With supply chains in gridlock, is Black Friday, no more? If you thought the 2020 holiday shopping season was one for the record books, this quarter may have something else in store.
Saks e-commerce division might take the company public. We will soon find out if their investors love it.
Best Buy will start its sales event the first week of November, so this year's deals may be the ones to remember.
But with all this unease and disruption, how can the holidays be saved?
You might be surprised it starts with an i-phone, a gift card, and a tiny tag with a name.
Saks Fifth Avenue is considering the possibility of an initial public offering for its online retail business. The company has filed with the Securities and Exchange Commission to raise $500 million (£402 million) by selling shares in the unit to the public. This would take it to a valuation of $6 billion (£5.1 billion).
The company, which owns other brands including Lord & Taylor, has said that it has not decided on whether or not it will continue to look at other options including taking private equity investment.
The e-commerce industry has been impacted by a rise in social media and advertising opportunities. Brands have diversified their marketing strategies to keep up with constantly changing consumer demand whether it be email marketing, SEO, or social media.
In the past, inventory shortages have been a problem for the industry but now gift cards are being used as a stopgap measure. The goal is to provide an alternative choice to customers who may be looking for a product that's out of stock.
The hype of being able to buy what you see online is not a new idea. But with shoppable content, this idea has been taken to the next level. In the beginning, retailers relied on people who would copy and paste their products from their website onto Pinterest boards or other social media platforms in an attempt to generate interest in the product.
This method was successful for some companies but eventually became hard work with little payoff. Now, retailers are letting consumers do most of this work by linking e-commerce products to social media profiles with just one click of a button.
Best Buy is opening Black Friday discounts early this year, after experiencing supply chain problems. Best Buy announced on Thursday that it would be opening its Black Friday sale--normally held the day after Thanksgiving--on Nov. 22. The retailer made the announcement in light of supply chain problems causing an inventory shortage for certain key products like TVs, smartphones, and tablets. The company also added additional staff to handle the rush of holiday shoppers.
This year, Best Buy is also introducing new ways for customers to get their orders fulfilled. Customers will have their purchases placed in lockers for collection at their local store and notify them when they're ready for pick up. Best Buy is also debuting mobile self-checkout at select locations, allowing customers to make purchases on their app and get a digital confirmation when they leave the store.
Boston Computer Exchange was the first company to offer an online marketplace where people could buy and sell used computers. The website launched in 1982, making it one of history's most precursor e-commerce sites!
QUICK TIP
Try this. Build your profile on at least 3-4 social media platforms. Many stores make the mistake of focusing on one channel, however, using a variety of platforms might be a little more work but it offers you a wider net of consumers.
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"Do not be embarrassed by your failures, learn from them and start again."
- Sir Richard Branson, founder of the Virgin Group
Listen to the journey of John's Crazy Sock in becoming one of the world's largest sock manufacturers while touching other hearts and spreading joy and happiness for both their customers and employees.