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Welcome to a new week, and happy Halloween to all preparing candy and costumes for a spooky night. November is set to arrive this week, and with it comes a host of earnings reports from marketplaces, delivery services and brands. Plus, we'll find out the Federal Reserve’s latest decision on raising interest rates. Take look at how the calendar unfurls:
JOLTS: The US Labor Department will release data on job openings and job quits for September. In August, job openings fell to their lowest level since June 2021 in a sign of some tightening emerging in what had been a hot job market. (Nov. 1)
Federal Open Markets Committee meeting: The Federal Reserve will issue its latest decision on whether and by how much to raise its benchmark interest rate. The Fed has delivered three consecutive interest rate hikes of 0.75% as it seeks to slow the economy in an effort to bring down inflation to the target of 2%. In the month since the last hike, inflation has moved little, while consumer demand has remained intact despite a dour mood. The Wall Street Journal’s Nick Timiraos reported that another 0.75% hike is on the way, but there is likely to be debate among committee members about when to slow the hikes. (Nov. 2)
Jobs report: The monthly report on new jobs created and unemployment is released by the US Labor Department. In September, the economy added its lowest number of new jobs since April 2021. The unemployment rate fell to 3.5%, offering a sign that the jobs market remained robust, even as it showed that the Fed’s interest rate hike was not yet having the desired impact. (Nov. 4)
- Tues., Nov. 1: Pitney Bowes, Clorox, Uber, Mondelez International.
- Wed., Nov. 2: Etsy, eBay, elf Beauty, Hostess Brands, Bausch + Lomb, Canada Goose, Estee Lauder, iRobot.
- Thurs., Nov. 3: BigCommerce, Under Armour, Carvana, Kellogg Co., DoorDash, Poshmark, Wayfair, Peloton, Revlon.
- Fri., Nov. 4: Hershey, Qurate Retail.
Trending in Economy
Amazon partnered with Hexa to provide access to a platform that creates lifelike digital images.
Amazon sellers will be able to offer a variety of 3D visualizations on product pages through a new set of immersive tools that are debuting on Tuesday.
Through an expanded partnership with Hexa, Amazon is providing access to a workflow that allows sellers to create 3D assets and display the following:
- 3D images
- 360 viewing
- Virtual try-on
- Augmented reality content
- High-definition marketing materials, including packshots and lifestyle images through AWS Thinkbox.
Selllers don't need prior experience with 3D or virtual reality to use the system, according to Hexa. Amazon selling partners can upload their Amazon Standard Identification Number (ASIN) into Hexa’s content management system. Then, the system will automatically convert an image into a 3D model with AR compatibility. Amazon can then animate the images with 360-degree viewing and augmented reality, which renders digital imagery over a physical space.
Hexa’s platform uses AI to create digital twins of physical objects, including consumer goods. Over the last 24 months, Hexa worked alongside the spatial computing team at Amazon Web Services (AWS) and the imaging team at Amazon.com to build the infrastructure that provides 3D assets for the thousands of sellers that work with Amazon.
“Working with Amazon has opened up a whole new distribution channel for our partners,” said Gavin Goodvach, Hexa’s Vice President of Partnerships.
Hexa’s platform is designed to create lifelike renderings that can explored in 3D, or overlaid into photos of the physical world. It allows assets from any category to be created, ranging from furniture to jewelry to apparel.
A Hexa 3D rendering (Courtesy photo)
The result is a system that allows sellers to provide a new level of personalization, said Hexa CEO Yehiel Atias. Consumers will have new opportunity see a product in a space, or what it looks like on their person.
Additionally, merchants can leverage these tools to optimize the entire funnel of a purchase. Advanced imagery allows more people to view and engage with a product during the initial shopping experience. Following the purchase, consumers who have gotten a better look at a product from all angles will be more likely to have confidence that the product matches their needs. In turn, this can reduce return rates.
While Amazon has previously introduced virtual try-on and augmented reality tools, this partnership aims to expand these capabilities beyond the name brands that often have 1P relationships with Amazon. Third-party sellers are an increasingly formidable segment of Amazon’s business, as they account for 60% of sales on the marketplace. Now, these sellers are being equipped with tools that enhance the shopping experience for everyone.
A video displaying the new capabilities is below. Amazon sellers can learn more about the platform here.
Hexa & Amazon - 3D Production Powerhousewww.youtube.com