Bits of retail news, sifted through to find the most important ones.
Not everything is doom and destruction
Providing some respite from all the bankruptcy news, Wayfair reported strong earnings this week with 29% YoY growth. The stock market wept tears of joy and rewarded them handsomely. The other surprising winner was Stamps.com, which as you might have guessed deals with stamps and postage. Goes to show that viable businesses can buck the trends and make money in any market.
Customers prefer good AI (to bad human?)
64% Prefer Quality AI-Powered Customer Service To Human Interaction
Shoppers are starting to believe in the capabilities of artificial intelligence (AI), with 63% saying the technology is…www.retailtouchpoints.com
The issue with saying things like this is that the very same day another publication might find that people hate self-checkouts. The consensus though seems to be that people like things (and people) that just work. And some companies (you-know-who) just seem really good at that.
Money flows east.
It’s been happening for a while but the momentum is only going to pick up more and more. Garena, a Southeast Asia based ecommerce platform raised a ton of money, got valued at $2.25 billion and renamed itself to Sea.
Southeast Asian e-commerce firm Garena raises US$550m, rebrands as Sea
SINGAPORE: Southeast Asia-focused e-commerce startup Garena Interactive Holding Ltd renamed itself Sea Ltd on Monday…www.channelnewsasia.com
Less people are zombie-buying Coke
Coke is ubiquitous. And because coke is ever-present people just bought it — when they went shopping, while going to the mall, and while walking past vending machines. Well, now people aren’t doing those things quite so much. They shop online and coke is hurting. Who would’ve thought online shopping could reduce impulsive spending in some cases?