In today’s top retail news, luxury brands are actively curating their own second-hand selections to attract their niche of customers, as the novel variant of the omicron coronavirus threatens the resumption of retail detail. Plus, Cyber ââMonday sales have fallen year-over-year to less than $ 11 billion, and Twitter’s new CEO has his work cut out for social commerce.
Luxury brands rush to own the resale experience
As the growth of the second-hand market continues to accelerate and supply chain bottlenecks slow the availability of certain merchandise, luxury brands are trying to ensure there is no shortage of them. . Because it’s luxury, however, brands don’t just showcase an old dress or blouse – they still have to appeal to the core customer base. Oscar de la Renta and Valentino, for example, both work with selected vintage sellers to organize an exclusive selection of items.
Omicron threatens to expand retailers’ work and supply chain issues
With U.S. inflation above 6% and the new COVID-19 omicron variant rapidly emerging across the world, retailers are bracing for the possibility that supply chain disruptions and labor shortages may arise. extend until 2022 and seek ways to mitigate the impact. Federal Reserve Chairman Jerome Powell said the recent increase in COVID-19 cases and the emergence of the new variant “present downside risks to jobs and economic activity and increased uncertainty for inflation “.
Cyber ââMonday sales drop to $ 10.7 billion
Cyber ââMonday sales fell for the first time in at least a decade, falling 1.4% from $ 10.8 billion last year to $ 10.7 billion this year, according to the data from Adobe Analytics. U.S. buyers spent nearly $ 110 billion from November 1 to Cyber ââMonday, up 11.9% from the same period in 2020, according to Adobe. That total includes 22 days when buyers spent more than $ 3 billion.
Twitter’s new CEO inherits poor social commerce capabilities
Jack Dorsey’s surprise announcement that he would be stepping down as CEO of Twitter opens the door to a potential new chapter of innovation and growth under the leadership of new CEO and former CTO Parag Agrawal – a chapter that is perhaps focusing be more about social commerce. Unlike rival social media companies that have been quicker to invite brands and buyers to meet on their platforms, Twitter has only recently started investing more in commerce features.