E-commerce revenues in Q2 2024 increased by 7.2% compared to

PALO ALTO, Calif., July 11, 2024 (GLOBE NEWSWIRE) — CommerceIQleading retail e-commerce management platform (“REM”), today released its E-commerce Retail State of the Art Report Q2 2024where e-commerce retail sales revenue increased 7.2% in the second quarter of 2024 compared to the second quarter of 2023. This increase occurred despite falling prices as consumers bought more products at lower prices.

The report also showed a 10.1% increase in ad spend compared to the second quarter of 2023, suggesting that brands continue to focus on growth and market share despite profitability challenges.

Other findings from the Q2 2024 Online Retail Report include:

• All categories except office supplies saw revenue growth in Q2 2024 compared to Q2 2023, with all categories except toys and pet products seeing price declines over the same period.
• Gross margins continue to decline, likely due to a combination of pricing pressures and/or consumer demand shifting to lower-priced goods.
• The pet and beauty categories remain highly competitive, with ad spend increasing 68% and 79%, respectively, in Q2 2024 compared to Q2 2023.
• Sponsored Brands ads saw the biggest growth in Q2, and brands will likely be looking to build an audience ahead of Prime Day.
• Inventory levels are rising, which until June correlated with reduced losses due to stockouts. This is likely a signal that inventory composition is not in line with actual consumer demand.

The data in the State of Retail E-commerce report is based on a compilation of anonymized data from REM’s CommerceIQ platform, which tracks tens of billions of sales from global consumer brands selling through retail e-commerce channels such as Amazon, Walmart.com and Instacart.

“Despite pricing challenges and changing consumer behavior, our platform data highlights the potential for adaptation and growth in today’s e-commerce environment,” says Guru Hariharan, CEO of CommerceIQ. “Brands that invest in AI-powered solutions to automate and optimize their online presence will be well-positioned to navigate these complexities and drive sustainable growth in an increasingly competitive marketplace.”

For more information, download the full copy E-commerce Retail State of the Art Report Q2 2024.

About CommerceIQ

CommerceIQ is the leading e-commerce management (REM) platform for consumer brands that enables them to plan, monitor and execute their business and profitably grow market share across more than 650 global online retailers. CommerceIQ’s unified REM platform connects every aspect of a brand’s e-commerce retail business: sales and operations, retail media management, content management and digital shelf optimization to create a single source of truth. CommerceIQ’s machine learning and automation enable brands to bridge organizational silos, increase team efficiency and generate measurable sales impact. More than 2,200 brands worldwide, including Nestle, Colgate and Whirlpool, trust CommerceIQ to manage and grow their e-commerce retail businesses across global retailers, including Amazon, Walmart and Instacart. For more information, visit https://www.commerceiq.ai.

CommerceIQ
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