Stay in Touch
Over the years, Venmo has slowly attempted to eke out a space in the hospitality and retail space. But until now, the payment platform's technology hasn't been equipped to handle large merchant transactions. In the coming months, parent company PayPal will be rolling out backend products to support businesses in accepting Venmo as form of payment.
Under Armour is paring down its ambitions in the digital fitness space. Last week, the athletic apparel retailer announced it was doing away with two apps that it had previously acquired in 2015. The company is selling MyFitnessPal, and shutting down Endomondo by the end of the year. When Under Armour these two apps, alongside MapMyFitness several years ago, the company hoped that by owning a variety of digital fitness apps, it could get the tens of millions of people who used these apps to subsequently buy their workout gear from Under Armour. That hasn't panned out.
For years, DoorDash has been duking it out with others like Grubhub and Uber Eats. Over the last year, however, its marketshare has grown significantly over the last year. The newly-released financials show the company is still losing a lot of money, and is dependent on an ever-fluctuating marketing mixed with a precarious and low-margin industry. Here's our look into the company's financial filing.
Most intriguing about Tupperware’s success is that it has amassed all those sales largely without the help of a traditional e-commerce store. The vast majority of its business still comes from its nationwide network of sellers, who have figured out how to bring direct-selling to Zoom, Instagram, TikTok, Facebook and even WhatsApp. Tupperware’s general e-commerce store, which it launched last year, brings in just 4% of its revenue.
As quick service restaurants embark on the recovery journey, long-runs of seasonal items and shifting visitor hours is becoming the key to driving traffic back to locations. After months of recorded losses due to a decrease in visitors, chains like Starbucks and Dunkin are finding a new groove by catering to this new behavior.
After one year on the job, Bed Bath & Beyond CEO Mark Tritton has solidified a three-year plan that he hopes will turn the faltering home goods chain around. At a virtual investor day presentation, Tritton laid out the steps he and his executive team plan to take to return Bed Bath & Beyond to consistent sales growth, some of which have already been taken during the pandemic.
Expect to see fewer handbags in Kohl's stores in the future, and more laundry detergent and yoga pants. On Monday, Kohl's announced that it would be testing out a new shop-in-shop called the Wellness Market, which will carry products like vitamins, dish soap, baby wipes from brands including Seventh Generation and the Honest Company. It's part of the new strategic framework Kohl's announced last week, in which the department store chain said its focus going forward is to be the leading retailer for shoppers looking for products to support an active and casual lifestyle.
While delivery services have pushed further into non-food categories, some brands are choosing to go about same-day delivery on their own. With assistance from white label solutions providers, both direct to consumer brands and big retail chains are foregoing delivery apps reaching customers directly.
Malls have been struggling for a while now, but this holiday season may bring about a whole new reckoning. As more people shop online, traditional mall tenants find themselves in a lurch. Sales have plummets, many have gone bankrupt. And the only time of year that usually cushions the blow may leave malls worse off than before.
The tight-knit partnership between “Get Organized” and The Container Store is just an acceleration of an ongoing trend: Streaming is becoming ever more entangled with e-commerce. Product placements have existed forever, of course -- think of "E.T.", the 1982 film that sent sales of Reese’s soaring 70%. But these placements were almost never as thorough as the full-scale collaborations on “Get Organized.” And as brand sponsorships become more encompassing and data-driven, TV shows are beginning to look a lot more like retailers.
Lost in Ocean Spray’s accidental moment in the spotlight is this fact: Ocean Spray is one of America’s oldest — and largest — retail coops. Since its founding, a network of farmers have owned and run the business. And even without TikTok in the picture, its business model is uniquely equipped for 2020. A number of businesses are turning to the cooperative model to stay afloat, while a group of incubators want to shepherd forward bigger coops that they believe can form the backbone of a more sustainable economy.
This year, many consumers aren't expecting or giving a Disney trip or a concert ticket under the tree. In fact, experience-based presents such as flight-based vacations and live shows are some of the least asked for, according to consumer data. Instead, shoppers are looking for alternatives like at home hobbies and gift cards for later use to make up for the lack of these experiences.
CPG brands in the frozen and fridge aisles are finding themselves at the crossroads of opportunities. While direct to consumer has become a popular strategy for building a food or beverage brand, some founders argue that now is a great time to invest in scaling into national brick and mortar retailers. “E-commerce is a great tool, but it can’t be the be-all and end-all strategy," said one founder.
Last year, New York' Soho neighborhood was filled to the brim with holiday pop-ups, both from more established retailers and brands like Ugg and Kohl's, as well as up-and-coming startups like East Fork Pottery and Stuart & Lau. But this year, the coronavirus has put a damper on holiday pop-ups. Few retailers are opening pop-ups this year with the goal of getting shoppers to spend hours checking out their winter wonderlands. Rather, they're opening pop-ups in order to ease capacity limits at existing stores, or to test out a new market while they can find a good deal on rent.
Brick-and-mortar retailers have been trying to prepare for the upcoming holidays -- as have digital brands. But no one quite knows what to expect. Modern Retail spoke with five people whose livelihoods depend on holiday retail sales. We asked them how they’re preparing and what they're fearing most. From digital marketers to Shipt app delivery workers, all are entering into a new world and fear they don’t have the adequate safeguards.
With in-person sales largely out of the picture this holiday season, brands must adapt to deliver the frictionless experiences that online consumers expect and demand.
At the same time as retailers are racing to perform ever-faster shipping times, they also appear to be upping the incentives for slow delivery. Retailers, including Amazon, Target and Macy's are all offering shoppers discounts in exchange for longer shipping times. And that split might signal a changing mindset for some retailers -- rather than focusing on speed at all costs, some are taking a more nuanced approach to logistics.
Read MoreRecognizing the next generation of leaders across media and marketing, fashion, beauty and retail.
Remind Me
