The five most important retail tech news stories of the week
It’s Friday, the week is nearly done, so let’s kick back and reflect on another eventful week for the retail technology space. Here's your briefing on some of the most important and interesting stories from the past five days.
1. UK retailers notch up unwanted bricks and mortar record
UK footfall decreased by 84.7% in April, due to the mandatory coronavirus lockdown, a record decline for the retail sector, according to research from the BRC and ShopperTrak.
2. Walmart shuts down Jet.com as online sales surge
Walmart is pulling the plug on Jet.com after acquiring the online venture for $3 billion in 2016.
It cited the "continued strength of the Walmart.com brand" for the decision in its latest earnings report, which showed a 74% increase in e-commerce sales. The retailer added that the Jet.com acquisition was “critical to accelerating our omnichannel strategy”.
3. Facebook launches Shops feature for small businesses
Facebook is making a major new push into the e-commerce space with the launch of Shops.
This enables businesses to set up free storefronts on Facebook and Instagram, powered by third-party services, including Shopify, BigCommerce, and Woo. The stores will appear on business pages, Instagram profiles and through targeted stories and ads.
4. Contentsquare closes blockbuster funding round
Digital experience analytics venture Contentsquare has announced a $190 million Series D funding round, bringing total funding to date to $310 million.
5. Amazon eyes J.C. Penney deal for apparel expansion
Amazon is in talks to acquire bankrupt J.C. Penney.
”There is an Amazon team in Plano as we speak,” said a source in a report by WWD referring to the Texas city where J.C. Penney is based. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business" the article states.
