Today in retail, online grocery adoption rises 5% in March, while Amazon helps stop a Ferragamo counterfeiter. Plus, consumers choose experiences over goods, JCPenney looks to add Kohl’s to its retail store empire, and Sherwin-Williams’ price increases help its net sales grow.
Online Grocery Adoption Rises 5% in March, PYMNTS Data Reveal
Online grocery adoption is on the rise, according to data from PYMNTS’ April study, “ConnectedEconomy™ Monthly Report: 3 Ways Consumers Are Dealing With Inflation.” The report found that 31.6% of consumers reported ordering groceries online that month, up 4.9% from February. Consumers who are less conservative in their spending are the most likely to purchase from eGrocers.
Amazon, Fashion Designer Salvatore Ferragamo Help Shut Down Chinese Counterfeiter
Amazon’s Counterfeit Crimes Unit (CCU) played a key role in shutting down a Chinese counterfeiter who was making knockoff versions of Salvatore Ferragamo’s Gancini belts. In 2021, Ferragamo removed more than 22,000 counterfeit products from social media platforms and more than 130,000 listings of counterfeit products after it implemented several offline and online anti-counterfeiting measures. Amazon invested more than $700 million and employed more than 10,000 people to protect its stores from fraud, counterfeit and abuse in 2020, when it launched the CCU.
Consumer Interest in Experiences Over Goods Puts Drag on Residential Deliveries
Consumers are choosing experiences over goods when spending money, UPS executives report. The company has heard from its customers that there has been some shift in consumer spending from goods to services. For UPS, that shift in spending contributed to a 7.4% decline in residential average daily volume of package delivery during the first quarter when compared to the same period the previous year. The decrease in residential volume was partially offset by a 3.6% increase in B2B average daily volume. Overall, the total average daily volume in the U.S. was down 3% versus 2021 Q1.
JCPenney Reportedly Could Buy Rival Kohl’s for $8.6B
JCPenney owners Simon Property and Brookfield Asset Management are reportedly looking to close an acquisition deal for Kohl’s that values the retail rival at an estimated $8.6 billion. Simon and Brookfield, two of the biggest mall owners in the U.S., bought JCPenney out of bankruptcy in 2020. Under the proposal, both firms would pick up Kohl’s for $68 a share. If the deal goes through, both JCPenney and Kohl’s would operate as independent brands with the goal of streamlining operating overhead and other expenses.
Price Increases Boost Net Sales for Sherwin-Williams
The Sherwin-Williams Company’s decision to raise prices across the board paid off in the first quarter of 2022, even as its primary focus shifted from the do-it-yourselfers who were stuck at home during the pandemic to the professionals who are trying to regain some of the business they lost. Sherwin-Williams saw a year-over-year consolidated net sales increase of 7.4%, ending the first three months of 2022 at $5 billion, largely due to price increases in all segments and higher product sales volume in the company’s Performance Coatings Group.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More