Here’s what the RetailWit crew is reading today:
Salesforce projects retailers will pay extra for goods in the second half—to the tune of $223B (+62%) YOY. It’s expected to come from a staggering increase in logistics (+$163B), suppliers (+$12B), and wage expenses (+$48B).
Uber partners with Albertsons to expand grocery delivery. It is their biggest grocery division expansion yet, rolling out to 1,200 Albertsons and doubling Uber Grocery’s reach to an additional 400+ cities and towns.
Rent the runway files for IPO. Clothing rental is the bee’s knee’s right now and, while RTR hasn’t announced any numbers, it was valued at $750 million after a recent funding round and Etsy spent $1.6 billion in acquiring a similar company.
Numbers behind Amazon’s 3P Growth. The size of the Amazon pie is large, but there’s many slices competing for a place at the table. Third-party sellers (3P – think consignment*) represent $300 billion worth of goods in 2020, represent more than half of Amazon’s total sales (~60%), and 3P sales is growing 52% YOY (versus 25% for first party (1P – think wholesale*) sales).
*Analogy by BobsledMarketing – thanks!