It's been a big year for online shopping -- online car shopping too. Carvana was able to ride that wave (or, perhaps, drive that used '09 Camry). It reported year-over-year revenue growth of 41% at its third quarter earnings. According to chief brand officer Ryan Keeton, the nine-year-old company was able to use the momentum it built over the last decade to capitalize on retail shifts during the pandemic. Keeton joined the Modern Retail Podcast this week and discussed his company's overall strategy.
Airlines are promoting their excess food in part because they have so much of it in storage. But by bringing their food and drinks more closely into people’s lives, they are also building their brands. For the airlines, this might signal a brief lifestyle brand pivot, where the snacks and drinks they keep onboard become part of the larger pitch for why a customer should fly with them.
Chocolate brand Godiva is the latest brand to close its retail shops due to the pandemic. The century-old company, which also operates wholesale and e-commerce channels, will shutter its brick and mortar stores and cafes in March. Like others, the confectionary brand will shift focus to its growing digital presence.
The company behind Hudson News is investing in Amazon's cashierless technology. The partnerships make a certain amount of sense. On the retailer side, this is one way to lower the barriers to entry as much as possible for customers. For Amazon, airport retail is a complex and expensive sector to enter -- so, the e-commerce giant relying on its technology to get a foothold into the market instead.
Canteen Spirits was ready to take on the hard seltzer industry -- and then the coronavirus hit. According to co-founder and CEO Brandon Cason, the first few months of the pandemic were hard. But things began to quickly ramp up once the first coronavirus peak subsided -- and the beverage brand is in growth mode once again. Canteen makes canned vodka-based sparkling beverages. Cason joined this week's Modern Retail Podcast and described the year's journey.
Retailers are trying to get their employees vaccinated -- and fast. There's a clear incentive for retailers to encourage their employees to get vaccinated as quickly as possible: as more of their employees get vaccinated, it decreases the likelihood that one of them will contract the coronavirus at work. However, mandating that employees get the vaccine presents its own set of challenges.
As retailers increasingly open more stores in strip malls or open-air shopping centers, they're also rethinking what these locations should look like. Locations of Macy's new off-mall chain, for example run only 20,000 square feet, tens of thousands of feet smaller than the typical department store. As other retailers like Sephora and Foot Locker are looking at opening more off-mall locations, they're following similar playbook.
Walmart is testing ways to keep consumers ordering groceries online long after the pandemic. As grocery sales slow down, the retailer is partnering with tech startup HomeValet to install smart coolers on customers' porches.
Walmart is starting off 2021 by losing one of its key e-commerce executives. Marc Lore, who has led Walmart's e-commerce strategy since the big-box retailer acquired his startup Jet.com for $3.3 billion, announced he was leaving Walmart after nearly five years. It leaves Walmart without the person who has previously been deemed the architect of its e-commerce strategy. All this during a year in which e-commerce is likely to once again experience tremendous growth — and as the coronavirus pandemic drags on.
The 2020 Modern Retail Awards celebrated brands, agencies, retailers and platforms that responded to a most challenging and unusual year for consumers and shopping.
Healthcare and insurance aren't the sexiest areas, but they are both ripe for disruption. That's why Matt Gamache-Asselin, co-founder and CEO of Alto Pharmacy, decided to enter the space. The five-year-old company has raised over $350 million thus far and has been building digital pharmacy to compete with the likes of CVS and Walgreens. On the Modern Retail Podcast, he spoke about why he entered the space.
As one of the biggest furniture retailers in the country, Ikea has greatly benefitted from the pandemic's e-commerce boom. However, the brand's mobile shopping capabilities have always lagged behind its in-store shopping experience. The company is hoping to improve its mobile experience with a newly-launched U.S. app.
Existing pharmacies are attempting to revamp their offerings following a rocky year. Walgreens, for instance, is emphasizing the speed of pickup at its store, while Rite Aid is putting money toward sleep products, essential oils and other new-age health goods. The Covid-19 vaccine will offer a unique chance for these pharmacies to make their pitch to consumers and draw new customers.
A boom both in online shopping and sales of home goods have helped give Bed Bath & Beyond new life. The big-box retailer has reported more than 75% growth in e-commerce sales during each of the last three quarters. The company's chief digital officer, Rafeh Masood, spoke with Modern Retail about how the company is seeking to capitalize on its e-commerce growth.
Last year, a number of major fashion brands -- Lululemon, Adidas, Stella McCartney and Gucci -- announced they were investing “seven-figure sums” to produce clothes and shoes made out of mycelium fabric with a startup called Bolt Threads. Bolt Threads specializes in a mycelium-based leather it calls Mylo -- and as the leather industry continues to slide, driven in part by concerns about sustainability and animal rights, startups are pitching fungi as an environmentally friendly replacement.
At the Modern Retail Summit LIVE, retail executives will come together virtually to discuss effective strategies for driving sales by building a loyal customer base both online and offline.Buy Passes