Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.
\nThe Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.
\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.
\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d
\nAt each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.
\n\u201cThe Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,\u201d the retailer said in the release.
\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.
\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.
\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d
\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.
\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.
\n", "content_text": "Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.\nThe Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d\nAt each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.\n\u201cThe Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,\u201d the retailer said in the release.\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.", "date_published": "2024-09-06T10:15:42-04:00", "date_modified": "2024-09-06T10:15:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Walmart-tour-fashion.png", "tags": [ "apparel", "fashion", "News", "PYMNTS News", "Retail", "walmart", "Walmart Style Tour", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2094677", "url": "https://www.pymnts.com/news/retail/2024/amazon-counters-walmarts-grocery-lead-with-third-party-delivery-play/", "title": "Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play", "content_html": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.
\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.
\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d
\nThe eCommerce company\u2019s partnership with Weis Markets kicked off last November in addition to similar deals with other grocery merchants. Plus, Amazon had already been offering third-party same-day grocery delivery options in the United Kingdom before that.
\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 market shares in various retail categories using years of their earnings reports in conjunction with national data from the U.S. Census Bureau and Bureau of Economic Analysis. The results revealed that as of the second quarter, Walmart captured a share of consumer grocery spending seven times the size of Amazon\u2019s, at 20% and 2.7%, respectively.
\nAs Amazon ramps up its efforts to close the gap with Walmart in the grocery sector, its expanded third-party delivery partnerships with popular local merchants such as Metropolitan Market and Weis Markets mark a step toward growing its presence in the category. Capitalizing on these grocers\u2019 existing followings, the marketplace could gain more market share.
\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s share has been inching upward in recent years. Now, the company is relying on its low grocery prices, difficult for rivals to compete with, to draw consumers into its stores and get them to spend on food. The retailer shared on its most recent earnings call how it is using price reductions to drive engagement.
\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn Walmart U.S., we have more than 7,200 rollbacks across categories. Customers from all income levels are looking for value, and we have it.\u201d
\nThese rollbacks come as PYMNTS Intelligence research found that consumers across generations are highly price-motivated when choosing where to shop. A survey of more than 3,600 United States consumers for the Generation Zillennial report revealed that Generation Z individuals and millennials are roughly twice as likely to choose retail merchants based on price than brand loyalty. Plus, Generation X consumers and baby boomers and seniors are roughly three times as likely to do so.
\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.
\n", "content_text": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d\nThe eCommerce company\u2019s partnership with Weis Markets kicked off last November in addition to similar deals with other grocery merchants. Plus, Amazon had already been offering third-party same-day grocery delivery options in the United Kingdom before that.\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 market shares in various retail categories using years of their earnings reports in conjunction with national data from the U.S. Census Bureau and Bureau of Economic Analysis. The results revealed that as of the second quarter, Walmart captured a share of consumer grocery spending seven times the size of Amazon\u2019s, at 20% and 2.7%, respectively.\nAs Amazon ramps up its efforts to close the gap with Walmart in the grocery sector, its expanded third-party delivery partnerships with popular local merchants such as Metropolitan Market and Weis Markets mark a step toward growing its presence in the category. Capitalizing on these grocers\u2019 existing followings, the marketplace could gain more market share.\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s share has been inching upward in recent years. Now, the company is relying on its low grocery prices, difficult for rivals to compete with, to draw consumers into its stores and get them to spend on food. The retailer shared on its most recent earnings call how it is using price reductions to drive engagement.\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn Walmart U.S., we have more than 7,200 rollbacks across categories. Customers from all income levels are looking for value, and we have it.\u201d\nThese rollbacks come as PYMNTS Intelligence research found that consumers across generations are highly price-motivated when choosing where to shop. A survey of more than 3,600 United States consumers for the Generation Zillennial report revealed that Generation Z individuals and millennials are roughly twice as likely to choose retail merchants based on price than brand loyalty. Plus, Generation X consumers and baby boomers and seniors are roughly three times as likely to do so.\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:01:51-04:00", "date_modified": "2024-09-05T20:51:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/grocery-delivery.jpg", "tags": [ "Amazon", "delivery", "ecommerce", "Featured News", "food and beverage", "grocery", "Metropolitan Market", "News", "partnerships", "PYMNTS News", "Retail", "walmart", "weis markets" ] }, { "id": "https://www.pymnts.com/?p=2081384", "url": "https://www.pymnts.com/news/retail/2024/nordstrom-receives-go-private-proposal-from-nordstrom-family-and-mexicos-liverpool/", "title": "Nordstrom Receives Go-Private Proposal From Nordstrom Family and Mexico\u2019s Liverpool", "content_html": "Nordstrom has received a proposal from its CEO Erik Nordstrom, President and Chief Brand Officer Pete Nordstrom, other members of the Nordstrom family and Mexican omnichannel company El Puerto de Liverpoolto acquire all the outstanding shares of the company and take the company private.
\nThe proposal offers $23 per share in cash, the special committee of the board of directors of Nordstrom said in a Wednesday (Sept. 4) press release.
\n\u201cThe special committee, composed of independent and disinterested directors, was formed in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction,\u201d the release said. \u201cThe special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders.\u201d
\nThe release added that there is no assurance that Nordstrom will pursue this transaction, or that a proposed transaction will be approved, and that the company does not intend to disclose further developments on this matter until appropriate or necessary.
\nThe special committee was formed in April after Erik Nordstrom and Pete Nordstrom told the Nordstrom board that they are interested in taking the company private.
\nThe board said at the time that the special committee will evaluate any proposals from those executives and from other parties.
\nTaking Nordstrom private would allow the potential buyers to rebuild the retail chain without having to deal with quarterly reports and the public markets, Bloomberg reported Wednesday.
\nThe Nordstrom family tried once before to take the company private at $50 per share, but their offer was rejected by the company in 2018, according to the report.
\nTheir partner in the current offer, Liverpool, is an $8.2 billion publicly traded company, owns a high-end department store chain in Mexico, and expanded outside that country by acquiring a stake in Latin American retail company Unicomer in 2011 and acquiring a nearly 10% stake in Nordstrom in 2022, the report said.
\nWhen announcing its acquisition of a stake in Nordstrom, Liverpool said: \u201cThis operation represents an attractive opportunity to diversify assets geographically.\u201d
\nThe post Nordstrom Receives Go-Private Proposal From Nordstrom Family and Mexico\u2019s Liverpool appeared first on PYMNTS.com.
\n", "content_text": "Nordstrom has received a proposal from its CEO Erik Nordstrom, President and Chief Brand Officer Pete Nordstrom, other members of the Nordstrom family and Mexican omnichannel company El Puerto de Liverpoolto acquire all the outstanding shares of the company and take the company private.\nThe proposal offers $23 per share in cash, the special committee of the board of directors of Nordstrom said in a Wednesday (Sept. 4) press release.\n\u201cThe special committee, composed of independent and disinterested directors, was formed in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction,\u201d the release said. \u201cThe special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders.\u201d\nThe release added that there is no assurance that Nordstrom will pursue this transaction, or that a proposed transaction will be approved, and that the company does not intend to disclose further developments on this matter until appropriate or necessary.\nThe special committee was formed in April after Erik Nordstrom and Pete Nordstrom told the Nordstrom board that they are interested in taking the company private.\nThe board said at the time that the special committee will evaluate any proposals from those executives and from other parties.\nTaking Nordstrom private would allow the potential buyers to rebuild the retail chain without having to deal with quarterly reports and the public markets, Bloomberg reported Wednesday.\nThe Nordstrom family tried once before to take the company private at $50 per share, but their offer was rejected by the company in 2018, according to the report.\nTheir partner in the current offer, Liverpool, is an $8.2 billion publicly traded company, owns a high-end department store chain in Mexico, and expanded outside that country by acquiring a stake in Latin American retail company Unicomer in 2011 and acquiring a nearly 10% stake in Nordstrom in 2022, the report said.\nWhen announcing its acquisition of a stake in Nordstrom, Liverpool said: \u201cThis operation represents an attractive opportunity to diversify assets geographically.\u201d\nThe post Nordstrom Receives Go-Private Proposal From Nordstrom Family and Mexico\u2019s Liverpool appeared first on PYMNTS.com.", "date_published": "2024-09-04T16:04:05-04:00", "date_modified": "2024-09-04T16:04:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Nordstrom-private-proposal.png", "tags": [ "El Puerto de Liverpool", "Erik Nordstrom", "Liverpool", "News", "Nordstrom", "Peter Nordstrom", "privatization", "PYMNTS News", "Retail", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2080230", "url": "https://www.pymnts.com/news/retail/2024/rite-aid-emerges-from-bankruptcy-names-cfo-matt-schroeder-as-ceo/", "title": "Rite Aid Emerges From Bankruptcy, Names CFO Matt Schroeder as CEO", "content_html": "Rite Aid has announced a leadership transition as it emerges from Chapter 11 bankruptcy.
\nJeffrey S. Stein has stepped down as CEO and chief restructuring officer, while the company\u2019s executive vice president and chief financial officer, Matt Schroeder, has been appointed CEO, the company said in a Tuesday (Sept. 3) press release.
\nRite Aid announced its completion of its restructuring process and its emergence from Chapter 11 in another Tuesday press release, saying the company eliminated about $2 billion of total debt, received about $2.5 billion in exit financing and will now operate as a private company, with ownership of the company transitioned to certain creditors.
\n\u201cI thank Jeff for his dedication and commitment to guiding the company through the complex restructuring process,\u201d Bruce Bodaken, chair of Rite Aid\u2019s board of directors during its Chapter 11 process, said in the first release. \u201cI know Rite Aid is well-positioned for the future because of his expertise, vision and hard work over these past 11 months.\u201d
\nStein said in the release: \u201cI am proud of what we accomplished in strengthening the company\u2019s foundation and believe Rite Aid is well-positioned for future success.\u201d
\nHe added that he will support Schroeder during the CEO transition.
\nSchroeder joined Rite Aid in 2000 as vice president of financial accounting, held roles of increasing responsibility at the company, and became EVP and CFO in March 2019, according to the release.
\n\u201cHe has shown outstanding leadership through this process and is an excellent fit for the company as it advances as a stronger organization,\u201d Bodaken said in the release.
\nSchroeder said in the release that Rite Aid is \u201cbeginning our next phase as a transformed company.\u201d
\n\u201cI see Rite Aid\u2019s remarkable potential, and I look forward to working with the team as we remain committed to our purpose of helping our customers achieve whole health for life,\u201d Schroeder said in the release.
\nRite Aid initiated its Chapter 11 bankruptcy process in October 2023, saying it had reached an agreement in principle with some of its senior secured noteholders on the terms of a financial restructuring plan.
\nMonths earlier, in January 2023, PYMNTS reported that Rite Aid and its competitors faced a slowdown from the COVID-fueled activities that had carried the industry for the previous two years.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Rite Aid Emerges From Bankruptcy, Names CFO Matt Schroeder as CEO appeared first on PYMNTS.com.
\n", "content_text": "Rite Aid has announced a leadership transition as it emerges from Chapter 11 bankruptcy.\nJeffrey S. Stein has stepped down as CEO and chief restructuring officer, while the company\u2019s executive vice president and chief financial officer, Matt Schroeder, has been appointed CEO, the company said in a Tuesday (Sept. 3) press release.\nRite Aid announced its completion of its restructuring process and its emergence from Chapter 11 in another Tuesday press release, saying the company eliminated about $2 billion of total debt, received about $2.5 billion in exit financing and will now operate as a private company, with ownership of the company transitioned to certain creditors.\n\u201cI thank Jeff for his dedication and commitment to guiding the company through the complex restructuring process,\u201d Bruce Bodaken, chair of Rite Aid\u2019s board of directors during its Chapter 11 process, said in the first release. \u201cI know Rite Aid is well-positioned for the future because of his expertise, vision and hard work over these past 11 months.\u201d \nStein said in the release: \u201cI am proud of what we accomplished in strengthening the company\u2019s foundation and believe Rite Aid is well-positioned for future success.\u201d\nHe added that he will support Schroeder during the CEO transition.\nSchroeder joined Rite Aid in 2000 as vice president of financial accounting, held roles of increasing responsibility at the company, and became EVP and CFO in March 2019, according to the release.\n\u201cHe has shown outstanding leadership through this process and is an excellent fit for the company as it advances as a stronger organization,\u201d Bodaken said in the release.\nSchroeder said in the release that Rite Aid is \u201cbeginning our next phase as a transformed company.\u201d\n\u201cI see Rite Aid\u2019s remarkable potential, and I look forward to working with the team as we remain committed to our purpose of helping our customers achieve whole health for life,\u201d Schroeder said in the release.\nRite Aid initiated its Chapter 11 bankruptcy process in October 2023, saying it had reached an agreement in principle with some of its senior secured noteholders on the terms of a financial restructuring plan.\nMonths earlier, in January 2023, PYMNTS reported that Rite Aid and its competitors faced a slowdown from the COVID-fueled activities that had carried the industry for the previous two years.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Rite Aid Emerges From Bankruptcy, Names CFO Matt Schroeder as CEO appeared first on PYMNTS.com.", "date_published": "2024-09-03T15:29:03-04:00", "date_modified": "2024-09-03T15:29:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Rite-Aid-bankruptcy.jpg", "tags": [ "bankruptcy", "Bruce Bodaken", "Chapter 11", "Jeffrey S. Stein", "Matt Schroeder", "News", "PYMNTS News", "Retail", "Rite Aid", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2080077", "url": "https://www.pymnts.com/news/retail/2024/couch-potatoes-turns-furniture-shopping-into-retail-experience-with-factory-store/", "title": "Couch Potatoes Turns Furniture Shopping Into Retail Experience With Factory-Store", "content_html": "For Brian Morgan, owner of Couch Potatoes Furniture & Mattress Stores, standing out in a crowd is the company\u2019s collective mission. On Saturday (Aug. 31), Couch Potatoes & Mattress Stores unveiled a pioneering retail and manufacturing concept in Austin, Texas.
\nThe company opened a 100,000-square-foot flagship store that marked the debut of the first U.S. furniture brand to integrate a factory within its retail space, offering customers a live view of couch production. Couch Potatoes, which offers 70+ fabrics and 15+ Italian leather options, ships nationwide, and consumers can order free swatches on the website.
\nThe launch reflects Couch Potatoes\u2019 commitment to continuous improvement and community engagement. Special discounts will be available at Austin locations and online, celebrating this new approach to integrating craftsmanship and retail.
\nIn an interview with PYMNTS, Morgan discussed the inspiration behind this new retail and manufacturing concept.
\n\u201cWe run toward the storm like buffalo. Sounds funny, but our company was faced with many headwinds,\u201d he said. \u201cRising rents, major big box store competition arriving to our metro, and we needed to set ourselves apart and stay true to our principles of loving people and bringing comfort and do the impossible.\u201d
\nMorgan said that the words \u201cmade fresh\u201d belong on the store\u2019s front door.
\n\u201cWe aren\u2019t importing cookie-cutter furniture, and we aren\u2019t spending fortunes on freight,\u201d he said. \u201cEverything is made to order fresh. We want to constantly improve, and I believe if we pull the curtains back and allow our customer base to understand the artistry behind building a couch, they will appreciate the quality we turn out and connect the furniture to the factory workers: \u2018These are real humans in my city building my couch.\u2019 We want to improve continuously. This factory \u2018stage\u2019 will force us to do that very thing. I want our furniture to be known for its superior quality. We will get there, one improvement at a time.\u201d
\nAdditionally, the Labor Day Weekend event launched the \u201cMattress Hero\u201d program, which provides a mattress to a child in need for every mattress purchased.
\n\u201cOur customers are the heroes \u2014 through their purchases, they bring rest to someone in need and spread the habit of giving within our community,\u201d Morgan said.
\nBeating the odds is something Morgan relishes.
\n\u201cIn 2018, we had so many doubters that we would ever build furniture with zero experience, zero talent, and very little capital to work with,\u201d he said. \u201cBut we did it. We have always been scrappy and have had to find our way into the market in non-traditional ways. My mind has always operated on, \u2018I\u2019m stuck on an island, I have limited resources, what do I do to survive?\u2019 So, we run completely against the grain of the trend. We are innovators, disrupters and just the operators of this business that God has entrusted us with. We pray weekly and give our business to God to use it as He sees fit. It\u2019s all His.\u201d
\nAt Couch Potatoes, the integration of retail and manufacturing functions elevates the customer experience.
\n\u201cIt\u2019s like that ASMR channel you follow on YouTube, and now you can be a part of it in the store,\u201d Morgan said. \u201cSewing machines, framers\u2019 nail guns, robotic cutting, table humming. Revolutionary retail experiences like this one are reminding people that retail can be exciting and fun. I hope it inspires future generations that they can take pride in taking a career in manufacturing. Austin, Texas, is really on the brink of a resurgence of manufacturing.\u201d
\nAn advantage to this model, Morgan noted, is being able to sell quality furniture comparable to some of the biggest manufacturers in the country at lower price points. For example, Morgan noted a nationally known furniture retailer builds an 8-foot leather sofa that sells between $6,000-$7,000.
\n\u201cWe are happily producing similar quality with no upcharge for a leather 8-foot couch, with a lifetime warranty on the frame, for $3,600,\u201d Morgan said. \u201cYou can save thousands shopping this way. We are putting the factory where the customer is, and that means real-time feedback and tweaks can be made in the moment. The freshest design trends can be introduced in a day versus waiting for the trends to hit the big box store. I\u2019m anxiously waiting to learn more benefits as we go and, on the flip side, there could be some unrealized challenges we will face. Either way we will have fun, because we have the best team on the planet that just does big things.\u201d
\nOperationally speaking, Morgan wanted as little down time as possible before the new store opened.
\n\u201cWe closed the previous retailer in this building on July 29, and we completely flipped the store, installed the factory in three weeks, set up the store over the last week, and opened Aug. 30,\u201d he said. \u201cOur factory barely skipped a beat. This work family is used to being quick on their feet. They love to work hard and believe in the brand.\u201d
\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.
\nThe post Couch Potatoes Turns Furniture Shopping Into Retail Experience With Factory-Store appeared first on PYMNTS.com.
\n", "content_text": "For Brian Morgan, owner of Couch Potatoes Furniture & Mattress Stores, standing out in a crowd is the company\u2019s collective mission. On Saturday (Aug. 31), Couch Potatoes & Mattress Stores unveiled a pioneering retail and manufacturing concept in Austin, Texas.\nThe company opened a 100,000-square-foot flagship store that marked the debut of the first U.S. furniture brand to integrate a factory within its retail space, offering customers a live view of couch production. Couch Potatoes, which offers 70+ fabrics and 15+ Italian leather options, ships nationwide, and consumers can order free swatches on the website.\nThe launch reflects Couch Potatoes\u2019 commitment to continuous improvement and community engagement. Special discounts will be available at Austin locations and online, celebrating this new approach to integrating craftsmanship and retail.\nIn an interview with PYMNTS, Morgan discussed the inspiration behind this new retail and manufacturing concept.\n\u201cWe run toward the storm like buffalo. Sounds funny, but our company was faced with many headwinds,\u201d he said. \u201cRising rents, major big box store competition arriving to our metro, and we needed to set ourselves apart and stay true to our principles of loving people and bringing comfort and do the impossible.\u201d\nMorgan said that the words \u201cmade fresh\u201d belong on the store\u2019s front door.\n\u201cWe aren\u2019t importing cookie-cutter furniture, and we aren\u2019t spending fortunes on freight,\u201d he said. \u201cEverything is made to order fresh. We want to constantly improve, and I believe if we pull the curtains back and allow our customer base to understand the artistry behind building a couch, they will appreciate the quality we turn out and connect the furniture to the factory workers: \u2018These are real humans in my city building my couch.\u2019 We want to improve continuously. This factory \u2018stage\u2019 will force us to do that very thing. I want our furniture to be known for its superior quality. We will get there, one improvement at a time.\u201d\nAdditionally, the Labor Day Weekend event launched the \u201cMattress Hero\u201d program, which provides a mattress to a child in need for every mattress purchased.\n\u201cOur customers are the heroes \u2014 through their purchases, they bring rest to someone in need and spread the habit of giving within our community,\u201d Morgan said.\nBeating the odds is something Morgan relishes.\n\u201cIn 2018, we had so many doubters that we would ever build furniture with zero experience, zero talent, and very little capital to work with,\u201d he said. \u201cBut we did it. We have always been scrappy and have had to find our way into the market in non-traditional ways. My mind has always operated on, \u2018I\u2019m stuck on an island, I have limited resources, what do I do to survive?\u2019 So, we run completely against the grain of the trend. We are innovators, disrupters and just the operators of this business that God has entrusted us with. We pray weekly and give our business to God to use it as He sees fit. It\u2019s all His.\u201d\nAt Couch Potatoes, the integration of retail and manufacturing functions elevates the customer experience.\n\u201cIt\u2019s like that ASMR channel you follow on YouTube, and now you can be a part of it in the store,\u201d Morgan said. \u201cSewing machines, framers\u2019 nail guns, robotic cutting, table humming. Revolutionary retail experiences like this one are reminding people that retail can be exciting and fun. I hope it inspires future generations that they can take pride in taking a career in manufacturing. Austin, Texas, is really on the brink of a resurgence of manufacturing.\u201d\nAn advantage to this model, Morgan noted, is being able to sell quality furniture comparable to some of the biggest manufacturers in the country at lower price points. For example, Morgan noted a nationally known furniture retailer builds an 8-foot leather sofa that sells between $6,000-$7,000.\n\u201cWe are happily producing similar quality with no upcharge for a leather 8-foot couch, with a lifetime warranty on the frame, for $3,600,\u201d Morgan said. \u201cYou can save thousands shopping this way. We are putting the factory where the customer is, and that means real-time feedback and tweaks can be made in the moment. The freshest design trends can be introduced in a day versus waiting for the trends to hit the big box store. I\u2019m anxiously waiting to learn more benefits as we go and, on the flip side, there could be some unrealized challenges we will face. Either way we will have fun, because we have the best team on the planet that just does big things.\u201d\nOperationally speaking, Morgan wanted as little down time as possible before the new store opened.\n\u201cWe closed the previous retailer in this building on July 29, and we completely flipped the store, installed the factory in three weeks, set up the store over the last week, and opened Aug. 30,\u201d he said. \u201cOur factory barely skipped a beat. This work family is used to being quick on their feet. They love to work hard and believe in the brand.\u201d\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.\nThe post Couch Potatoes Turns Furniture Shopping Into Retail Experience With Factory-Store appeared first on PYMNTS.com.", "date_published": "2024-09-03T13:45:22-04:00", "date_modified": "2024-09-03T13:49:02-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Couch-Potato-factory.jpg", "tags": [ "Brian Morgan", "brick and mortar", "Commerce", "Couch Potatoes", "digital transformation", "furniture", "Home Furnishing", "manufacturing", "News", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2077804", "url": "https://www.pymnts.com/news/retail/2024/shoppers-may-demand-more-deals-events-this-fall/", "title": "Paycheck-to-Paycheck Shoppers May Demand More Deals Events This Fall", "content_html": "In the wake of the savings events rush of the summer, with seemingly every large merchant announcing some major discounting push, consumers are growing accustomed to shifting their spending toward predictable sales moments.
\nKey retailers including Best Buy and Target have been noting this trend throughout this year.
\n\u201cGiven the significant headwinds they faced with inflation over the last few years, consumers continue to focus on value as they work hard to manage their household budgets,\u201d Target Chair and CEO Brian Cornell told analysts on the company\u2019s latest earnings call Aug. 21. \u201cAnd while they continue to turn out and shop around holidays and other seasonal moments, many are delaying purchases until the moment of need.\u201d
\nPlus, industry giants Amazon and Walmart saw strong demand for their summer sales events. The former\u2019s Prime Day brought in record-breaking spending this year, and compared to 2022. PYMNTS Intelligence research indicated that Walmart+ Week participation increased by 71%. The study \u201cShoppers Love Amazon Prime Day \u2014 but Spend More on Walmart+ Week\u201d found that 40% of consumers participated in Prime Day and 21% made purchases during Walmart+ Week.
\nBudget-constrained consumers may be being trained to steep discounts on a regular cadence. August\u2019s installment of PYMNTS Intelligence\u2019s \u201cNew Reality Check: The Paycheck-to-Paycheck Report,\u201d the \u201cHow Consumer Perception of Inflation Forces Many to Trade Down\u201d edition, examined this deal-seeking behavior, drawing from a survey of more than 2,500 U.S. consumers. The study revealed that 63% of consumers live paycheck to paycheck, and their spending power is dwindling.
\nSpecifically, 60% of those who live paycheck to paycheck without issues paying bills and 72% of those who do so with issues paying bills said their income has not increased to offset inflation at all. As such, these shoppers are making more conservative budgeting decisions. Ninety-two percent of paycheck-to-paycheck consumers in the former category and 97% of those in the latter said they have taken actions to cope with price increases when buying retail products. Plus, 94% and 96%, respectively, have done so for grocery products.
\nThe study found that in response to inflation, 42% of consumers have adopted the \u201cbudget shopper\u201d persona when purchasing retail products. These consumers \u201ctrade down by turning to cheaper merchants and plan their purchases around sales and discounts.\u201d Nearly half of those who live paycheck to paycheck without issues paying bills and 4 in 10 of those who live paycheck to paycheck with issues paying bills fall into this retail shopping persona.
\nWith the next round of predictable sales events arriving for the Labor Day holiday, consumers\u2019 engagement with retailers\u2019 discounts on offer will provide key insight into whether they continue to rush to spend during seasonal sales or whether they are all shopped out after a summer of deals events.
\nEach sales season serves as something of a predictor for the next, with retailers monitoring consumer trends from savings event to savings event.
\n\u201cIt is nice that the early days of back to school went well,\u201d Walmart CEO Doug McMillon told analysts on the company\u2019s earnings call in August. \u201cSometimes \u2014 most times, I guess \u2014 that does give some indication as to how Halloween and Christmas will go.\u201d
\nThis period will provide insights into how persistent inflation and paycheck-to-paycheck consumers\u2019 dwindling spending power are shaping shopping habits. Retailers will be watching closely to see if the trend toward deal-seeking remains strong or if shoppers are adjusting their approach to budgeting and purchasing in response to ongoing economic pressures.
\nThe post Paycheck-to-Paycheck Shoppers May Demand More Deals Events This Fall appeared first on PYMNTS.com.
\n", "content_text": "In the wake of the savings events rush of the summer, with seemingly every large merchant announcing some major discounting push, consumers are growing accustomed to shifting their spending toward predictable sales moments.\nKey retailers including Best Buy and Target have been noting this trend throughout this year.\n\u201cGiven the significant headwinds they faced with inflation over the last few years, consumers continue to focus on value as they work hard to manage their household budgets,\u201d Target Chair and CEO Brian Cornell told analysts on the company\u2019s latest earnings call Aug. 21. \u201cAnd while they continue to turn out and shop around holidays and other seasonal moments, many are delaying purchases until the moment of need.\u201d\nPlus, industry giants Amazon and Walmart saw strong demand for their summer sales events. The former\u2019s Prime Day brought in record-breaking spending this year, and compared to 2022. PYMNTS Intelligence research indicated that Walmart+ Week participation increased by 71%. The study \u201cShoppers Love Amazon Prime Day \u2014 but Spend More on Walmart+ Week\u201d found that 40% of consumers participated in Prime Day and 21% made purchases during Walmart+ Week.\nBudget-constrained consumers may be being trained to steep discounts on a regular cadence. August\u2019s installment of PYMNTS Intelligence\u2019s \u201cNew Reality Check: The Paycheck-to-Paycheck Report,\u201d the \u201cHow Consumer Perception of Inflation Forces Many to Trade Down\u201d edition, examined this deal-seeking behavior, drawing from a survey of more than 2,500 U.S. consumers. The study revealed that 63% of consumers live paycheck to paycheck, and their spending power is dwindling.\nSpecifically, 60% of those who live paycheck to paycheck without issues paying bills and 72% of those who do so with issues paying bills said their income has not increased to offset inflation at all. As such, these shoppers are making more conservative budgeting decisions. Ninety-two percent of paycheck-to-paycheck consumers in the former category and 97% of those in the latter said they have taken actions to cope with price increases when buying retail products. Plus, 94% and 96%, respectively, have done so for grocery products.\nThe study found that in response to inflation, 42% of consumers have adopted the \u201cbudget shopper\u201d persona when purchasing retail products. These consumers \u201ctrade down by turning to cheaper merchants and plan their purchases around sales and discounts.\u201d Nearly half of those who live paycheck to paycheck without issues paying bills and 4 in 10 of those who live paycheck to paycheck with issues paying bills fall into this retail shopping persona.\nWith the next round of predictable sales events arriving for the Labor Day holiday, consumers\u2019 engagement with retailers\u2019 discounts on offer will provide key insight into whether they continue to rush to spend during seasonal sales or whether they are all shopped out after a summer of deals events.\nEach sales season serves as something of a predictor for the next, with retailers monitoring consumer trends from savings event to savings event.\n\u201cIt is nice that the early days of back to school went well,\u201d Walmart CEO Doug McMillon told analysts on the company\u2019s earnings call in August. \u201cSometimes \u2014 most times, I guess \u2014 that does give some indication as to how Halloween and Christmas will go.\u201d\nThis period will provide insights into how persistent inflation and paycheck-to-paycheck consumers\u2019 dwindling spending power are shaping shopping habits. Retailers will be watching closely to see if the trend toward deal-seeking remains strong or if shoppers are adjusting their approach to budgeting and purchasing in response to ongoing economic pressures.\nThe post Paycheck-to-Paycheck Shoppers May Demand More Deals Events This Fall appeared first on PYMNTS.com.", "date_published": "2024-09-03T04:00:06-04:00", "date_modified": "2024-09-01T14:40:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/deals-discounts-sales-retail.jpg", "tags": [ "Amazon", "Best Buy", "Consumer Spending", "ecommerce", "economy", "Featured News", "inflation", "News", "paycheck-to-paycheck", "PYMNTS News", "Retail", "Target", "walmart" ] }, { "id": "https://www.pymnts.com/?p=2078317", "url": "https://www.pymnts.com/news/retail/2024/ulta-beauty-store-sales-hit-increased-competition-market-shifts/", "title": "Ulta Beauty Store Sales Hit by Increased Competition and Market Shifts", "content_html": "Amid escalating competitive pressures, Ulta Beauty is facing a challenging retail environment that impacted its store performance in the second quarter, according to earnings results.
\nAlthough the beauty sector remains strong, the rapid influx of new competitors has challenged Ulta\u2019s ability to sustain its market share, particularly in the prestige beauty category.
\nDuring the company\u2019s second-quarter earnings call Thursday (Aug. 29), CEO Dave Kimbell discussed the situation after net sales increased by 0.9%, to $2.6 billion, while comparable sales (sales for stores open at least 14 months and eCommerce sales) decreased by 1.2%.
\n\u201c[T]he strength of the beauty category, combined with an attractive margin profile, has drawn substantial and diverse competition to the category,\u201d Kimbell explained.
\n\u201cAlthough we anticipated the headwinds experienced in the first quarter would continue, our results were short of our expectations, driven by a decrease in comp store sales, specifically comp store transactions,\u201d he added. \u201ceCommerce sales increased as expected. We do not believe these results reflect the strong engagement with our brand, the strength of our operating model, or the performance I know we can deliver over the longer term. Importantly, we are clear about the factors that adversely impacted our store transaction growth in the second quarter, and we have actions underway to address the trends.\u201d
\nCompetitive intensity in the beauty category remains high, Kimbell noted, stating: \u201cToday, there are significantly more places to buy beauty, especially prestige beauty, with more than 1,000 new points of distribution opened in the last three years. As a result, our market share continues to be challenged, particularly within prestige beauty.\u201d
\nBased on Circana data for the 13 weeks ended Aug. 3, Kimbell said, \u201cwe maintained our share in mass beauty but lost share in the prestige beauty, particularly driven by makeup and hair categories. We know beauty enthusiasts love to shop for beauty, and they love Ulta Beauty and the unique experiences we offer. But they also love engaging in new beauty offerings.\u201d
\nKimbell explained the unique aspect of the current environment is the scale and pace of change.
\n\u201cMore than 80% of our stores have been impacted by one or more competitive openings in recent years, with more than half impacted by multiple competitive openings,\u201d he said. \u201cThis significant portion of our store fleet is experiencing a prolonged sales impact.\u201d
\nAfter three years of growth, the beauty category is normalizing, Kimbell said.
\n\u201c[C]onsumer behavior is starting to shift as consumers increasingly focus on value and become more cautious with their spending,\u201d he explained. \u201cBased on data from Circana, U.S.
\nbeauty growth slowed to approximately 3% through the first half of 2024, with prestige beauty experiencing high single-digit growth and mass beauty maintaining low single-digit growth.\u201d
\nUlta Beauty executives are focusing on five areas to reinforce their competitive position and drive stronger performance. They want to strengthen assortment, expand social relevance, enhance digital experience, use the Ulta Beauty Rewards loyalty program and evolve promotional levers.
\n\u201cNotably, the positive signals we see in our broader business reinforce the appeal of our differentiated model and our confidence that we will mitigate these near-term competitive pressures,\u201d Kimbell said. \u201c\u2026 At the end of the second quarter, Ulta had 43.9 million active rewards members, a 5% increase from the previous year.\u201d
\nMeanwhile, Ulta\u2019s digital enhancements include improved search functionality and a new add-to-bag feature, designed to drive traffic and sales. The app saw a 16% increase in engagement, accounting for about two-thirds of eCommerce sales.
\nLooking ahead, Ulta plans to continue expanding its brand portfolio with new launches and collaborations.
\n\u201cWhile it will take time to shift the top-line trend, I remain extremely confident in our model and in our ability to execute and win in an increasingly competitive category,\u201d Kimbell said.
\nThe post Ulta Beauty Store Sales Hit by Increased Competition and Market Shifts appeared first on PYMNTS.com.
\n", "content_text": "Amid escalating competitive pressures, Ulta Beauty is facing a challenging retail environment that impacted its store performance in the second quarter, according to earnings results.\nAlthough the beauty sector remains strong, the rapid influx of new competitors has challenged Ulta\u2019s ability to sustain its market share, particularly in the prestige beauty category.\nDuring the company\u2019s second-quarter earnings call Thursday (Aug. 29), CEO Dave Kimbell discussed the situation after net sales increased by 0.9%, to $2.6 billion, while comparable sales (sales for stores open at least 14 months and eCommerce sales) decreased by 1.2%.\n\u201c[T]he strength of the beauty category, combined with an attractive margin profile, has drawn substantial and diverse competition to the category,\u201d Kimbell explained.\n\u201cAlthough we anticipated the headwinds experienced in the first quarter would continue, our results were short of our expectations, driven by a decrease in comp store sales, specifically comp store transactions,\u201d he added. \u201ceCommerce sales increased as expected. We do not believe these results reflect the strong engagement with our brand, the strength of our operating model, or the performance I know we can deliver over the longer term. Importantly, we are clear about the factors that adversely impacted our store transaction growth in the second quarter, and we have actions underway to address the trends.\u201d\nCompetitive intensity in the beauty category remains high, Kimbell noted, stating: \u201cToday, there are significantly more places to buy beauty, especially prestige beauty, with more than 1,000 new points of distribution opened in the last three years. As a result, our market share continues to be challenged, particularly within prestige beauty.\u201d\nBased on Circana data for the 13 weeks ended Aug. 3, Kimbell said, \u201cwe maintained our share in mass beauty but lost share in the prestige beauty, particularly driven by makeup and hair categories. We know beauty enthusiasts love to shop for beauty, and they love Ulta Beauty and the unique experiences we offer. But they also love engaging in new beauty offerings.\u201d\nKimbell explained the unique aspect of the current environment is the scale and pace of change.\n\u201cMore than 80% of our stores have been impacted by one or more competitive openings in recent years, with more than half impacted by multiple competitive openings,\u201d he said. \u201cThis significant portion of our store fleet is experiencing a prolonged sales impact.\u201d\nAfter three years of growth, the beauty category is normalizing, Kimbell said.\n\u201c[C]onsumer behavior is starting to shift as consumers increasingly focus on value and become more cautious with their spending,\u201d he explained. \u201cBased on data from Circana, U.S.\nbeauty growth slowed to approximately 3% through the first half of 2024, with prestige beauty experiencing high single-digit growth and mass beauty maintaining low single-digit growth.\u201d\nUlta Beauty executives are focusing on five areas to reinforce their competitive position and drive stronger performance. They want to strengthen assortment, expand social relevance, enhance digital experience, use the Ulta Beauty Rewards loyalty program and evolve promotional levers.\n\u201cNotably, the positive signals we see in our broader business reinforce the appeal of our differentiated model and our confidence that we will mitigate these near-term competitive pressures,\u201d Kimbell said. \u201c\u2026 At the end of the second quarter, Ulta had 43.9 million active rewards members, a 5% increase from the previous year.\u201d\nMeanwhile, Ulta\u2019s digital enhancements include improved search functionality and a new add-to-bag feature, designed to drive traffic and sales. The app saw a 16% increase in engagement, accounting for about two-thirds of eCommerce sales.\nLooking ahead, Ulta plans to continue expanding its brand portfolio with new launches and collaborations.\n\u201cWhile it will take time to shift the top-line trend, I remain extremely confident in our model and in our ability to execute and win in an increasingly competitive category,\u201d Kimbell said.\nThe post Ulta Beauty Store Sales Hit by Increased Competition and Market Shifts appeared first on PYMNTS.com.", "date_published": "2024-08-30T12:44:01-04:00", "date_modified": "2024-08-30T12:44:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/05/ulta-beauty.jpg", "tags": [ "beauty", "Earnings", "ecommerce", "News", "PYMNTS News", "Retail", "Ulta", "Ulta Beauty" ] }, { "id": "https://www.pymnts.com/?p=2077856", "url": "https://www.pymnts.com/news/retail/2024/best-buy-refines-customer-experience-with-personalized-tech-and-ai-driven-solutions/", "title": "Best Buy Refines Customer Experience With Personalized Tech and AI-Driven Solutions", "content_html": "For Best Buy CEO\u00a0Corie Barry, elevating the customer experience is paramount.
\nDespite recent challenges in the home theater, gaming and appliances categories, Barry is steering the company toward a more personalized and engaging shopping journey.
\n\u201cWe are focused on sharpening our customer experiences,\u201d Barry said Thursday (Aug. 29) during the company\u2019s second-quarter earnings call. \u201cWe see a consumer who is seeking value and sales events, and one who is also willing to spend on high price-point products when they need to or when there is new compelling technology. We are balancing our optimism in both the industry and our positioning with a pragmatic approach to likely uneven customer behavior going forward.\u201d
\nBest Buy is amplifying its focus on personalized experiences. It is\u00a0revamping its app to offer a customized homepage and tailored notifications for sales and exclusive offers, reflecting a strategic pivot to meet the needs of tech-savvy consumers.
\nIn addition, the company has rolled out artificial intelligence (AI)-driven delivery tracking to provide real-time updates, improving transparency and customer satisfaction. Company officials are committed to refining these aspects as part of a broader strategy to navigate market pressures and drive growth through enhanced customer engagement.
\n\u201cCustomers remain deal-focused,\u201d Barry explained. \u201cOur strategic plan is built to sharpen our customer experiences.\u201d
\nBarry noted that \u201ccustomers receiving our personalized homepage engage 70% more than customers who don\u2019t receive it.\u201d
\nConsider how personalization drives the needs of today\u2019s consumers. The PYMNTS Intelligence report \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d found that 83% of consumers are interested in receiving personalized offers. This type of messaging is particularly effective with millennials and with those who make more than $100,000 a year, with that share rising to 89% for both groups.
\nWhile the company\u2019s comparable sales declined 2.3% during the quarter and are projected to slip 1% in the third quarter, Best Buy saw revenue in its domestic tablet and computing categories rise 6%.
\nBarry cited the company\u2019s employee certification program as a key element in enhancing the overall customer experience.
\nBest Buy\u2019s employee training program is recognized for its comprehensive approach, which includes hands-on role-playing, continuous feedback, and specialized certification across various departments. The program focuses on enhancing customer service skills, with certified employees driving higher revenue per transaction. This commitment to employee development supports Best Buy\u2019s goal of delivering customer experiences and maintaining a competitive edge in retail.
\nBarry noted 60% of Best Buy employees are certified in at least two categories. She is excited about the kickoff of the company\u2019s new branding, which carries the tagline of Imagine That.
\nThe company is enhancing its in-store environments to feature interactive tech demonstrations and expanding its online presence to offer tailored product recommendations. This strategy aims to deepen customer engagement and showcase Best Buy\u2019s expertise in helping consumers integrate technology into their lives effectively.
\n\u201cWe\u2019re creating a customer experience that inspires curiosity and enables discovery,\u201d Barry said.
\nBest Buy\u2019s membership program, which includes My Best Buy, My Best Buy Plus ($49.99 per year), and My Best Buy Total ($179.99 per year), is doing quite well, Barry said. While she didn\u2019t share any metrics connected to the program, she explained company officials evaluate it through acquisition, engagement and retention.
\n\u201cAcross those things, we continue to grow our new paid customers,\u201d she explained. \u201cWe like what we\u2019re seeing. Paid members consistently show higher levels of engagement and spend. Our retention rates are outperforming expectations for both Plus and Total. On the whole, we\u2019re very pleased with what we\u2019re seeing with our membership program.\u201d
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Best Buy Refines Customer Experience With Personalized Tech and AI-Driven Solutions appeared first on PYMNTS.com.
\n", "content_text": "For Best Buy CEO\u00a0Corie Barry, elevating the customer experience is paramount.\nDespite recent challenges in the home theater, gaming and appliances categories, Barry is steering the company toward a more personalized and engaging shopping journey. \n\u201cWe are focused on sharpening our customer experiences,\u201d Barry said Thursday (Aug. 29) during the company\u2019s second-quarter earnings call. \u201cWe see a consumer who is seeking value and sales events, and one who is also willing to spend on high price-point products when they need to or when there is new compelling technology. We are balancing our optimism in both the industry and our positioning with a pragmatic approach to likely uneven customer behavior going forward.\u201d\nBest Buy is amplifying its focus on personalized experiences. It is\u00a0revamping its app to offer a customized homepage and tailored notifications for sales and exclusive offers, reflecting a strategic pivot to meet the needs of tech-savvy consumers. \nIn addition, the company has rolled out artificial intelligence (AI)-driven delivery tracking to provide real-time updates, improving transparency and customer satisfaction. Company officials are committed to refining these aspects as part of a broader strategy to navigate market pressures and drive growth through enhanced customer engagement.\n\u201cCustomers remain deal-focused,\u201d Barry explained. \u201cOur strategic plan is built to sharpen our customer experiences.\u201d\nBarry noted that \u201ccustomers receiving our personalized homepage engage 70% more than customers who don\u2019t receive it.\u201d\nConsider how personalization drives the needs of today\u2019s consumers. The PYMNTS Intelligence report \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d found that 83% of consumers are interested in receiving personalized offers. This type of messaging is particularly effective with millennials and with those who make more than $100,000 a year, with that share rising to 89% for both groups.\nWhile the company\u2019s comparable sales declined 2.3% during the quarter and are projected to slip 1% in the third quarter, Best Buy saw revenue in its domestic tablet and computing categories rise 6%.\nBarry cited the company\u2019s employee certification program as a key element in enhancing the overall customer experience.\nBest Buy\u2019s employee training program is recognized for its comprehensive approach, which includes hands-on role-playing, continuous feedback, and specialized certification across various departments. The program focuses on enhancing customer service skills, with certified employees driving higher revenue per transaction. This commitment to employee development supports Best Buy\u2019s goal of delivering customer experiences and maintaining a competitive edge in retail.\nBarry noted 60% of Best Buy employees are certified in at least two categories. She is excited about the kickoff of the company\u2019s new branding, which carries the tagline of Imagine That. \nThe company is enhancing its in-store environments to feature interactive tech demonstrations and expanding its online presence to offer tailored product recommendations. This strategy aims to deepen customer engagement and showcase Best Buy\u2019s expertise in helping consumers integrate technology into their lives effectively.\n\u201cWe\u2019re creating a customer experience that inspires curiosity and enables discovery,\u201d Barry said.\nBest Buy\u2019s membership program, which includes My Best Buy, My Best Buy Plus ($49.99 per year), and My Best Buy Total ($179.99 per year), is doing quite well, Barry said. While she didn\u2019t share any metrics connected to the program, she explained company officials evaluate it through acquisition, engagement and retention. \n\u201cAcross those things, we continue to grow our new paid customers,\u201d she explained. \u201cWe like what we\u2019re seeing. Paid members consistently show higher levels of engagement and spend. Our retention rates are outperforming expectations for both Plus and Total. On the whole, we\u2019re very pleased with what we\u2019re seeing with our membership program.\u201d\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Best Buy Refines Customer Experience With Personalized Tech and AI-Driven Solutions appeared first on PYMNTS.com.", "date_published": "2024-08-29T17:04:41-04:00", "date_modified": "2024-08-29T17:04:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Best-Buy-earnings.jpg", "tags": [ "AI", "artificial intelligence", "Best Buy", "Corie Barry", "customer engagement", "customer experience", "digital transformation", "Earnings", "Imagine That", "Loyalty and Rewards", "loyalty program", "My Best Buy", "My Best Buy Plus", "My Best Buy Total", "News", "personalization", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2074623", "url": "https://www.pymnts.com/news/retail/2024/report-big-lots-seeking-investors-and-considering-bankruptcy/", "title": "Report: Big Lots Seeking Investors and Considering Bankruptcy", "content_html": "Big Lots is reportedly considering\u00a0bankruptcy amid continued declines in sales.
\nThe off-price home goods retailer received a loan earlier this year to help it navigate a liquidity crunch and is now seeking investors in an attempt to avoid bankruptcy, Bloomberg reported Wednesday (Aug. 28), citing unnamed sources.
\nNo final decision has been made on any of these plans, according to the report.
\nThe retailer has seen years of sales declines, per the report.
\nBig Lots did not immediately reply to PYMNTS\u2019 request for comment.
\nDuring a June 6 earnings report, the company reported lower-than-expected first-quarter fiscal 2024 financial results, attributing its 10.2% net sales decrease in part to shoppers\u2019 belt-tightening behaviors.
\n\u201cWe missed our sales goal due largely to continued pullback and consumer spending by our core customers, particularly in high-ticket discretionary items,\u201d Big Lots President and CEO Bruce Thorn said at the time. \u201cThe consumer environment softened in the first quarter, and both consumer confidence and sentiment declined due to concerns about inflation, unemployment and interest rates.\u201d
\nAnother player in this space, Wayfair, also recently reported seeing continued pressure on home goods consumers.
\nThe online retailer that sells home goods and furniture reported second-quarter earnings showing that total revenues dipped 1.7%, with U.S. revenues down 2%. Wayfair also saw a 2.9% decrease in the number of orders delivered, as well as a 2.4% decrease in orders by repeat customers.
\n\u201cCustomers remain cautious in their spending on the home, and our credit card data suggests that the category correction now mirrors the magnitude of the peak-to-trough decline the home furnishing space experienced during the great financial crisis,\u201d Wayfair Co-founder, Co-chairman and CEO Niraj Shah said in an Aug. 1 earnings release.
\nMany shoppers are turning to secondhand channels to buy home furnishings and other big-ticket items, according to the PYMNTS Intelligence report, \u201cConsumers Shop Secondhand Stores as Often as Other Retail.\u201d
\nThe report found that among the 43% of consumers who used secondhand channels to make retail purchases last year, one in five did so to buy furniture. Among bridge millennials and millennials, that share jumped to 38% and 34%, respectively.
\nThe post Report: Big Lots Seeking Investors and Considering Bankruptcy appeared first on PYMNTS.com.
\n", "content_text": "Big Lots is reportedly considering\u00a0bankruptcy amid continued declines in sales.\nThe off-price home goods retailer received a loan earlier this year to help it navigate a liquidity crunch and is now seeking investors in an attempt to avoid bankruptcy, Bloomberg reported Wednesday (Aug. 28), citing unnamed sources.\nNo final decision has been made on any of these plans, according to the report.\nThe retailer has seen years of sales declines, per the report.\nBig Lots did not immediately reply to PYMNTS\u2019 request for comment.\nDuring a June 6 earnings report, the company reported lower-than-expected first-quarter fiscal 2024 financial results, attributing its 10.2% net sales decrease in part to shoppers\u2019 belt-tightening behaviors.\n\u201cWe missed our sales goal due largely to continued pullback and consumer spending by our core customers, particularly in high-ticket discretionary items,\u201d Big Lots President and CEO Bruce Thorn said at the time. \u201cThe consumer environment softened in the first quarter, and both consumer confidence and sentiment declined due to concerns about inflation, unemployment and interest rates.\u201d\nAnother player in this space, Wayfair, also recently reported seeing continued pressure on home goods consumers.\nThe online retailer that sells home goods and furniture reported second-quarter earnings showing that total revenues dipped 1.7%, with U.S. revenues down 2%. Wayfair also saw a 2.9% decrease in the number of orders delivered, as well as a 2.4% decrease in orders by repeat customers.\n\u201cCustomers remain cautious in their spending on the home, and our credit card data suggests that the category correction now mirrors the magnitude of the peak-to-trough decline the home furnishing space experienced during the great financial crisis,\u201d Wayfair Co-founder, Co-chairman and CEO Niraj Shah said in an Aug. 1 earnings release.\nMany shoppers are turning to secondhand channels to buy home furnishings and other big-ticket items, according to the PYMNTS Intelligence report, \u201cConsumers Shop Secondhand Stores as Often as Other Retail.\u201d\nThe report found that among the 43% of consumers who used secondhand channels to make retail purchases last year, one in five did so to buy furniture. Among bridge millennials and millennials, that share jumped to 38% and 34%, respectively.\n\nThe post Report: Big Lots Seeking Investors and Considering Bankruptcy appeared first on PYMNTS.com.", "date_published": "2024-08-28T20:05:33-04:00", "date_modified": "2024-08-28T20:05:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Big-Lots-bankruptcy-retail.jpg", "tags": [ "bankruptcy", "big lots", "brick and mortar", "Bruce Thorn", "furniture", "home goods", "News", "PYMNTS News", "Retail", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2073942", "url": "https://www.pymnts.com/news/retail/2024/davidoffs-digital-makeover-aims-to-elevate-the-luxury-cigar-brands-consumer-experience/", "title": "Davidoff\u2019s Digital Makeover Aims to Elevate the Luxury Cigar Brand\u2019s Consumer Experience", "content_html": "Oettinger Davidoff AG, an independently owned,\u00a0Swiss luxury goods company that specializes in tobacco products and accessories, recently updated its Davidoff of Geneva digital storefront to better showcase its commitment to quality and customer experience.
\nThis week that storefront design earned the company notable recognition.
\nBigCommerce, an open software-as-a-service (SaaS) and composable eCommerce platform for fast-growing and established business-to-consumer (B2C) and business-to-business (B2B) brands and retailers, honored Oettinger Davidoff AG with a first place in the design category at this week\u2019s 2024 Big Customer Awards presentation. The awards highlight brands that have demonstrated exceptional creativity and innovation on the BigCommerce platform, enhancing the shopping experience for their customers.
\nIn an interview with PYMNTS, Mario Martic, manager team leader Digital Business, Global Marketing & Innovation at Oettinger Davidoff AG, explains that the redesign aims to create a seamless user experience while reflecting Davidoff\u2019s heritage.
\n\u201cOur goal was to develop a storefront that guides customers smoothly and immerses them in the Davidoff world,\u201d Martic said. \u201cThe new design emphasizes clear navigation, intuitive information architecture, and a full brand immersion.\u201d
\nForemost among project goals was a clear user navigation and an intuitive information architecture and immersion, \u201cusing our signature marketing assets to enhance the Davidoff experience,\u201d Martic noted.
\nThe result is a storefront that not only guides customers effortlessly but transports them into the world of Davidoff, reflecting the company\u2019s passion and dedicated craftsmanship and innovation.
\n\u201cOur primary objective was to create a seamless user experience that showcases the Davidoff brand\u2019s premium quality and heritage,\u201d Martic added.
\nThe extensive product and taste information on the site is tailored to enhance the customer experience because \u201cwe want to support and guide each customer in discovering their ideal Davidoff product,\u201d Martic explained. The approach includes customized content, intuitive product placements, and gift-giving guidance, which aims to mirror the sophistication of Davidoff\u2019s cigars.
\n\u201cWe want to support and guide each customer in discovering their ideal Davidoff product, ensuring that every interaction with our brand is as refined and satisfying as the cigars we craft,\u201d Martic said. \u201cWe do not only offer customized content and intuitive product placements, but also a gift-giving guidance which allows customers to select the perfect present.\u201d
\nBalancing the needs of both knowledgeable enthusiasts and new customers poses a challenge, Martic noted, but added, \u201cCreating a design that caters to both connoisseurs and newcomers presented a delicate balancing act. At Oettinger Davidoff, we strive to be the industry leader in every aspect, including how we communicate our products. Davidoff\u2019s philosophy, \u201cTime Beautifully Filled,\u201d guides all our endeavors, especially in marketing.\u201d
\nUsing innovative graphics and videos, the company displays its products while bringing the Davidoff lifestyle to life.
\n\u201cThis approach allows us to demonstrate our commitment to quality and craftsmanship while engaging customers in a visually stunning and emotionally resonant way,\u201d Martic explained. \u201cThrough these interactive elements, we aim to fill our customers\u2019 time beautifully, just as our products do, creating a seamless connection between our brand promise and our digital presence.\u201d
\nSuccess of the storefront design is measured through various metrics, Martic said.
\n\u201cWe employ industry-standard metrics to gauge the success of our storefront design, focusing on both user engagement and sales performance,\u201d he explained. \u201cKey performance indicators include conversion rate, average order value, and customer feedback through net promoter scores (NPS), all crucial for refining the digital storefront and enhancing customer engagement. For us, it is of utmost importance that we continuously monitor these metrics to refine our digital storefront, ensuring that it drives sales and aligns with our commitment to excellence, but above all that we continuously entertain and captivate our audience.\u201d\u00a0
\nA judge\u2019s comments summarized why Davidoff walked off with first place in the design category.
\n\u201cDavidoff of Geneva provides a beautiful and performant design, but what caught my eye the most was the extensive amounts of information available,\u201d according to the judge. \u201cParticularly for this kind of industry, the robust product and taste descriptions, interactive graphics, videos, along with informational posts, history, craftsmanship, FAQs, customer service, make the site highly engaging and informative whether you know anything about the products/industry or not.\u201d
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Davidoff\u2019s Digital Makeover Aims to Elevate the Luxury Cigar Brand\u2019s Consumer Experience appeared first on PYMNTS.com.
\n", "content_text": "Oettinger Davidoff AG, an independently owned,\u00a0Swiss luxury goods company that specializes in tobacco products and accessories, recently updated its Davidoff of Geneva digital storefront to better showcase its commitment to quality and customer experience. \nThis week that storefront design earned the company notable recognition. \nBigCommerce, an open software-as-a-service (SaaS) and composable eCommerce platform for fast-growing and established business-to-consumer (B2C) and business-to-business (B2B) brands and retailers, honored Oettinger Davidoff AG with a first place in the design category at this week\u2019s 2024 Big Customer Awards presentation. The awards highlight brands that have demonstrated exceptional creativity and innovation on the BigCommerce platform, enhancing the shopping experience for their customers.\nIn an interview with PYMNTS, Mario Martic, manager team leader Digital Business, Global Marketing & Innovation at Oettinger Davidoff AG, explains that the redesign aims to create a seamless user experience while reflecting Davidoff\u2019s heritage. \n\u201cOur goal was to develop a storefront that guides customers smoothly and immerses them in the Davidoff world,\u201d Martic said. \u201cThe new design emphasizes clear navigation, intuitive information architecture, and a full brand immersion.\u201d\nForemost among project goals was a clear user navigation and an intuitive information architecture and immersion, \u201cusing our signature marketing assets to enhance the Davidoff experience,\u201d Martic noted. \nThe result is a storefront that not only guides customers effortlessly but transports them into the world of Davidoff, reflecting the company\u2019s passion and dedicated craftsmanship and innovation.\n\u201cOur primary objective was to create a seamless user experience that showcases the Davidoff brand\u2019s premium quality and heritage,\u201d Martic added. \nThe extensive product and taste information on the site is tailored to enhance the customer experience because \u201cwe want to support and guide each customer in discovering their ideal Davidoff product,\u201d Martic explained. The approach includes customized content, intuitive product placements, and gift-giving guidance, which aims to mirror the sophistication of Davidoff\u2019s cigars.\n\u201cWe want to support and guide each customer in discovering their ideal Davidoff product, ensuring that every interaction with our brand is as refined and satisfying as the cigars we craft,\u201d Martic said. \u201cWe do not only offer customized content and intuitive product placements, but also a gift-giving guidance which allows customers to select the perfect present.\u201d \nBalancing the needs of both knowledgeable enthusiasts and new customers poses a challenge, Martic noted, but added, \u201cCreating a design that caters to both connoisseurs and newcomers presented a delicate balancing act. At Oettinger Davidoff, we strive to be the industry leader in every aspect, including how we communicate our products. Davidoff\u2019s philosophy, \u201cTime Beautifully Filled,\u201d guides all our endeavors, especially in marketing.\u201d\nUsing innovative graphics and videos, the company displays its products while bringing the Davidoff lifestyle to life. \n\u201cThis approach allows us to demonstrate our commitment to quality and craftsmanship while engaging customers in a visually stunning and emotionally resonant way,\u201d Martic explained. \u201cThrough these interactive elements, we aim to fill our customers\u2019 time beautifully, just as our products do, creating a seamless connection between our brand promise and our digital presence.\u201d\nSuccess of the storefront design is measured through various metrics, Martic said.\n\u201cWe employ industry-standard metrics to gauge the success of our storefront design, focusing on both user engagement and sales performance,\u201d he explained. \u201cKey performance indicators include conversion rate, average order value, and customer feedback through net promoter scores (NPS), all crucial for refining the digital storefront and enhancing customer engagement. For us, it is of utmost importance that we continuously monitor these metrics to refine our digital storefront, ensuring that it drives sales and aligns with our commitment to excellence, but above all that we continuously entertain and captivate our audience.\u201d\u00a0 \nA judge\u2019s comments summarized why Davidoff walked off with first place in the design category.\n\u201cDavidoff of Geneva provides a beautiful and performant design, but what caught my eye the most was the extensive amounts of information available,\u201d according to the judge. \u201cParticularly for this kind of industry, the robust product and taste descriptions, interactive graphics, videos, along with informational posts, history, craftsmanship, FAQs, customer service, make the site highly engaging and informative whether you know anything about the products/industry or not.\u201d\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Davidoff\u2019s Digital Makeover Aims to Elevate the Luxury Cigar Brand\u2019s Consumer Experience appeared first on PYMNTS.com.", "date_published": "2024-08-28T19:08:55-04:00", "date_modified": "2024-08-28T19:08:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Davidoff-Cigars-ecommerce.jpg", "tags": [ "2024 Big Customer Awards", "Bigcommerce", "customer engagement", "customer experience", "Davidoff of Geneva", "ecommerce", "luxury retail", "Mario Martic", "News", "Oettinger Davidoff AG", "PYMNTS News", "Retail" ] } ] }