Amazon announced its fifth consecutive quarterly profit yesterday, and its third consecutive record-setting profit. Revenue increased 31 percent; sales rose to $30.4 billion from $23.19 billion. The company’s cloud computing division, Amazon Web Services, accounted for an impressive 56 percent of Amazon’s operating income, and it grew 58 percent in the last quarter. “The results show Amazon moving toward investors’ long-held hope of consistent profitability after a lengthy period of heavy investments and quarterly losses,” notes The Wall Street Journal. “Overall, Amazon posted a second-quarter $857 million profit, or $1.78 a share, compared with $92 million, or 19 cents a share, a year earlier.” Continue reading Amazon Posts Record Profit and Significant Growth for AWS

According to Amazon, product orders made during its second annual Prime Day surpassed last year’s sales by more than 60 percent worldwide (50 percent in the U.S.), while third-party vendors experiencing a 30 percent surge. Amazon says it tripled sales of its own devices in the U.S.; the Fire TV stick was the most popular Amazon device sold during Tuesday’s event. Prime Day debuted last year to commemorate the company’s 20th anniversary and encourage consumers to sign up for its Prime membership service, which offers perks such as two-day shipping and access to Prime Video and Prime Music. Continue reading Prime Day Experiences Sales Surge, Big Day for Fire TV Stick

According to e-commerce giant Amazon, yesterday’s Prime Day sales from third-party merchants were up 30 percent over last year’s event, driven by international demand. The statement was made at 3:00 pm Eastern Time during the company’s day-long promotion designed to attract more subscribers for its $99-per-year Amazon Prime membership. Once the total numbers are in, Amazon anticipates “a record day for small businesses and sellers.” Last year’s event was criticized after deals ran out too early. “The company this year offered more deals and deeper inventory,” reports Bloomberg. “It relied on thousands of third-party merchants who sell goods on Amazon and give the company a cut of each sale to boost the number of deals.” Continue reading Amazon’s Prime Day Sales Surge 30 Percent Over Last Year

Walmart is expanding its mobile payment service, Walmart Pay, to its entire chain of 4,600 U.S. stores. The feature can be found on the retailer’s app, which is available for Android and Apple devices. According to the company, more than 20 million consumers regularly use the app, which offers discounts and helps locate products. Walmart, which has 140 million weekly shoppers, is aiming to make the shopping and checkout experience more convenient. It is also looking to compete with companies such as Apple, Alphabet and Samsung, all of which offer ways to make mobile purchases. Continue reading Walmart Makes Mobile Payment App Available to Entire Chain

San Francisco-based Pinterest plans to unveil an image-discovery app aimed at jumpstarting a new kind of consumer shopping. The user points his smartphone camera at anything, taps dots over the object for recommendations of similar items, and the app searches 75 billion images for a visual match. Currently, Pinterest, valued at $11 billion, makes its revenue from advertising. With the image-discovery app, Pinterest could transform the company by encouraging consumers to embrace mobile shopping. Continue reading Pinterest Develops Image-Discovery App for Mobile Shopping

Amazon unveiled two new Android smartphones for its Prime members, the BLU Products R1 HD and 4th generation Lenovo Moto G. Both phones, dubbed Prime Exclusives, are subsidized by Amazon ads: the R1 HD starts at $50 unlocked, $100 and up without the discount; the Moto G starts at $150 unlocked, $200 and up without the discount. With the discount, the Prime Exclusive phones include Amazon apps, services and ads, the latter appearing on the lock screen. The user has to forego the discount to get rid of the ads. Continue reading Amazon Debuts Budget Phones Loaded with Apps and Widgets

Amazon announced that its voice-controlled digital assistant Alexa will have the ability to order “tens of millions” of products. “Alexa — which is built into Amazon’s Wi-Fi-connected Echo and Tap speakers and its Fire TV set-top box — won’t be able to place an order for everything in Amazon’s online store and shopping apps,” reports The Wall Street Journal, but “will have access to all of the products in Amazon’s Prime shipping program.” The company is “adding more products every day into that Prime product wheelhouse,” said an Amazon spokeswoman. “We really want to see how customers are using it and get their feedback on how it can be improved. We’ll continue to figure out expansion as time goes on.” Continue reading Consumers Can Talk with Alexa to Order Products on Amazon

In the next few months, Pinterest will unveil a way to use the smartphone as a visual search tool. The user goes to search, taps the visual search button, points the camera and Pinterest will “recognize” objects in the camera’s view. The user can then tap any recognized object to get a recommendation for similar ones, and resize the image box to refine the search. Pinterest has always placed a major focus on visual search, and the most recent update now connects that visual search with e-commerce. Continue reading Pinterest Unveils Visual Search Tools to Enable E-Commerce

According to a new Accenture report, 23 percent of consumers claim their financial data has been breached at least once in the past two years. Interestingly, most remain willing to share their data if it means better service. “About 63 percent of respondents are willing to give their bank direct access to personal information,” reports HousingWire. The National Association of Federal Credit Unions recently called on Congress to combat hacking with legislation that would create stricter standards for retail businesses. Accenture surveyed 4,013 bank customers in North America — 70 percent in the U.S. and 30 percent in Canada. Continue reading Consumers Report Financial Data Breaches, Still Trust Banks

Sony dominates U.S. patent filings related to virtual reality, followed by IBM, Samsung, Microsoft and Canon. Magic Leap and Reveo are the leading startups when it comes to published patents related to VR. Microsoft, Sony and Qualcomm have the most published patents related to augmented reality, although they do not necessarily lead in the number of AR inventions. Osterout Group and Magic Leap are the clear leaders in published AR patents. All the companies on these lists have far fewer inventions than patents because multiple patents may be included in a single invention. Continue reading Patents, Investments Point to Significant Future for VR and AR

Facebook partnered with point-of-sale systems Square and Marketo to track how well ads lead to offline purchases. For users with location services enabled, the system uses GPS, Wi-Fi and cell towers to provide specific information on in-store transactions. Square and Marketo are just two services that provide so-called offline conversion APIs that let businesses match transaction data to ads reporting. Previously, Facebook ads didn’t provide this kind of precise metrics, unlike Google, which established AdWords in 2014. Continue reading Facebook Debuts New Ad Tracking Tools to Entice Marketers

The Recording Academy has announced new amendments to the Grammy Awards process. Among the changes, previously ineligible streaming-only releases will now be considered for recognition. Albums and singles previously had to be available for purchase, but the latest rule changes allow for streaming releases to be nominated. According to the press release, “Works must be released via general distribution, defined as the nationwide release of a recording via brick and mortar, third-party online retailers,and/or applicable digital streaming services.” Continue reading Streaming-Only Recordings Now Eligible for Grammy Awards

In its annual ranking of companies based on revenue, the latest Fortune 500 lists Apple third on the list, followed by Walmart and Exxon Mobil. With $233 billion in revenue, Apple is the top tech company on the Fortune 500. “Apple jumped two slots from last year, and it was also the most profitable company, with $53 billion in profits in 2015,” reports Business Insider. Amazon is listed as number 18, with $107 billion in sales, while Verizon is ranked 13th, HP 20th, Microsoft 25th, IBM 31st and Alphabet 36th. Meanwhile, Facebook jumped 85 spots to number 157, and Netflix moved from 474 to number 379. Continue reading Fortune 500 Lists Apple as the Highest Tech Company in Sales

According to an annual survey of online shoppers conducted by UPS and comScore (now in its fifth year), consumers indicate for the first time that they made more purchases via the Web than in physical stores. Shoppers say they made 51 percent of purchases online this year, compared to 48 percent last year and 47 percent in 2014. Respondents also indicated an increase in mobile shopping; 44 percent of smartphone users used their device for purchases, compared to 41 percent the previous year. As a result, some department stores are experiencing sales slumps. Continue reading Survey Shows Growth in Online Shopping, Impacting Retailers

Later this month in Denver and Phoenix, Walmart will launch a pilot project, in partnership with Uber and Lyft, to deliver groceries to homes. Other companies that have competed in this area include Instacart, DoorDash, the U.S. Postal Service, Uber and Amazon, all of which vie to establish accounts with retailers and restaurants. Walmart is also testing a delivery service with its warehouse company Sam’s Club in Miami, using startup Deliv, which also handles same-day deliveries for Kohl’s, Macy’s and others. Continue reading Walmart Evolving its Supply Chain with Uber, Lyft and Drones