With advertisers projected to spend upwards of $45 billion on retail media this year, launching a retail media network makes a lot of sense. However, it requires careful planning and execution amid a crowded marketplace. Here are five key steps you can take to establish a retail media network that drives transformational growth for your business.
A bankruptcy court judge on Tuesday approved the sale of Bed Bath & Beyond’s name, intellectual property and ecommerce platform to Overstock.com for $21.5 million, and the company is winding down its store assets in various lease agreements. A separate auction is being held today for the company’s buybuy Baby assets, with interested parties including Go Global Retail and Sixth Street Partners.
While real-time payments offer retailers faster processing and lower costs, they can unlock new value by enhancing the customer experience, improving loyalty and offering more insight into consumer needs and shopping behaviors. To capitalize on these opportunities, retailers and their PSPs need modern back-office systems designed to operate in a real-time payment environment.
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.
Online prices continue to fall as inflationary pressure has eased and retailers discount to clear out stocks ahead of Q4 ordering. Prices were down 2.3% year-over-year in May, the largest drop since the onset of the pandemic, and down 1.2% from April 2023, according to Adobe Analytics. It was good news for consumers but bad news for retail ledgers. Big-ticket categories remain challenged.
Volcanic Retail is bringing a Tinder-style matchmaking capability to facilitate connections between brands and retail buyers, allowing them to connect through its marketplace to quickly determine compatibility and set up deals. The platform, launched in 2022, already has more than 2,000 retail buyers and 7,000 brands, the former including Tractor Supply, Whole Foods, Walmart, TJX and Nordstrom.
UK startup Streetify hopes to gain traction with a two-year-old app that creates virtual versions of physical streets and stores, where retailers and brands can display offers, discounts and links, and hopefully drive traffic to physical stores as well. The company says there are 1 billion stores in virtual form, compared to 4.4 million sites for Shopify.
Not unlike Walmart, Qurate Retail Group has divested Zulily to focus on its core business. The once popular flash sale site, targeting young mothers with deals across brands and categories including apparel, home and garden and toys, was sold to Los Angeles-based investment firm Regent. It was purchased in 2013 for $2.4 billion.
Generative AI, better known by the OpenAI version called ChatGPT in Microsoft’s Bing search engine, is suddenly everywhere all at once, shaking up whole industries and offering to optimize pretty much every single business function and solve all your problems. But what’s it all about? Join our webinar on June 8 to find out.
Best Buy reported Q1 earnings that beat expectations while revenue fell a bit short, warning of continued weakness in spending on larger-ticket electronics but expecting demand to pick up this year as consumers who bought gadgets in droves at the start of the pandemic begin to upgrade.