Today in Retail: Farfetch CEO Talks Reinventing Luxury Retail; Commerce Gets More Social

In today’s top retail news, Farfetch CEO José Neves told analysts on a conference call that next year will be a critical moment for the company in its evolution beyond just a marketplace, while Meta is adding shopping capabilities to Facebook Groups. Also, Macy’s executives are still uncertain about breaking off its eCommerce division, and nearly half of consumers are already holiday shopping.

Farfetch CEO: Luxury Retail Will be ‘Revolutionized’ by Blending Digital, Physical Experiences

Executives at luxury retail platform Farfetch say 2022 will be a critical juncture in expanding beyond its core marketplace and developing deeper relationships within the industry, with an increasing number of brands expressing interest in the company’s software-as-a-service (SaaS).

In the coming year, Farfetch plans to modularize its SaaS offering to broaden the appeal of these solutions and cater to companies who may not initially need everything the platform can provide, but could eventually bring additional business to the company through other brands that they own.

Commerce Gets Even More Social With Facebook Groups Shopping Upgrade

Meta recently launched new tools on Facebook to allow administrators of groups to set up shops and provide product recommendations to group members, making it easier for these members to find and purchase endorsed items.

Facebook is also including “Top Product Mentions” in users’ news feeds to help surface products that were recommended by peers in common groups.

Macy’s CEO Still Undecided About Separating eCommerce Division

During an interview on CNBC’s “Mad Money,” Macy’s CEO Jeff Gennette said that the company hasn’t decided whether it will break its eCommerce division into its own company, despite urging from Jana Partners to make the move.

High-end department store Saks Fifth Avenue broke its eCommerce division off from the main company with an eye on higher valuations earlier this year.

Study: Nearly Half of US Consumers Are Already Holiday Shopping

Santa has yet to ride down 34th Street in the Macy’s Thanksgiving Day Parade and the turkey has yet to be carved, but nearly 50% of consumers say they’ve already started making holiday gift purchases amid inventory shortages and rising prices.

In the 2021 Holiday Shopping Outlook study, researchers found that only 25% of consumers are waiting until Black Friday to start holiday shopping, and only 11% are waiting until Cyber Monday.