American retailers appear to be caught up in an obsessive urge to expand their online capabilities, and most of the recent takeovers in the sector involved at least one online platform.
The latest to join the race is fashion specialty retailer Nordstrom, who has acquired digital retail start-ups BevyUp and MessageYes as part of its aggressive digital push.
Being an early bird in e-commerce, Nordstrom always managed to stay ahead of its rivals. Its digital prowess got a boost in 2011 when it acquired shopping website HauteLook, and three years later with the takeover of Trunk Club.
BevyUp operates as a social networking app exclusively for retail, where shoppers can interact with each other while browsing merchandise online and sharing information.
The other company, MessageYes, provides brands the facility to send text messages to customers with the help of artificial intelligence and integrated payments.
Nordstrom acquired start-ups BevyUp and MessageYes as part of its aggressive digital push
Among Nordstrom’s peers, Kohl’s recently launched its revamped online platform with all the Kohl’s apps integrated into it. The company also announced plans to join hands with Amazon for an e-tail initiative.
Announcing its latest quarterly earnings, omnichannel retailer Target Corp. recently said its e-commerce sales grew about 30% in the fourth quarter.
Amidst all the hectic activity, e-tailing pioneer Amazon went one step further and strengthened its Smart Home portfolio by adding home security startups Ring and Blink, both specialized in internet-connected doorbells.
The latest to join Walmart’s innovation lab Store No. 8 is VR startup Spatialand, which once integrated into Walmart’s fold will work in stealth mode. The deal, the latest among a series of takeovers by the company, is part of the retail giant’s initiatives to expand its VR capabilities.
Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as
Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and
Shares of Tattooed Chef Inc. (NASDAQ: TTCF) have gained 57% over the past 12 months but has dropped 25% since the start of this year. The sentiment on the stock