In 2015, the chairman and controlling shareholder of the luxury goods group Richemont, Johann Rupert, took to the stage at an industry conference in Monte Carlo and issued a rallying cry to some of his biggest rivals.
"I invited the other big groups to create a singular, dominant neutral platform for the luxury goods industry in which we were shareholders," Mr. Rupert, a blustery South African, recalled this month. "I was talking to Mr. Arnault of LVMH and Mr. Pinault of Kering," he said, referring to the heads of two major luxury conglomerates, Bernard Arnault and François-Henri Pinault.
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New e-commerce platform for American-made products aims to support US manufacturers, economy |
Frank Russo, former owner of Frank's Music Box in Trenton, N.J., on the drop in small business confidence.
Sell&Buy USA is a new e-commerce platform launched Monday that promotes U.S.-made goods only, and the website is seeking more businesses to join.
Kiché Rubalacav and Mariam Bulin-Diarra created the website after Rubalacav, a medical professional, noticed a shortage of personal protective equipment (PPE) -- most of which was made in China -- at health care centers at the outset of the coronavirus pandemic last spring.
Suning.com's eCommerce and online retail unit Yunwang Wandian secures US$912 million in Series A
Suning.com, one of China's largest retailers said that Yunwang Wandian, its eCommerce and online retail arm has secured 6 billion yuan (approx. US$912.3 million) in a Series A financing round as the business is looking to consolidate and build leverage on both the company's online and offline resources.
The new financing will give the retail arm access to strategic resources and strong financial support, which can help it expand client acquisition, increase investment in research and developmental projects, as well as enhance the platform operations capability, and improve service quality.
Ecommerce Leader Perpetua Unlocks Scalable Omnichannel Growth | MarTech Cube
Perpetua, a global leader in eCommerce advertising and intelligence software has added support for the North American leader in online grocery delivery – Instacart.
As of today, eCommerce brands can use Perpetua to set strategic Instacart Advertising goals (awareness, brand defense, market share growth, profitability) and rely on its AI-powered ad engine to execute tactically. Perpetua’s Instacart Advertising software brings scalability to brands looking to achieve omnichannel reach and engagement across the buying journey.
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Retail Ecommerce Ventures buys bankrupt Stein Mart for $6 million
Miami-based Retail Ecommerce Ventures has emerged as the winner of a bankruptcy court auction for the intellectual property of Stein Mart. The company said Wednesday it will pay $6.02 million for the Stein Mart nameplate, as well as its private-label brands, domain names, social media assets and other customer data.
Jacksonville, Florida-based Stein Mart filed for Chapter 11 bankruptcy protection in August, but ultimately closed all its 281 stores.
Small businesses who pivoted to e-commerce saw record sales during Black Friday weekend
Almost one-quarter of small businesses closed their doors during the pandemic — but for the few who survived, and pivoted to online sales, Black Friday weekend provided a much-needed boost.
Over the course of the holiday season so far, small retailers have seen an average 110 percent increase in online sales, according to Adobe Analytics.
"That was pretty heartening to see," said Vivek Pandya, a senior digital insights manager with Adobe Analytics. "There has been a lot of demand and a lot of opportunity for retailers of all sizes to support shopping demand online."
Ecommerce: Consumer Shift to Online Retail Is Not Just A Passing Trend | Grit Daily News
Online retail isn't a new frontier for millennials and Generation Z. These and future generations that are born into a digital era will be more than familiar with online marketplaces. However, thanks to restrictions on visiting brick-and-mortar stores, the unique circumstances presented to both retailers and consumers in 2020 has changed the landscape and opened new online markets.
Most notably, the research found an increase in consumers aged 65+ who do the majority of their shopping online, jumping from 15% a year ago to 39% today. A majority cited increased convenience as a leading factor in their shift online, with 69% including this in their top three reasons. Older customers historically have been reluctant to shop online. This shift in attitude highlights the changing retail landscape.
Alibaba On Facilitating International eCommerce | PYMNTS.com
The pandemic has triggered a massive surge in eCommerce businesses looking to expand internationally.
Consumers began tightening their belts after the pandemic was declared in mid-March, and the resulting economic downturn and widespread cash flow shortages had businesses directing their focus abroad to find new customers and business partners.
These businesses initially had to overcome several logistical challenges before they could go global, however. Many had never transferred funds across borders and lacked the payments infrastructure necessary to send or receive cross-border payments at scale, magnifying the friction points associated with cross-border payments processes.
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