In today’s top retail news, Target is touting its ability to meet consumers wherever they shop during the holiday season, while Amazon, Walmart, Home Depot and others are using purchase data to sell more online ads. Also, visual search technology is helping to drive digital sales for merchants, and TJX is seeing increased store traffic as consumers look to update their apparel.
Target Says Buy Online, Pickup In-Store up 400% Since 2019
Same-day services and in-store sales propelled Target’s sales growth in the third quarter, with executives at the Minnesota-based retailer saying they have the inventory and logistics capacity in place to meet customer demand across the holiday season. Target reported comparable sales growth of 12.7% in the third quarter, on top of nearly 21% growth last year.
Shoppers’ Data for Sale This Holiday Season
The nation’s top retailers — including Amazon, Walmart, Target and Home Depot — are using data on shoppers’ purchases to sell more online ads on their eCommerce sites, as well as in stores to manufacturers, to pump in advertising revenue from top brands. Considering recent growth in retail sales, advertising through top merchants, as opposed to other marketing channels, could be the most lucrative. U.S. retail and foodservice sales surged in October to $638.2 billion, an increase of 1.7% over September and besting economists’ projections.
Visual Search Drives New Online Sales for Merchants
Farfetch is among the retailers using artificial intelligence (AI) to provide visual search capabilities to customers through a partnership with Software-as-a-Service company Syte. Using the luxury marketplace’s app, customers can take and upload photos through the search bar, with the software identifying which relevant items are pictured. The app then offers several interactive tags, such as “jacket,” “dress” and “bowtie,” which can be used to search Farfetch for similar merchandise.
TJX Sales Jump as Customers Return to Stores
Discount apparel and home goods retailer The TJX Companies said third-quarter sales were up 24% year over year and up 20% compared to the same time two years ago as consumers continue to refresh their wardrobes. TJX’s net sales for the first nine months of the year were $34.7 billion, up 64% from the same time a year earlier, even with stores closed for about a quarter of that time period because of the pandemic.
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