Economy
06 June 2022
The Week Ahead: WWDC, inflation, Amazon's next consumer CEO
Ecommerce news, events and economic indicators we're tracking for June 6-10.
The stage is set for WWDC. (www.flickr.com)
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Good Monday morning. Today marks the 78th anniversary of the D-Day invasion by Allied forces during World War II. Take a moment to reflect on the occasion with historical photos or the recollections of those who participated in the battle. Then, get ready for the week ahead with our planner.
Events
When it comes to tech, all eyes are on Apple as the week begins. The company’s annual WWDC developers conference runs virtually from Monday-Friday. Among the rumors of new releases at the event are a new version of iOS, which is the operating system for the iPhone. Given how the 2021 update to iOS 14 brought a big shift to attribution on platforms like Facebook, marketers should pay attention, Ad Age reports. Elsewhere, new features for the iPhone and the potential for new mixed reality tools are chief among the developments churning in the always-active rumor mill heading into the event.
In other ecommerce events from The Current’s calendar, CRMC brings together marketers from CPG brands, retailers and more for three days of case studies and keynotes from June 8-10 in Chicago.Economic data
When it comes to economic indicators, inflation continues to be the main influencer. So all eyes will be on Friday’s release of the Consumer Price Index by the US Bureau of Labor Statistics. In April, the rapid rise of inflation eased slightly with an 8.3% increase from March. Economists will be watching closely to see whether the increase continues to tail off.
Friday also brings the preliminary reading of consumer sentiment for the month from the University of Michigan. This index has been declining as inflation has gone up.
Stories we’re following
The post-Memorial Day week brought lots of news in ecommerce. Here’s a look at a few of the narratives we’ll continue to track.
- Change at the top: Amazon Consumer CEO Dave Clark announced Friday that he is resigning after 23 years at the company. CEO Andy Jassy has yet to announce a successor, so we’ll be watching for changes at the top of the largest ecommerce platform.
- Walmart's big weekend: As of Sunday evening, Walmart+ Weekend is in the books. It was the first multi-day sales event under this banner from the retailer, so it will be interesting to see the sales numbers, how many subscribers to the Walmart+ membership service the company gained and whether it proved effective to hold the event in front of Prime Day.
- Quick commerce slowdown?: Recent layoffs at platforms like Gorillas, Getir and Gopuff are leading to questions about the instant delivery model. With pandemic demand and venture capital availability both cooling, how will these companies adjust?
- New this morning: Etsy is launching a purchase protection program for buyers and sellers, Techcrunch reports. This will cover full refunds for items that don’t match descriptions, or run into snafus during the shipping process. This was just launched this morning, so it will be interesting to see how the Etsy community responds, and whether other platforms will take the nod to launch their own similar features.
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Marketing
07 June 2023
Walmart incubation arm teams up for Web3 accelerator
Applications are open for startups interested in the 12-week Store Nº8 dCommerce Base Camp.
Walmart Universe of Play in Roblox. (Courtesy photo)
Walmart incubation arm Store Nº8 and Web3 accelerator Outlier Ventures are teaming up to support retail startups.
The organizations opened applications this week for the Store Nº8 dCommerce Base Camp accelerator. The virtual program will offer education, funding and mentorship to startups building solutions in Web3 that are designed for the retail and commerce experience.
Focus areas for selected startups will include decentralized infrastructure, data and growth solutions, immersive experiences and the metaverse and the intersection of AI and blockchain technology.
“We think dCommerce represents a huge opportunity to unbundle ecommerce into its constituent parts, and into a more decentralized and composable stack of protocols to create a more efficient, equitable and improved experience for retailers and consumers from CRM to last-mile delivery," said Outlier Ventures CEO Jamie Burke, in a statement. "There is clearly no better partner than Store Nº8, as Walmart's incubation arm, so we are thrilled to launch this accelerator program together.”
Beginning in mid-August, founders will take part in a 12-week program. The cohort members will receive funding and access to subject matter experts from Store Nº8 and Outlier Ventures. They will also receive support from industry mentors in areas such as product roadmap development, the token economy and fundraising.
“Decentralized commerce has the potential to unlock new value in the global commerce ecosystem, so we are excited to partner with Outlier Ventures to support and engage with entrepreneurs building at the forefront of this technology on their path to scale," said Store Nº8 VP Thomas Kang, in a statement.
The new program arrives in the year after Web3 and the metaverse saw a spike in interest from brands and retailers, as the arrival of immersive platforms opened up new digital environments where consumers gathered. Walmart entered the metaverse through an activation on Roblox, and also introduced a platform for digital collectibles. But it remains a nascent space, so there’s room for startups bringing fresh ideas to help larger enterprises develop capabilities. Alongside connections that help startups move forward, such learning is one potential outcome of the accelerator could last beyond the 12 weeks.
Applications for the accelerator are available here.
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