Amazon Prime Day 2, this time dubbed Big Deal Days, is now set for Oct. 10-11, the company announced, with the fall version now appearing to be a locked-in flash sale event catering to bargain-seeking shoppers who seemingly can’t get enough during the July extravaganza. Target and Walmart, not wanting to be left out, have competing events that coincide or run ahead of Amazon.
Instacart issued its long-expected initial public offering of stock on Tuesday, priced at $30 a share for a valuation of $10 billion, well below the $39 billion it was valued at after a fundraising round in early 2021, but at an offering price low enough to entice retail investors to join the party. The company has been profitable since Q2 2022 despite falling revenue, thanks to various trimming.
Target reported weaker Q2 sales, acknowledging it was partly due to backlash over its annual pride month collection in May, first from shoppers who reacted negatively to items like children’s clothing in front-of-store displays, then from LGBTQ groups angered by the company’s response. However, Target’s earnings beat expectations, efficiency efforts including automation and lean inventory.
With generative AI adoption being so widespread across industries, one key application and business process of the technology near and dear to the hearts of retailers is finding ways to reduce the expense, hassle and poor customer experience of ecommerce returns that grow year after year. Hear how leading retailers are leveraging GenAI and machine learning to reduce returns and boost CX.
With ecommerce returns close to a $1 trillion problem for retailers, companies continue to wrestle with ways to reduce the number of orders getting sent back. In many ways it’s a problem of their own making. Simone Theresa Peinkofer, Associate Professor of Supply Chain Management at Michigan State University, joins our podcast to share her insights on the problem and what’s being done.
Let the Prime Day show begin! Or rather, make that shows, as Target and Walmart are once again offering up competitive summer bargain events as each tries to shake off the economic doldrums, steal the other’s thunder and stir up consumer interest in a raft of online savings. Amazon could use a win considering all the heat it’s facing, although expectations aren’t set high.
All signs point to a muted retail peak outlook for 2023, with many shippers booking later sailings than in the past as they continue to burn through inventory, figure out demand signals and determine what new products to introduce for end-of-year holidays, Seko Logistics executives said on a media day call. The company’s CEO still sees “green shoots” of optimism with ordering picking up.
Walmart saw 25% growth in Q1 ecommerce, as the beast of Bentonville outpaced expectations on the top and bottom line and raised its full-year guidance, three months after warning that the 2023 outlook was not a particularly good one based on consumer sentiment and macroeconomic signals. The company also addressed theft concerns while reporting strength in advertising and fulfillment services.
Retail sales inched up 0.4% in April from the prior month, exactly matching a rise in the Consumer Price Index, according to figures from the U.S. Commerce Department. It represented the first gain in retail sales since January, a positive sign amid economic fears and continued inflation. Excluding gas and auto, retail sales were up 4.3% in April vs. a year ago, adjusted for inflation.
A year after its launch, Gap Inc. has decided to exit its retail media and advertising business, in order to focus more time and investment on its B2B logistics services and custom apparel, as it faced competition from major retailers whose media networks held more appeal for brands.