By
Paula ParisiOctober 28, 2021
Alphabet’s third quarter earnings saw revenue hit $65.12 billion, a 41 percent increase characterized as the company’s largest quarterly gain in 14 years. Profit of $21.03 billion is a nearly 300 percent increase over profits reported prior to the COVID-19 pandemic. Highlights include 43 percent growth in Google’s advertising sales business — across Search, Maps and YouTube — for a total of $53.13 billion. YouTube “recently surpassed 50 million Music and Premium subscribers, including those in trial,” Google and Alphabet CEO Sundar Pichai said on the Q3 conference call. Continue reading Google Ad Growth Propels Alphabet to $65.12 Billion Quarter
By
Paula ParisiOctober 27, 2021
Financial tech company PayPal clarified that it is not currently pursuing a deal to acquire image-sharing social platform Pinterest, shelving reports that surfaced last week, at least for the time being. PayPal stock rose approximately 3 percent while Pinterest shares fell 12 percent on news that the digital pinboard site was not being wooed to the tune of $70 per share, largely in stock, for a deal valued at roughly $45 billion. Assuming discussions were taking place, it’s hard to know if PayPal got cold feet, caving to a mostly negative market response, or decided now may not be the time to grow. Continue reading PayPal Not Planning to Acquire Image-Sharing App Pinterest
By
Paula ParisiOctober 6, 2021
China’s ByteDance is preparing to launch a global shopping platform to compete with Amazon and Alibaba’s AliExpress, according to Business Insider, which gleaned the plan through the company’s job postings. Unclear is whether the retail app would be rolled out as a separate service or integrated into ByteDance’s popular TikTok, which in August added integration with Shopify. It is speculated the new service will specialize in selling products made in China to international buyers. The move follows Amazon’s removal of thousands of third-party Chinese sellers it alleged were using fake reviews and violating its rules. Continue reading TikTok Parent ByteDance Planning Global Shopping Platform
By
Rob ScottSeptember 30, 2021
In its latest effort to take on Amazon in e-commerce advertising, Alphabet announced that Google will update its product search pages to include more images of items such as accessories and apparel. Rather than Google’s traditional scroll of links with accompanying text, the results will feature a look more similar to a digital store. The move is part of the search giant’s larger strategy to fend off Amazon, Target, Walmart and others that have been ramping up their digital ad businesses to complement retail and e-commerce operations. While Google still enjoys the lead in online search, it does not join these competitors in directly selling products. Continue reading Google to Update Its Product Searches to Attract Advertisers
By
Paula ParisiSeptember 24, 2021
Amazon’s planned department stores will leverage technology to boost clothing sales. The company is testing concepts such as having customers use their phones to scan QR codes of apparel they’re interested in so employees can place the items in a dressing room. Customers could then request alternative items using a touchscreen that may prompt with additional suggestions based on their taste. Amazon is considering opening department stores next year, primarily as a way to sell clothing from Amazon’s private labels as well as select third-party brands that sell on Amazon.com. Continue reading Amazon Plans High-Tech Department Store Dressing Rooms
By
Paula ParisiSeptember 23, 2021
PayPal has begun rolling out its new app, designed as a one-stop financial services tool capable of handling everything from direct deposit and automatic payments to peer-to-peer transactions, shopping and crypto capabilities. In addition, the company has announced PayPal Savings, offering high-yield accounts in partnership with Synchrony Bank. Shifting paychecks to PayPal is seen as a big step that can centralize consumer financial chores through the service, making it competitive with neobanks like Chime and Varo. PayPal now links to 17,000 billers including utilities and credit card firms. Continue reading PayPal Launches Super App for Consumer Financial Services
By
Paula ParisiSeptember 17, 2021
After being road-tested in Amazon’s retail outlets, the Amazon One biometric palm reader is being made available as an identification and payment option to third-party businesses. Ticketing company AXS this week introduced Amazon One as an option for contactless entry at Colorado’s Red Rocks Amphitheatre. Red Rocks guests can link their AXS Mobile ID with Amazon One at dedicated stations then enter the venue by hovering their hand, touch-free, over a scanner. Once the accounts are linked, Red Rocks ticketholders can quickly enter using a separate line exclusively for Amazon One users. Continue reading Amazon Offers ‘One Palm’ Biometric Reader to Third Parties
By
Paula ParisiSeptember 14, 2021
Amazon is developing a new point-of-sale system designed to lure small businesses that use Shopify, Square and PayPal for checkout needs. The new POS system manages in-store and online transactions, adds Amazon checkout options, provides inventory counts and offers business analytics. The system also integrates with existing Amazon services, including the Prime membership program, the One palm-based identification technology, and the Flex delivery network. Amazon also reportedly tasked its “Project Santos” team with a POS system that could be sold to third-party sellers. Continue reading Amazon’s POS System Will Take on Shopify, Square, PayPal
By
Debra KaufmanSeptember 13, 2021
E-commerce giant Amazon is readying the October launch of its own Fire TV sets featuring its Alexa voice assistant. The Amazon Fire TV Omni Series 4K, which starts at $409.99, and the Amazon Fire TV 4-Series 4K, which starts at $369.99, will be available on Amazon’s website and at Best Buy stores. Toshiba and Insignia, Best Buy’s house brand, have sold TVs powered by Amazon’s Fire TV operating system, the latter since 2018. Amazon adds TVs to its other branded products including clothing, groceries and even batteries. Continue reading Amazon Readies Launch of Fire TV Sets with Alexa Assistant
By
Debra KaufmanSeptember 10, 2021
Amazon plans to open two “Just Walk Out” Whole Foods stores in 2022, in Washington D.C. and Sherman Oaks, California, leveraging the same technology used in its Amazon Go and Amazon Fresh stores. The company also offers the technology for sale to other retailers. This marks the first time that Amazon is using its cashierless technology at the 500-store Whole Foods, which it bought in 2017. Shoppers enter and leave the store by scanning a QR code in Amazon or Whole Foods apps and motion sensors track their shopping choices. Continue reading Amazon to Open Cashierless Whole Foods Stores Next Year
By
Debra KaufmanAugust 24, 2021
Amazon revealed its plans to open brick-and-mortar retail stores in the United States, with the first locations slated for California and Ohio. Amazon stores will be about 30,000 square feet smaller than most department stores, similar to smaller versions opened by Bloomingdale’s and Nordstrom. The stores will give Amazon another outlet to sell its electronics and private-label goods, but what other brands it might offer aren’t final. Amazon’s dominance in e-commerce contributed to the failure of malls and other physical stores. Continue reading Amazon to Expand Physical Footprint with New Retail Stores
By
Debra KaufmanAugust 23, 2021
Retail giant Walmart, which perfected the business model of driving down costs to dominate the market, has been surpassed by e-commerce leader Amazon, which just became the largest retail seller outside of China. Driven by a surge in online shopping during the global COVID-19 pandemic, Amazon raked in $610+ billion over the year ending in June, according to FactSet. Walmart just posted sales of $566 billion for the year ending in July. Both are eclipsed by Chinese online retailer Alibaba, the world’s top seller. Continue reading Amazon Bests Walmart as Top Retail Seller Outside of China
By
Debra KaufmanAugust 4, 2021
Square announced it will acquire Australia-based financial tech company Afterpay in an all-stock deal worth about $29 billion, with Square chief executive Jack Dorsey stating that the two companies “have a shared purpose.” Afterpay appeals to a younger demographic that mistrusts traditional credit companies; its technology lets a consumer pay for goods in four interest-free installments and receive the goods immediately. Customers only pay a fee if they miss an automated payment, which also locks their account until the balance is repaid. Continue reading Square Will Purchase Afterpay Credit Company for $29 Billion
By
Debra KaufmanJuly 30, 2021
Twitter recently launched its Shop Module pilot, a new feature that will let businesses add a shopping section to their profiles. The feature, introduced initially in the U.S., allows a dozen retailers — including GameStop Corp. and Arden Cove — to market up to five products at the top of their Twitter profiles. Users can swipe between products and purchase them in an in-app browser without having to leave Twitter. With Shop Module, Twitter has revived its e-commerce activity after abandoning the “Buy Now” button debuted in 2015. Continue reading Twitter Revisits E-Commerce with New Shop Module Feature
By
Debra KaufmanJuly 29, 2021
In Q2 2021, Google recorded its highest quarter ever for sales and profits: revenue of $61.88 billion, up 62 percent year-over-year; profit that more than doubled to $18.53 billion; advertising sales of $50.44 billion, a 69 percent surge, and YouTube ad business reaching $7 billion, up 84 percent from a year earlier. The numbers, which exceeded Wall Street expectations, were driven by e-commerce, streaming video and other online business and entertainment activities that surged during the COVID-19 pandemic, driving online advertising. Continue reading Google Reports Its Highest Quarter Ever for Sales and Profits