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Daily QuickWit (10/1) – Top Retail News of the Day

Nothing quite says Friday like listening to Timecop1983 while reading the best of today’s retail news:

IRI: Private Label growth lower than Name Brands over the last year. Previous 52 weeks (ending Sept 19) show sales of brand name rising 3.6% ($536B) versus private label’s 1.5% ($142B). It’s the first time in a decade name brands had greater growth. Not something we expected, given inflation and the end of the government assistance, but customers are reportedly spending more on higher cost (name brand) products.

Google integrates visual search features for ecomm. Users will be able to search for items by pictures or videos. For example, see a Hawaiian shirt but want the pattern on your socks? That will be possible, says Google. It’s an extension of the “shoppable commerce” trend we’ve seen on platforms like Instagram or TikTok. It is a great opportunity to reduce friction and encourage impulse purchases.

Warby Parker debuts on the public market. WP hit a $6B market cap in the debut. Whether that’s overvalued or not, this is great news for DTC. DTC Firms have had an otherwise rough showing lately (see: Casper). It’s been an increasingly expensive model to run (advertising costs, supply chain issues, crowding competition)—in hindsight, Warby’s extension into brick&mortar may have helped here.

CVS investing in affordable housing. Investing $25MM in Louisiana, CVS considers this “part of the company’s commitment to address racial [and social] inequity… of health in underserved communities.”  No judgement yet, but we have to wonder about what CVS stands to gain through this. It could be great. And, is it as altruistic as it sounds?

Mike Anthony talks Shopper Mission framework. A great read on the shopper missions, which Mike argues is often too simplistic (and this particular editor agrees). Simplicity combats inefficient resource allocation and analysis paralysis, but it’s worthwhile to think through the full scope and explore nuance to better understand and serve customers.

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