Retailers are facing a tough peak season in Q4 this year. With millions of consumers around the world struggling to pay bills and heat their homes in the northern hemisphere, festive shopping may not be the frenzy it normally is. In fact, one survey says approximately four out of ten households are concerned about spending this time of year. Meanwhile, McKinsey has found that increasing prices are the number-one worry for 58% of European consumers.
Virtual clothing try-on technology, Zyler, announced their success after applying for the Grosvenor Social Shopping Experience Challenge. International retail development and investment company, Grosvenor, launched a search for new tech that champion innovation and build a social customer experience. A major aim of the challenge was to drive retail recovery in a post-pandemic world where bricks and mortar stores saw footfall slump.
Global retail e-commerce sales are set to reach $8.1 trillion in 2026 and brands will be vying for ecommerce store conversions and growth to capture this revenue opportunity. Helping them to achieve this, retail tech platform mason announced a $7.5m seed round to offer an Amazon grade store infrastructure storefront to help them sell better and faster without exorbitant fees. The round was led by Accel and Ideaspring Capital with participation from Lightspeed India Partners as well as Mana VC, Gaingels, Core91 and VH Capital.
FedEx Express (FedEx) Australia Pty Ltd and FedEx Express (FedEx) New Zealand are subsidiaries of FedEx Corp., one of the world’s largest express transportation companies, announced a collaboration with Starshipit, a renowned shipping and fulfilment platform. This collaboration supports SMEs and allows e-tailers to tap into the global e-commerce market. Merchants integrating FedEx and Starshipit will enjoy enhanced shipping and fulfilment automation, with access to a premium delivery experience for their customers.
The world adores online shopping. More and more shoppers around the world are falling in love with it. In 2021, retail e-commerce sales amounted to approximately $5.2 trillion. This figure is forecast to grow by 56% over the next years, reaching about $8.1 trillion dollars by 2026. One big growth area is international, or ‘cross-border’ parcel shipping, as savvy consumers seek out new products and better prices from websites beyond their own shores.
Bright Data, the web data platform, has announced the acquisition of eCommerce insights provider Market Beyond. With this acquisition, Bright Data adds digital shelf analytics to its already comprehensive data offerings, introducing its new division – Bright Insights. Market Beyond’s team will join Bright Data’s 400+ strong team, where they will lead the newly established Bright Insights division. This dedicated team will roll out Bright Insights to the firm’s enterprise retail client base with plans to expand in the future to further domains.
Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, has secured a USD$200m (plus USD$53m mezzanine) debt financing facility from Credit Suisse. Wayflyer will use the additional debt facility to support further origination, enabling it to quickly provide funding to eCommerce businesses helping them fuel growth, improve cashflow and drive sales. It will also allow Wayflyer to improve liquidity and support its ambition to offer the most competitive rates to its customers, in the United States, and Western Europe.
Research by HUBBED has revealed the retail and eCommerce industry is exposing itself to substantial loss in online sales due to a divide between consumer delivery expectations. Australians’ increasing appetite for online sales saw nearly $56bn in online retail over the last 12 months to May, which accounts for 14.7% of the nation’s total retail trade estimate.
Alibaba Group Holding Limited announces that Irene Yun-Lien Lee, Chairman of Hysan Development Company Limited, and Albert Kong Ping Ng, ex-Chairman of Ernst & Young China, were appointed as independent directors to the board, effective August 4, 2022. The hires show the Company’s commitment to corporate governance excellence and diversity at the board level. The Company’s board now consists of twelve directors, including seven independent directors. The number of female board members increases to three.
The Australian Ecommerce Report 2022 by IAB Australia and Pureprofile found that while shoppers have been able to get back into physical stores, online purchasing for groceries and retail products has increased since last year with 83% of online shoppers buying monthly.