Today in retail, GameStop rolls out a digital wallet as it gets into cryptocurrency and non-fungible tokens (NFTs). Plus, Wantable lets consumers choose when they cancel subscriptions, the average age of vehicles on American roads is 12.2 years, a diesel fuel price hike has retailers rethinking their supply chains.
GameStop Jumps Into Crypto, NFTs With Digital Asset Wallet Launch
GameStop has unveiled a digital asset wallet that will let gamers and others store, send, receive and use cryptos and NFTs on several decentralized apps without leaving their web browsers. The GameStop Wallet is a self-custodial ethereum wallet. The wallet extension, which can be downloaded from the Chrome Web Store, will also allow users to make transactions on GameStop’s NFT marketplace, which is expected to launch in the second quarter of the company’s fiscal year.
Wantable on Giving Cancellation Power to the Subscriber to Drive Loyalty
Subscription service relationships rely on the trust and value that a brand brings to the customer, and while many consumers can be trusting, it only takes a bit of friction in a checkout experience to send a potential or existing customer to a competitor. The success of a subscription-based company can sometimes be determined by its willingness to let customers change their minds — known in the industry as customer churn. Jalem Getz, CEO and president of Wantable — a try-before-you-buy online retailer — said too much pressure to commit and too much effort to try to get someone to stay can scare them off.
Paycheck-to-Paycheck Consumers Could Put Brakes on Replacing Their Aging Rides
A recent stat per S&P Global Mobility noted that the average age of vehicles on the road stands at 12.2 years. The supply chain pressures are well-known and chip shortages are exacerbating those burdens. Sky-high pricing is a headwind too — there’s a delicate balancing act between what the market will bear in terms of the sticker price and sticker shock. The balancing act extends to the online companies seeking to bring vehicle buying fully into the digital age, streamlining the browsing, buying and even delivery of cars, which can be among the biggest of big-ticket items.
Retailers Seek New Supply Chain Efficiencies to Offset Soaring Diesel
If you think the $100 hit from filling your tank with gasoline is bad, imagine how truck drivers and fleet operators feel when they face costs ranging from $700 to $1,700 to fuel up a big rig with diesel, as the government’s Energy Information Administration said the average cost of fuel for truckers has surged to a record high of $5.61 per gallon. As a result, retailers and other transport-reliant businesses have a renewed urgency to double-down on efficiency efforts wherever they can find them. It’s a trend that is resulting in deeper use of, and investment in, artificial intelligence (AI), robotics and advanced technologies to eke out savings from soaring supply chain and logistical costs.
To Meet Consumer Demand for Grocery Subscriptions, Merchants Must Rethink Pricing
This month’s edition of the Subscription Commerce Conversion Index found that 56% of consumers would be interested in a grocery subscription if product prices were lower. Grocery subscriptions allow grocers to meet the demand for online purchasing options without sinking the cost into on-demand fulfillment.
Sycamore Partners Drops Ted Baker Buyout Pursuit
The board of British fashion retailer Ted Baker has narrowed its choices for the company to which it plans to sell the brand, less than a month after it got several non-binding offers. One bidder that submitted a proposal but will not be moving forward in the process is private equity Sycamore Partners. Ted Baker’s board didn’t announce which of the bidders is now the primary target of its due diligence but said the process to confirm the potential buyer is “likely to take several weeks.”
Revised Census Data Shows eCommerce Share Didn’t Plummet After All
Revised online sales data released by Census Bureau stand in sharp contrast to the data reported three months earlier in February, meaning those who adjusted their business strategies as a result of what they thought was accurate data could be thinking twice about that shift now. Based on the revised Census data, fourth-quarter 2021 online sales were 14.5%, 1.6 percentage points higher than the 12.9% Census reported in February. The revised data show that online hasn’t given up the boost it got from the pandemic.
Retail Response to Recession Already Happening — Months Before Official Declaration
The U.S. has plenty of experience in the recession department, having met the “technical standard” for it a dozen times in the past 75 years. As such, the recession forecasting business is booming right now, with a growing number of highly educated and paid prognosticators predicting that the world’s largest economy is likely headed for its second recession in as many years.