Today in retail, SoftBank is selling $1 billion worth of stock in e-commerce platform Coupang, while brand aggregator Flummox is raising $12.9 million to invest in its portfolio. Additionally, Walmart invites innovators to apply for its ninth annual Open Call event, Amazon’s share of e-commerce hits an all-time high, and adidas joins TrusTrace Material Traceability & Compliance.
Brand aggregator Flummox raises $12.9 million
The brand aggregator Flummox raised 12.9 million dollars (11.8 million euros) during a fundraising campaign led by the Swiss company Fasanara Capital. The company will invest in its portfolio, adding at least 15 new brands, and hire specialists to strengthen its proprietary intellectual property in sourcing, operating and scaling brands online.
Flummox buys and scales online consumer brands with annual sales under $1 million and a “predominant presence” on Amazon or Shopify across multiple online channels.
Discount stores are gaining ground in the paycheck-to-paycheck economy
More than half (56%) of the 2,100 people recently surveyed by PYMNTS had shopped at a discount store in the past month, including 12% who visited discount stores even though they didn’t buy anything. which involves individuals and families comparing prices.
PYMNTS research also showed how firmly the pivot to finding cheaper products is, with more than half of all income groups – not just low-income people on less than $50,000 a year — shopped at discount stores, including consumers who earn more than $100,000. annually.
Within this income group, a greater percentage – an additional 14% – walk the aisles, even if they are not making purchases.
Walmart Launches Annual Product “Gong Show” with Open Invitation to Entrepreneurs
On Monday, March 14, Walmart opened the application period for its ninth annual Open Call event, a major driver of product and innovation for the largest retailer in the United States, as it seeks to add more merchants to its Marlet.
The company said it received more than 2,000 applications for more than 6,000 products from small business owners and entrepreneurs during the first early access period in the history of Open Call events. The application period closes on April 8.
Applicants selected to participate in this year’s open call will be able to choose to pitch virtually or in person with a Walmart or Sam’s Club merchant on June 28-29.
Men’s suits, donuts, jogging bras, pet supplies as UK upgrades inflation basket
The US consumer price index hits a 7.9% high in more than 40 years, but British bureaucrats have beaten America by modernizing their official basket of goods to better reflect consumers’ current spending habits during revisions on Monday, March 14. from the UK Office of National Statistics.
Men’s suits, doughnuts, coal and a dozen other goods and services were pushed out of the government’s survey sample, while 19 new items moved in to take their place, including meatless sausages, sports bras, pet collars and an antibacterial surface. wipes.
The UK’s Office of National Statistics said on Twitter that the rise in people working from home was the reason men’s suits were being replaced by men’s formal jackets. Donuts’ departure was due to declining sales, while domestic coal was expelled as sales are banned in the country in 2023.
Adidas joins sustainability verification initiative which will verify ‘green’ claims
Stockholm-based software-as-a-service (SaaS) platform TrusTrace launched Monday, March 14, TrusTrace Material Traceability & Compliance, which enables “near real-time material-level traceability,” according to the press release from the society.
The Sustainability Verification initiative “gives brands granular visibility into product sustainability metrics, ensuring compliance with standards and regulations, and enabling streamlined decision-making and tighter integration with suppliers around the world” , according to the press release.
Athletic apparel and footwear brand adidas is one of the first major companies to embrace TrusTrace material traceability and compliance.
SoftBank sells $1 billion worth of shares in e-commerce platform Coupang
SoftBank’s Vision Fund sold $1 billion worth of shares in South Korean e-commerce firm Coupang, Reuters reported on Monday (March 14).
The fund sold 50 million shares of Coupang at $20.87 each, leaving it with 461.2 million shares remaining. Reuters said the sale followed a $1.69 billion sale in September last year. SoftBank first invested in Coupang in 2015.
Amazon’s Share of U.S. Ecommerce Sales Hits an All-Time High of 56.7% in 2021
Nearly 60% of all U.S. online retail purchases were made on Amazon last year, according to new PYMNTS data, reflecting the company’s tightening grip on e-commerce sales and continuing the stair-step progression it has achieved over the past 20 years. .
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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT
On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.
