Today in retail, a study shows deeper engagement is key to digital transformation, while PetMeds partners with Vetster. Plus, grocery delivery goes from pandemic-fueled luxury to mass-market option, Hasbro will narrow its focus to rebound from a tumultuous period, and digital consumers want digital incentives when they do their retail shopping.
11-Nation Study: Deeper Engagement Key to Expanding Digital Transformation
PYMNTS’ “Benchmarking The World’s Digital Transformation, The ConnectedEconomy™ Index Q1 2022,” created in collaboration with Stripe, studied consumer engagement across 40 key activities and the 10 categories we call “pillars of the connected economy.” Examining data from more than 15,100 respondents in 11 countries gathered between Jan. 13 and Feb. 16, we conclude that, while these nations generate 50% of the world’s gross domestic product (GDP) and represent a bloc of 700 million consumers with smartphones and web access, their economies are still in the early stages of digital transformation.
PetMeds Partners With Vetster on Pet Telehealth Platform
Online health company PetMed Express, or PetMeds as it’s more commonly known, has announced a collaboration with and investment in pet telehealth platform and care marketplace Vetster, giving PetMeds’ more than 2 million pet owners around-the-clock access to virtual pet care and medications. PetMeds is now the exclusive eCommerce provider of Vetster medications, and Vetster is the exclusive provider of telehealth services to PetMeds customers.
Grocery Delivery Evolves From Luxury Service to Mass-Market Option
For much of the pandemic, consumers with more disposable incomes shelled out for grocery delivery service, while those on tighter budgets continued to frequent brick-and-mortar stores. Now, as online grocery businesses look toward their post-pandemic future, many are trying to expand their audiences to include those of all income brackets. Instacart, for example, has announced two moves in the past week to bring its offerings to a wider audience. The online grocery marketplace will expand its partnership with discount grocer Grocery Outlet and team up with Wegmans Food Markets to accept electronic benefits transfer (EBT) and Supplemental Nutrition Assistance Program (SNAP) payments.
New Hasbro CEO Says Company to Focus on ‘Fewer Big Opportunities’
The continued popularity of Hasbro’s tabletop games since the start of pandemic alongside sustained growth of its digital gaming franchise and new TV and film partnerships, has marked the ongoing turnaround at the country’s largest toy maker by sales and market value. CEO Chris Cocks is not only trying to reverse a slump that has seen shares of Hasbro fall over 15% so far this year (compared to a 7% decline for the S&P 500 and a 6% increase by smaller rival Mattel), the maker of Play Dough and My Little Pony is also embroiled in a proxy fight that is looking to shake up the company’s board and spin off its digital operations.
Digital Consumers Demand Digital Incentives From Retailers
Amidst increasing inflation, new PYMNTS research has shown the growing importance for retailers to double down on solutions to attract and retain increasingly budget-minded consumers by incentivizing them to come in and come back. Retailers that might be unsure about the importance that rebates, loyalty and rewards play in the consumer decisioning process need only look at what their competitors are offering, per new findings in the latest edition of The Expanding Payments Choice Playbook, a PYMNTS and Onbe collaboration.
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