Boxed, purveyor of bulk home products that likened itself to an online Costco, filed for Chapter 11 bankruptcy protection after failing to find a buyer and enduring sustained weak revenue and earnings, a far cry from the promise of its SPAC IPO in December 2021. An affiliate of its main creditor may purchase its software service.
Boxed, the once high-flying online answer to price clubs like Costco, BJ’s Wholesale and Sam’s Club, is considering a bankruptcy filing if it can’t find a buyer as its struggles continue 15 months after going public in a much-anticipated SPAC deal. At the same time, Boxed said it plans to lay off about 25% of its 136 employees.
Ecommerce sales will top $1 trillion for the first time this year, while Amazon will become the biggest retailer in the U.S. by 2026, surpassing Walmart with a 14.9% market share vs. 12.7%, according to a new report from Edge By Ascential. Costco and Home Depot will hold the number 3 and 4 spots, respectively, the report states.
Consumers are bringing their spending back to offline retailers in 2021, and a now a retail revival, and a likely boost to in-person retail, has already begun. Here are four key technology trends that your brick-and-mortar store can use to accelerate customer engagement in the coming consumer wave.
Walmart is taking another huge leap forward in its attempt to dominate grocery sales, launching an aggressive plan to increase the number of stores using micro fulfillment via automation and robotics to speed orders to local customers as it builds on the digital legacy of the departing Marc Lore. Dozens of such locations are planned.
After the explosion in holiday ecommerce, comes the flood of holiday returns, expected to cost retailers $1.1 billion, twice what it did in 2020, according to data from Narvar. goTRG and Returnly both said Dec. 26 was the peak day for consumers to initiate returns. UPS traditionally lists Jan. 2 as peak returns day for transit of returns.
What will the world of ecommerce operations and fulfillment look like after World Health Organization declares the COVID-19 pandemic ends? The answer, like predictions of that date, is uncertain. But industry experts firmly believe that the seismic shifts that began in February 2020 will create a new normal in ecommerce operations.
Brick-and-mortar retailers selling online saw a 15% boost in advertising spending last week based on COVID-19, according to data from MediaRadar, while big-box chains like Target, Costco and Walmart are dialing it back as demand for essentials like cleansers and groceries has been overwhelming.
Escalating concerns over the spread of the coronavirus are affecting every industry and sector, and retail and ecommerce are certainly no exception. This includes not only challenged supply chains in Asia and other affected countries but also things like runs on certain products in supermarkets and price clubs as consumers panic.
Target’s strong focus on ecommerce, including a 2019 holiday push on fast delivery options and BOPIS, has propelled it into the top 10 for U.S. ecommerce sales, according to a new report from eMarketer. Target checks in at No. 8 with projected 2020 U.S. ecommerce sales of $8.34 billion, increasing its share from 1.1% to 1.2%.