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December: Despite Pandemic, Opportunity in Retail Remains ‘Exceptional’

The second trend, according to Stewart, is consumer/retailer emphasis on physical health. “COVID-19 brought fear and panic to the retail landscape. The closure of non-essential retail stores to stop the spread of the virus, while mandated for public health, brought intense financial ramifications,” Stewart explains. “At the same time, the focus on health accelerated the development and application of technologies to allow consumers to shop safely. While many innovations were in the development pipeline, the pandemic greatly compressed the application timeline. In part, these technologies include those that facilitate touchless retail, including customer interfaces, virtual testing and try-on of …

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Facial Analysis: Facial Recognition’s Unknown Brother

Illustration: © IoT For AllFacial Recognition is like the all-star jock who got into Harvard, graduated with honors, and is now married to his high school sweetheart with two kids and a golden retriever. Facial Analysis is his brother.Who?Exactly.Facial Recognition (FR) receives all the limelight, while Facial Analysis (FA) lives in his brother’s shadow. What no one knows is that FA is just as powerful and successful; he’s just humble.Here are 3 positive ways you can implement FA in your business. It is finally your time to shine, brother.1. Prove Return-On-Investment (ROI)2. Optimize Customer Experiences3. …

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How will AI Accelerate After COVID-19?

Illustration: © IoT For AllArtificial Intelligence (AI) has been touted as one of the leading technologies of the 21st century. It is an important part of modern organizations that intelligently integrate data, analyze critical information, and utilize the derived insights for making better decisions.AI has been transforming every facet of modern businesses while simultaneously bringing great convenience for common people through its applications. Both AI and automation have been playing significant roles in the modern wave of digitalization.The novel coronavirus has further highlighted the significance of digital readiness for businesses. Hence, the already healthy pace of AI and …

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THE YES founder and e-commerce expert, Julie Bornstein, sheds lights on the future of retail

THE YES founder and e-commerce expert, Julie Bornstein, sheds light on the future of retailBornstein launched the new women’s shopping platform THE YES, alongside co-founder and Google alum Amit Aggarwal in May of 2020, in the middle of a pandemic when just about everything, including shopping, was virtual. With a resume including Chief Operating Officer of Stitch Fix, Chief Digital Officer of Sephora, and credited for launching Nordstrom and Urban Outfitters e-commerce websites, we believed that if someone was going to transform e-commerce, it would be Bornstein.THE YES platform was created to revolutionize the online shopping experience using machine …

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Snoop Dogg’s Casa Verde Capital closes on $100 million as the cannabis industry bounces back

Casa Verde Capital, the investment fund co-founded by cannabis connoisseur Snoop Dogg (also known as Calvin Broadus), has closed on $100 million for its second investment fund, according to documents filed with the SEC.
The fund, whose managing director, Karan Wadhera declined to comment for this article, has managed to raise more cash just as the market for cannabis-related products seems poised for another period of expansion.
“What happened to the public perception of the cannabis industry is not too dissimilar to the dotcom bubble of the late ’90s, where there was a lot of hype — a lot of it driven …

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Extra Crunch roundup: ‘Nightmare’ security breach, Poshmark’s IPO, crypto boom, more

The rest of the world may be slowing down as we prepare for Christmas and the new year, but we are not taking our foot off the gas.
Alex Wilhelm keeps a close watch on the public markets in his column The Exchange, but this week, he branched out to look at some of the metrics underpinning soaring cryptocurrency prices and turned his gaze on StockX, the consumer reseller marketplace that just raised $275 million in a Series E that values the company at approximately $2.8 billion.
“Selling a tenth of your company for north of a quarter-billion may be somewhat common …

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Despite limitations, 3D and AR are creating new realities in retail

Kate Wilson
Contributor

Dan Burgar
Contributor

In North America, shoppers are increasingly turning to online orders to buy their products.
National postal services have seen a significant uptick in parcel volumes; so many that the number matches those sent during the Christmas surge — minus the wrapping paper. But although the pandemic has acted as a catalyst for online shopping, it’s part of a continuing trend.
The online sector has slowly been eating up the percentage of sales from retail stores. Virtual shopping’s total share of the global market has doubled between 2015 and 2019, with the U.S. Department of …

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Walmart+ takes on Prime by dropping $35 minimum on Walmart.com purchases

Walmart+, the retailer’s lower cost alternative to Amazon Prime offering same-day delivery of groceries and other items, is making its service more appealing with today’s launch of a new perk. The company says that starting on Friday, December 4, it will remove the $35 shipping minimum on orders from Walmart.com for its members. However, this doesn’t apply to the same-day orders of groceries or other items fulfilled by Walmart stores, but rather online shopping where orders are placed through Walmart’s traditional e-commerce channels.
That means there’s no longer a minimum order requirement on the next-day and …

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CVS becomes first national retailer to offer support for PayPal and Venmo QR codes at checkout

PayPal announced this morning that its customers can now use either PayPal or Venmo QR codes when checking out at over 8,200 CVS retail stores across the U.S. This is the first national retailer to integrate PayPal’s QR code checkout technology at point-of-sale, the company noted. The additional checkout option will also expand the number of ways customers can pay “touch-free” at CVS — a way to transact that’s become increasingly popular as the coronavirus outbreak continues to spread across the country.

CVS and PayPal announced their plans to cooperate on a point-of-sale solution back in July. At the time, they pegged the timeframe for the rollout as sometime in Q4 2020.

The QR code checkout process itself will pull the funds needed for the purchase from the customer’s existing PayPal or Venmo account balance, bank account, or from a debit or credit card, just as it would if the transaction was taking place online. Venmo users will additionally have the option to utilize their Venmo Rewards.

Image Credits: PayPal

The transaction does not include any fees, PayPal says. Plus, CVS’ ExtraCare Rewards Program members will still be able to redeem and apply savings using their ExtraCare account when using PayPal’s QR code checkout.

The entire transaction can be touch-free, as it involves QR code scanning as opposed to using a card that has to be swiped or inserted into a terminal or numbers punched into a keypad.

The new option arrives at a time when CVS says it’s seeing increased demand for contactless payments.

Since January, CVS has seen a 43% increase in touch-free transactions, according to data from Forrester. In addition, 11% of the U.S. population says they’re now using a digital payment method for the first time as a result of the pandemic, PayPal noted. The company’s own research also indicated that 57% of consumers said merchants’ digital payment offerings impacted their decisions to shop in their stores.

To use the new QR code checkout option, customers will first launch either their PayPal or Venmo app, click the “Scan” button, then select the “show to pay” option.

The new checkout experience was made possible through PayPal’s partnership with payments technology provider InComm, which distributed the PayPal QR code technology through its cloud-based software updates to make the feature available at point-of-sale.

While CVS is the first national retailer to rollout PayPal’s QR code checkout, PayPal said it has 10 other major retailers signed up for a similar rollout, including Nike, Tumi, Bed Bath & Beyond, and Samsonite, among others. It’s in discussions with well over 100 large retailers about the technology, as well.

“The launch of PayPal and Venmo QR codes in CVS Pharmacy stores will not only provide health-conscious customers with a touch-free way to pay at checkout, but also brings the safety and security of PayPal and Venmo transactions into the store with shoppers,” said Jeremy Jonker, PayPal Senior Vice President Head of Consumer In-Store and Digital Commerce, in a statement. “We are thrilled that PayPal and Venmo QR codes will help to maintain the safety of CVS customers and employees, especially in the essential pharmacy retail environment as we go into the winter months.”

In addition to the CVS news, PayPal today also noted that its recently announced “Pay in 4” option for splitting purchases across four installments is now fully live across millions of retailers.

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