Here are the top stories from yesterday:
Netflix enters e-commerce fray as subscription growth slows. Where can I buy my Tiger King outfit? A coin for my Witcher? Netflix has the answer. While we wait for Stranger Things season 4, Netflix opens up a limited-edition merchandise shop to increase brand value. Revenue grew 24% in Q1 2021, but faced a subscription growth slow down—this move is Netflix’s response to continue growth.
Chewy takes a big bite of earnings, beating expectations. Net sales were up 32% YOY, adding 600,000 active customers, and expects continued growth. The Street didn’t agree. Chewy is holding strong to their statement, and a third party report identified older incumbents are losing market share to Chewy.
Consumer Prices Rise 5% in May for Fastest Pace Since 2008. Lumbar, gasoline, and nearly all goods have been impacted by inflation. The 5% increase is higher than anticipated 4.7%. Food prices have raised 2.2%. At this point, lumber is the new gold (+180% YOY) and we’re stockpiling our 2×4’s to fund our kid’s college.
Restaurants lean into loyalty programs to hold onto pandemic digital gains. Our take: Too late, you should have been doing this from the beginning to build the habit, trust, and loyalty. That said, the best time to start was yesterday, and the second best time to start is today. Done right, this could boost the customer experience and bottom-line growth.