In today’s top retail news, Farfetch CEO José Neves told analysts on a conference call that next year will be a critical time for the company in its evolution to- beyond just a marketplace, while Meta adds buying capabilities to Facebook groups. What’s more, Macy’s executives are still not sure whether to sever its e-commerce division, and nearly half of consumers are already shopping for the holidays.
Farfetch CEO: Luxury retail will be ‘revolutionized’ by blending digital and physical experiences
Executives at luxury retail platform Farfetch say 2022 will be a critical time to expand beyond its core market and develop deeper relationships within the industry, with a growing number of brands expressing interest in the company’s software as a service (SaaS).
Over the coming year, Farfetch plans to modularize its SaaS offering to broaden the appeal of these solutions and meet the needs of businesses that may not initially need all that the platform can provide. , but could potentially bring additional business to the company through other brands they own.
Commerce gets even more social with Facebook group buying upgrade
Meta recently launched new tools on Facebook to allow group admins to create stores and provide product recommendations to group members, making it easier for group members to find and purchase approved items.
Facebook also includes “Top Product Mentions” in user news feeds to help highlight products that have been recommended by peers in common groups.
Macy’s CEO still undecided on e-commerce division split
In an interview on CNBC’s “Mad Money,” Jeff Gennette, CEO of Macy’s, said the company has not decided whether to split its e-commerce division into its own business, despite Jana’s exhortation. Partners to take the step.
Upscale department store Saks Fifth Avenue separated its e-commerce division from the main company for higher valuation earlier this year.
Study: Almost Half of U.S. Consumers Already Shop for the Holidays
Santa has yet to walk down 34th Street in Macy’s Thanksgiving Parade and the turkey has yet to be cut up, but nearly 50% of consumers say they have already started buying Christmas gifts because of shortage of stocks and rising prices.
In the 2021 Holiday Shopping Outlook study, researchers found that only 25% of consumers waited until Black Friday to start their holiday shopping, and only 11% waited until Cyber Monday.