The surge in automotive online purchasing traffic sparked by the pandemic has led to increased demand for eCommerce. Hence the popularity of Modal's automotive eCommerce platform, underlying the announcement Tuesday (Dec. 8) of a $15 million Series A financing. It is led by Modal's newest automotive partner, American Honda, with existing investors participating in and completing the round.
"Modal delivers the best consumer experience, which is what sets it apart. It's designed with the buyer in mind," said Luke Moore, digital experience manager at Bob Moore Automotive Group, the largest automotive group in Oklahoma. "We're selling an average of 30-40 cars per month with Modal. Earlier in the year, we were even earning 25% more back-end profit on Modal orders."
Many things are taking place:
DealShare raises $21 million to expand its e-commerce platform to 100 Indian cities and towns
Over time, that idea has become part of DealShare's core offering. Today it incentivizes consumers — by offering them discounts and cashbacks — to share deals on products with their friends. The startup, which has since launched its own app and website, now operates in over two dozen cities in India.
Consumers wanted products that were relevant to them and they wanted to buy these items at a price that instilled the most value for their bucks, said Rao. "We focused on locally produced items instead of national brands. Even today, 80% to 90% of items we sell are locally produced," he said.
Facebook Stock Will Get a Boost From E-Commerce Ad Growth, Analyst Says | Barron's
A wave of holiday shopping data tied to Black Friday sales has led a Guggenheim Securities analyst to predict that Facebook 's ad business will benefit as a result.
In a Tuesday note to clients, analyst Michael Morris wrote that his team now models that Facebook (ticker: FB) shares will get a boost as the social media platform's advertising business takes advantage of the e-commerce market expanding to $6.3 trillion by 2024 from $3.9 trillion in 2020.
Morris raised Facebook's target price to $365 from $340. Shares of Facebook were down 0.7% to $283.68 Tuesday afternoon as the Dow Jones Industrial Average rose 0.4%.
Questions as FedEx pops e-commerce platform ShopRunner in its cart - The Loadstar
FedEx has made a further move into e-commerce with the acquisition of ShopRunner, for an undisclosed amount.
But the takeover, expected to close by the end of the year, has left some market observers scratching their heads over what the move is meant to accomplish.
It will put the e-commerce platform in the fold of FedEx Services, alongside FedEx Office, the integrator's storefront.
FedEx has not indicated how ShopRunner will be integrated and which parts of its service will remain unchanged.
Other things to check out:
E-commerce fulfillment platform Shippit raises $22.2 million led by Tiger Global –
The company's Series B, which brings its total raised since 2017 to $41 million AUD, will be used to expand in Southeast Asia and double its total team by hiring 100 new people, including 50 software developers.
“Southeast Asia is predicted to be the world's largest e-commerce market in the next five years, and the addressable market for us in Southeast Asia alone is already five times the size of Australia and twice the size of the U.S.,” co-founder and co-chief executive officer William On told TechCrunch.
WhatsApp adds shopping carts in fresh e-commerce push
WhatsApp on Tuesday added virtual shopping carts people can load with purchases and then use to fire off orders to businesses as the Facebook-owned messaging service pushed deeper into e-commerce.
More than 175 million people contact businesses via WhatsApp daily, according to the service, and the new feature is aimed at making it easier for them to use the service for holiday shopping.
"WhatsApp is fast becoming a store counter to discuss products and coordinate sales," the service said in a blog post.
Meet 2 environmental pioneers taking responsibility amid the COVID e-commerce boom | Greenbiz
Sendle is the first 100% carbon neutral shipping carrier that's built with small business sustainability in mind. Source: Sendle.
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The pandemic has triggered a dramatic e-commerce boom as consumers avoid physical retail locations in favor of online shopping. The World Economic Forum estimates that COVID-19 may have accelerated the shift to e-commerce by five years.
An environmental awakening across the logistics industry couldn't be more urgent. Across all methods of transport — aviation, rail, shipping, heavy and light trucking — the sector produces about 17 percent of global greenhouse gas (GHG) emissions.
eCommerce Shift Fuels Pier 1, Dressbarn Sales | PYMNTS.com
In today's top retail news, Retail Ecommerce Ventures (REV) indicated that the migration to eCommerce and trends such as "quest for comfort at home" were behind formidable sales at Pier 1 Imports and Dressbarn on Cyber Monday/Black Friday, while Frasers Group said it is in discussions to buy Debenhams. Plus, the new hot thing in "Big Retail" is providing in-house advertising on the web to suppliers, with Walgreens following Walmart and Amazon into the retailer-as-ad-agency trend.
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