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Don’t waste another dime on bloated channel reporting and vanity metrics.
Don’t waste another dime on bloated channel reporting and vanity metrics.
Check out what's ahead in commerce for Nov. 28- Dec. 2.
Welcome to a new week. The holiday season is in full swing, with Cyber Monday arriving to bookend the Cyber Five with an exclamation point for ecommerce. Later in the week, a bevy of earnings from retailers will provide plenty of color around the holiday weekend results. Meanwhile, economic data from the federal government will provide a portrait of consumer demand, and cover both sides of the Federal Reserve’s dual mandate of jobs and inflation as the central bank considers whether to slow the pace of interest rates.
Cyber Monday: The biggest shopping weekend of the year closes out with a bevy of online deals. Adobe Analytics forecasts that Cyber Monday will bring in $11.2 billion via ecommerce, which would be an increase of 5.1% over 2021. It’s the culmination of a promotional period that has been running for (at least) a week. Underscoring the point, Amazon started Cyber Monday savings on Saturday. (Nov. 28)
Consumer Confidence Index: The Conference Board releases the monthly measure of attitudes and expectations on key economic topics including inflation and interest rates. This comes after consumer sentiment, as measured by the University of Michigan, fell 5% for the month. (Nov. 29, 10 a.m.)
Retail Inventories: The US Commerce Department provides a look at the goods sitting in retailers’ stock for the prior month. In September, this measure fell slightly by 0.1% month-over-month for the first time since June 2020, but the rate remains high amid the glut of inventory that followed supply chain issues. (Nov. 29, 8:30 a.m.)
JOLTs: The Job Openings and Labor Turnover Survey from the US Bureau of Labor Statistics offers a measure of available roles, quits and hiring for the prior month. (Nov. 30, 10 a.m.)
Personal Consumption Expenditures: The US Bureau of Economic Analysis releases its report on consumer spending and inflation for October. The price index in this report is closely watched by the Federal Reserve, and all eyes will be on whether it shows cooling in the same way that the Consumer Price Index did earlier this month. (Dec. 1, 8:30 a.m.)
Jobs report: The US Bureau of Labor Statistics releases its monthly report on unemployment and job creation for November. This is the key measure of the labor market, and serves as a dual-sided indicator. Any new jobs added will be seen as good for demand at the outset of the holiday season, while an uptick in unemployment may provide evidence that the Federal Reserve’s inflation-fighting efforts to cool demand through interest rates are having an effect. (Dec. 2, 8:30 a.m.)
LadderUp is aiming for 50% LGBTQ+ and BIPOC participation. Shopify will provide access to its platform.
LadderUp will include an 8-week ecommerce course. (Courtesy photo)
Shipt is launching a new accelerator program designed to provide ecommerce tools for local retailers.Called LadderUp, the program is centered on equity. Target-owned delivery owned Shipt said conversations with business owners have revealed that local entrepreneurs face “gaps” in technology, but they also want to participate in ecommerce platforms. The COVID-19 pandemic was especially difficult for Black business owners, who saw earnings drop between 11-28% in 2019-2020, as compared to the earnings decrease of 5-17% for the rest of the population.
With the new program, the company’s goal is to reach at least 50% LGBTQ+ and BIPOC participation in the program.
Shipt is aiming to serve businesses in Atlanta, Birmingham, Alabama, Detroit, Houston and Washington, D.C.
Target categories include: grocery/beverage, health, beauty, and floral/gifts retailers.
“Working with small businesses to build up their capabilities is a key part of our commitment to help create healthier, more resilient and equitable communities,” said CEO Kamau Witherspoon. “We recognize the unique role that we can play in both combating hunger in under-resourced communities and boosting small, local retailers that are so vital to communities across our country.”
Education: Business owners who are selected will receive an 8-week course with industry leaders that covers business-building topics including finances, efficiency, marketing, ecommerce 101, the basics of using Shipt, and legal knowledge.
Funding: Upon completion, retailers will provide $5,000 for businesses to invest in ecommerce.
Shopify access: Shopify, which is partnering with Shipt, is also providing to its access for a limited amount of time to help business owners build an online storefront and manage inventory. The program will also provide technical assistance.
Applications are open Feb. 6- March 6.