RTIH brings you the retail technology week in numbers
Do you like numbers? Do you like retail systems news? Then this is the article for you. Including Klarna, Walmart, Trigo, Shufersal, Paytm, eBay, and Lazada Group.
£497 million…Sebastian Siemiatkowski, Co-founder and CEO at buy now pay later big hitter, Klarna, has taken to Twitter to lambast the media for its coverage of his company.
In a post, he said: “Fascinating learning in my life is the full disconnect between media's"truth" about Klarna vs actual state of Klarna.”
“Perception vs reality, sometimes benefit or not. Established incorrect "truths" impossible to correct. And tweeting some reason into it=screaming into a storm.”
Siemiatkowski didn’t reveal who exactly upset him and what they said, but, dare we suggest, it’s possibly to do with Klarna posting and operating loss of 6.17billion Swedish crowns (£497 million) for the first half of 2022, compared to 1.76billion crowns in the same period last year.
The FinTech blamed this on rapid international expansion, higher credit losses in new markets, and rising staff costs.
Five billion and 500 million…Paytm Labs, the R&D division of Indian digital payments and financial services company Paytm, has launched Pi, a machine learning powered fraud risk management platform designed for FinTechs, banks and e-commerce marketplaces with high transaction volumes.
Pi is now handling five billion rule evaluations and 500 million decisions each day and is being tapped by the likes of PayPal.
40%…eBay has announced a new partnership with Reskinned to expand the online marketplace’s offering of preloved items and reduce growing fashion waste.
Reskinned takes back worn items from shoppers and reconditions them for resale, repurpose or recycle.
It is currently working with over 30 brands, including Finisterre, Sweaty Betty, River Island, and most recently Joules.
Items from Reskinned are generally priced around 40% lower than their high street price.
10…Uber and Nuro have announced a ten-year partnership to use the latter’s autonomous, electric vehicles for food deliveries in the United States.
The tie up will kick off this autumn with deliveries in Houston, TX and Mountain View, CA. Uber and Nuro plan to expand the service to the greater Bay Area.
1…Retail operating system specialist Brightpearl is hosting its first ever one day virtual Peak Season Summit.
Taking place on 22nd September, the aim here is to help retailers prepare for the holiday season.
Brightpearl says on the event website: “Based on findings we’ve identified as being the biggest concerns for merchants this year, we’ve programmed a full day of industry expert led sessions, panels and break out rooms to make sure you can avoid holiday season setbacks and keep customers loyal all year round.”
It adds: “Our event will feature experts from across the globe, and we've structured the day so you can attend any session regardless of your time zone.”
For further information and to register for free tickets, click here.
1,700 and 30,000…Lowe's and Instacart have announced that same-day delivery is now available from more than 1,700 of the former’s stores Stateside.
Nearly 30,000 items can be ordered for delivery in as fast as an hour.
Lowe's is one of the first retailers on the Instacart app to roll-out same-day and scheduled delivery for large items, up to 3x3x5 feet and 60 pounds.
1…Trigo reports that it is opening a hybrid autonomous store with Israel’s largest grocery retailer, Shufersal.
In an online post, Michael Gabay, CEO at Trigo, says: “It goes without saying that we are excited to launch a store in Tel Aviv, which is not only the home of the world renowned ‘startup nation,’ but Trigo’s HQ as well.”
He adds: “This Shufersal branch is representative of Tel Aviv, between its proximity to the beach as well as its central location; it is in the hub of the innovation capital of Israel.”
“This was no accident – Shufersal deliberately chose the heart of a city full of open minded and tech savvy people as the home for the country’s first frictionless checkout store.”
$1.5 billion…Singapore-based e-commerce company Lazada Group is planning to introduce a buy now pay later (BNPL) service in Malaysia.
Pinky Hiranandani of GlobalData, says: “Alibaba owned Lazada is following other e-commerce platforms like Shopee, which have already integrated BNPL on their platforms in 2021. Lazada is likely to see an increase in transactions with BNPL as it will ease access to interest-free loans on its platform.”
She adds: “According to GlobalData research, the BNPL market value in Malaysia is expected to almost double from $272 million in 2021 to $481 million in 2022 and subsequently reach $1.5 billion in 2026.”
“Given the rising inflation and weak economic conditions, the launch of BNPL service is expected to gain traction as it will help customers afford expensive items and to better manage their finances.”
“Our research reveals that BNPL’s share in the e-commerce spending in Malaysia is set to increase from 0.5% in 2019 to 9.0% in 2026. This shift to digital payments post-pandemic is likely to benefit Lazada’s BNPL service.”
“Lazada’s closest competitor, Shopee, charges a monthly processing fee of 1.5% of the total payment amount for its ‘SPayLater’ and offers a broad selection of merchants but in limited categories.”
“A broad merchant selection across various categories as well as zero processing fees are likely to appeal to the customers looking to use a BNPL service.”
$59…Walmart’s previously announced streaming offer – giving all Walmart+ members a Paramount+ Essential Plan at no cost – is now live.
Walmart+ will remain $98 a year or $12.95 a month and include the Paramount+ Essential Plan subscription with an added $59 value.
The move is intended to make the service, which launched in September 2020, more competitive with Amazon Prime.
Walmart does not disclose the number of Walmart+ members.
According to a Morgan Stanley survey in May, there are around 16 million members compared with about 15 million in November 2021.
“This marks a brand new chapter for Walmart+ and the possibilities available for our existing and new members,” says Chris Cracchiolo, Senior Vice President and General Manager at Walmart+.
“It’s pretty simple for us – our Walmart+ members asked for a streaming benefit, and we absolutely delivered with Paramount+. This is just one more example of how Walmart+ can add value to our members lives day after day.”
