What's everyone's favorite toy store up to? How much is the used sneaker market worth? This post is curated to help tune-out some of the noise and tune into information that matters.
WHAT'S GOING ON IN COMMERCE THIS WEEK?
TOys "R" Us is making their comeback
Are you excited? We're excited. After winning the rights to the brand in late 2018, Tru Kids Brands is getting ready to open two new stores this year, with more planned in 2020. The stores will have a new “experiential” format and smaller footprint. This follows their holiday co-promotion with Kroger that had 35 toys showcased in grocery locations as part of “Geoffery’s Toy Box” in over 600 stores. While Toys “R” Us has a long way to go in the US, 900 stores remain open in regions including Europe, Asia, India, and Canada. Toy company MGA’s CEO Isaac Larian celebrated the news, noting, “I hope they're successful. There is a need for an independent toy chain in the US, whether it's Toys 'R' Us or something else."
Read more on CNN
250 retailers plan response to amazon prime day
Get your credit cards ready, RetailMeNot estimates that over 250 competitors are planning their own sales during Amazon’s massive 3 day shopping event, significantly more than the 194 who participated last year as the sale has become a new national event similar to Black Friday. Walmart is competing with a longer 4 day sale, while Target is responding with their largest sale of the season, Target Deal Days. Are customers happy with the quality of the deals? The same research indicates that 64% of shoppers hope that Amazon has some better deals this year, while 58% want a greater selection. Parents are especially large fans of the event as it kicks off back-to-school shopping, and plan on spending an average of $162 dollars to complete 35% of their kids purchases for school during the event.
Read more on TechCrunch
stockx sneaker exchange valued at $1 billion
On the heels of $110 million in new funding, the consumer goods marketplace that allows reselling of items like sneakers and clothing is now valued at over $1 billion. The resale market for sneakers and other streetwear is expected to triple in size to $6 billion by 2025. While sneaker manufacturers like Nike are taking a hands-off approach to StockX and similar marketplaces like GOAT Group and Stadium Goods, Cowen Research notes that they do secretively manage supply of hot products like Jordans and Yeezys to ensure that demand is far greater than supply, leading to the tremendous price increases that make the marketplaces worthwhile for sellers. In one case a shoe that retailed for $160 immediately reached prices as high as $1000 on marketplaces, helping fuel brand buzz.
Read more on NY Times
alibaba's tmall launches english-language portal
China's version of Amazon aims to double the number of high-quality global brands on their primary retail site from 20,000 to 40,000. Tmall Global is China’s largest cross-border shopping site. The move invites more global sellers to take advantage of increasing demand for foreign goods in China, the world’s second largest economy. Sales of imported goods are on the rise in the country, reaching $11.4 billion last year with 39.8% YOY growth compared to 2017. Despite the ongoing trade war with the US, Alibaba expects to achieve over $72 billion in revenue for 2019 as they expand further into secondary markets within China.
Read more on TechinAsia
WHAT'S HAPPENING AT SMITH THIS WEEK
Make Complex Buying Simple
In this webinar, we will discuss the current trends in complex CPQ selling models: recent shifts in customer expectations, the subsequent impact on the organization, and the complex nature of those sales. Watch here
How to #belikeruby
It takes a lot of heart to win in the experience economy. We believe that bigger hearts drive better outcomes. See Ruby's story and read more here.
If you’d like to discuss these topics further, SMITH can help.
Whether you need to simplify complex sales, are looking to bring conversation to your customer experience, or ready to deploy intelligent replenishment for your customers, we're ready when you are.