, and 31% shopped or planned to shop Target Circle Week.

Digitized cooler doors and TV walls in retailers like Best Buy and Walmart offer perhaps the most impactful examples of these surfaces. In-store retail media provides high-quality branding experiences. Pigeonholing in-store retail media as shopper marketing creates the expectation that it only drives in-store sales, while ignoring its impact on branding.

Retailers like Best Buy and Wayfair are playing from behind this year, with demand for consumer electronics and home furnishings still looking to turn the corner. Consumer electronics sales should begin to improve with an expected strong season for iPhone 15 demand, but there aren鈥檛 a lot of other new products in high demand to drive outsize gains.

Best Buy: The electronics retailer just announced a new partnership with CNET, which will publish 鈥渦nbiased editorial advice from CNET鈥檚 experts鈥� on Best Buy鈥檚 website, store, and app and allow advertisers to reach CNET鈥檚 audience, per a press release.

Walmart, Best Buy, Sephora, The Kroger Co., and Albertsons Companies have launched new paid memberships since 2020. Most of these memberships assume the Amazon Prime model, putting free shipping and delivery front and center. They often also offer access to exclusive products, services, and rewards programs. Despite these new offerings, the overall rate of revenue growth is decreasing.

The retail holiday is a big deal for competitors, too, with Walmart, Target, and Best Buy all hosting rival events. But Amazon will capture almost 60% of US ecommerce sales that take place during Prime Day this week. Use this chart:. Determine how many of your customers shop with Prime. Prepare for future retail holidays, including other Amazon events. More like this:.

Walmart, Best Buy, Sephora, The Kroger Co., and Albertsons Companies have launched new paid memberships since 2020. Most of these memberships assume the Amazon Prime model, putting free shipping and delivery front and center. They often also offer access to exclusive products, services, and rewards programs. Despite these new offerings, the overall rate of revenue growth is decreasing.

Digitized cooler doors and TV walls in retailers like Best Buy and Walmart offer perhaps the most impactful examples of these surfaces. Read the full report. This was originally featured in the eMarketer Daily newsletter. For more marketing insights, statistics, and trends, subscribe here.