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In August, Bumpa made a move that conveyed a message: It approached its relationship with small businesses differently as a retail automation company, not an embedded finance platform. . “I Most of them have fintech elements; we are not trying to be fintech — we’re in the retail automation space,” CEO Umechukwu expressed.
Kenyan B2B e-commerce company MarketForce has shut down operations in three of its five markets in Africa and is in the early stages of launching a social commerce spinout.
Changing consumer behavior and expectations, competition from major e-retailers, evolving cybersecurity challenges, inflationary pressures, sustainability and environmental concerns, and the pressure to take advantage of AI are all very real concerns for retailers today.
Conceptually, social commerce isn’t new — it has existed in some form ever since people have made recommendations to each other. Today social networks are more powerful than ever, and startups and corporations are innovating new commerce models that leverage the greater reach available to us.
But of late, they’re braving a new market shaped by three major trends: stunted online shopping growth, the impact of the latest iOS privacy updates on social media customer acquisition strategies (leading to higher costs) and macroeconomic uncertainty. The new retail challenge. retail sales in Q4 of 2021, down from 13.6%
billion, as a growing number of high-profile investors back the Indian social commerce startup that is reporting strong growth despite the pandemic. India is primarily an unorganized market; 80 to 85% of the entire retail GDP is unstructured and long-tail and run by small businesses. Everything else was primarily offline.”.
Joyned , formerly known as Gamitee , announced Wednesday that it raised $4 million in seed funding to continue developing its e-commerce platform that puts merchants in the driver’s seat of social engagement. Arthur is a legend in retail, and he is helping us a lot in the U.S. market,” Abraham said. market and build our brand there.”.
Social commerce startup Flip is mixing live commerce mobile apps with real customer reviews to improve the buying experience and opportunity for the creator economy. It’s not only a social platform, it is the best post-purchase experience — shipping, rewards, returns — everything people love and in a two-click process,” he added.
Weeks after suffering one of the most disruptive cyberattacks in UK history, UK retailer Marks & Spencer (M&S) said it will respond by accelerating a planned two-year overhaul of its digital operations to bring it to completion in only six months. None of this has been confirmed, and it is unknown whether a ransom was paid.
The new social investment platform enables users to subscribe to a creator’s financial feed and set up an investment portfolio that mimics that particular person’s investment strategy. Social investing is not a new concept. Social investing is not a new concept. The size of the market is huge,” he told TechCrunch. clients.”
Retail investors entered the stock market in droves over the past couple of years. The first time he thought to bring those tactics to retail investors through a new tech platform occurred years later in 2021 after small activist firm Engine No. It’s quite uncommon today for retail investors to actually vote on proposals, though.
Evermos is an Indonesian social commerce startup with two goals: to let people earn extra income by opening online stores without spending capital and to help small brands grow into household names. Mustaqim told TechCrunch that the team was motivated by its dissatisfaction with many retail practices in Indonesia.
The social commerce market is already worth more than $13 billion in Southeast Asia, but the checkout process is filled with friction. Many sellers don’t have online storefronts and instead use social media and messaging apps, which means payment is made by switching to banking apps or wallets.
Tushop , a social-commerce platform in Kenya that enables the group-buying of fast-moving consumer goods (FMCGs), is set for expansion across Nairobi after raising $3 million in pre-seed funding in a round led by 4DX Ventures. We are cheaper than retail,” she said.
Its social selling platform allows sellers to host live video auctions in which they showcase items for sale in real time, interact directly with potential buyers via chat, and facilitate instant bidding within the app. Its going to be one of those things that changes every kind of category and part of retail.
Multi-asset social investment network and Robinhood competitor eToro has signed a definitive agreement to acquire Gatsby — a fintech startup which also aimed to go head to head against Robinhood — for $50 million in a cash and common stock deal. The integration of Gatsby will allow us to provide U.S. Scaling our U.S.
Progcap serves more than 700,000 small retailers, who dot hundreds of Indian cities and towns. The startup extends a revolving credit line of $10,000 to $12,500 to retailers, providing them with much-needed capital to buy new inventories and grow their businesses.
Social commerce — the process of buying and selling products or services directly through social media platforms like Facebook, Instagram and TikTok — is becoming the most natural way for consumers to make purchases since people use social media and messaging apps almost every day. trillion by 2030. “Eight in 10 U.S.
TryNow — which provides technology to online retailers that use Shopify Plus to let their customers receive and try out apparel, return what they don’t want and pay only for what they keep — has raised $12 million, funding that it will be using to continue expanding its business. BlackCart raises $8.8M
Gamification and social hooks have become cornerstones across every category of consumer apps these days, and today one that’s using these to build out a new e-commerce platform in Europe is announcing a seed round to give its growth a boost. General Catalyst — one of the group of VCs out of the U.S. ” .
Kapu , a social commerce startup, coming out of stealth today having raised $8 million seed funding, is hoping to help lessen the burden of buying food for Kenyan consumers, many of whom are grappling with the sky-rocketing food prices. Social commerce platform Tushop set for Kenya growth after raising $3 million pre-seed funding.
startup is hoping to fix that with the launch of its new app and platform for retail investors. Ethical investing remains something of a confusing maze, with a great deal of “greenwashing” going on.
Chums is a social shopping service that helps friends suggest products to their pals. Elion declined to share the network, or networks, his company is working with to secure commercial ties with retailers, but did note that in time Chums will go direct to secure better deals. The list includes Runway , Mono , Pangea and Flux.
Scaled Solutions grew out of the company’s own needs for data annotation, testing, and localization, and is now ready to offer those services to enterprises in retail, automotive and autonomous vehicles, social media, consumer apps, generative AI, manufacturing, and customer support.
Years ago, Americans spent most of their disposable income on food but consistent investment in retail infrastructure has changed that. The continent’s retail markets are highly fragmented and mostly made up of small and informal retailers and intermediaries, which is why a ton of tomatoes that costs around $100 in the U.S.,
Entering a new market with a different social structure, cultural history, and regulatory issues is never easy for a large retailer, even if the difference seems slight. This was a major roadblock for a large American retailer when it started on its journey to enter the Chinese market in 1996.
To many people, e-commerce is synonymous with shopping on Amazon, but the reality is that a retailer has the option to use a bundle of different channels to sell and market products, and many do. In order to succeed in this ever-changing landscape, retailers need a solution that can manage these channels seamlessly.”
Lo hace, además, de la mano del gigante español del retail : Zara. Integración de redes sociales y e-commerce : en China, plataformas como WeChat “han integrado sin problemas las redes sociales, la mensajería y las funciones de comercio electrónico”, creando un ecosistema digital que facilita el live shopping.
Social sustainability is good for business. And companies are taking it seriously: a recent NTT report found that more than 40 percent of executives surveyed said social sustainability is a top imperative for their C-suite and Board of Directors. trillion, underscores the financial advantages of prioritizing social sustainability.
More social media struggles : Though the subject matter was a downer, Paul wrote a great story about Meta’s confirmed layoffs of 11,000 employees, explaining what happened, why and what it means in the greater context of Meta’s future. The TechCrunch Top 3. million shares were worth almost $4 billion. Wonder what he’s using the money for….
For Colsubsidio , a non-profit provider of a wide array of social services in Colombia, the recent pandemic underscored the need to respond quickly to a major crisis to diminish the harm felt by communities with limited resources.
Enter Bumpa, a Nigerian retail automation platform that wants to do the heavy lifting for companies eyeing more digital operations. Taking on TikTok : Pinterest is having a go at TikTok , of all social media platforms, by partnering with record labels so that users can add popular music to their “Idea Pins.” The TechCrunch Top 3.
The New York-based company is poised to launch the new website and app this fall with about 200 retailers, but has a waiting list of approximately 1,000 retailers, Liseda Shelegu, The Main Tab’s founder, told TechCrunch. “We One of the challenges the company is anticipating is inventory, she added.
Every under-the-radar funded company that caught our eye in May relied heavily on artificial intelligence, whether that was to help farms reduce water usage, trucking companies deploy fleets more efficiently, or retailers catch would-be shoplifters before the act. retail chains. Lets take a look. No, this isnt Minority Report.
The last year and a half has been a bumper one for the world of e-commerce — with more traffic, transactions and retailers moving online in the wake of social distancing measures impacting in-person, physical shopping. Fraga is joining Constructor’s board with this round.
A crop of investment apps, many aimed at millennial and first-time retail investors, raised small early-stage rounds at the beginning of 2021, only to quickly pick up much larger follow-on funding a few months later. Social commerce. Indonesian halal-focused social commerce startup Evermos lands $30M Series B.
Retail giant Walmart announced this morning it’s acquiring the Tel Aviv-based startup Zeekit , which allows consumers to virtually “try on” clothing when shopping online. The goal is to provide a similar experience to trying on clothing when shopping online as you would otherwise have had when in a retail store.
The round was led by Go-Ventures, with participation from MDI Arise, MDI Centauri, Mercy Corps Social Venture Fund and angel investors. The marketplace enables retailers to buy supplies, including seeds, fertilizers and agrochemicals, from wholesalers and manufacturers. Then the retailers sell those items to farmers.
After enduring a day’s worth of taking a beating across social media , government and the various app stores of the mobile world, Robinhood took to its own blog and CEO’s Twitter account to explain why it had halted trading of some stocks earlier today. Social media is pissed. Nothing is settled.
The CEO is Guru Hariharan, who you might remember from retail analytics company Boomerang Commerce , a Startup Battlefield finalist in 2014. If you look at the entire retail situation — buying products from a brand, the buy and sell sides need to be balanced,” Hariharan said. “I trillion retail industry at a massive inflection point.
Abound , an online marketplace that helps independent retailers stock their shelves with new products from up-and-coming brands, is announcing that it has raised $22.9 He told me that small retailers are constantly on the hunt for new products, which means attending trade shows several times a year.
Glossier, the popular beauty brand led by former blogger Emily Weiss, let go of 80 of its corporate employees today, according to an internal email obtained by Modern Retail. The tech team layoffs are notable for a beauty retailer that has often described itself as a technology company.
Prior to the funding, Givz had been working with more than 80 enterprise, mid-market and SMB retail and e-commerce clients such as H&M, Tom Brady’s TB12, Seedlip and Terez, and accumulated more than 40,000 individual users. million retailers that use Shopify as their e-commerce platform.
SoleSavy, a community built around buying hot sneakers and related items that are increasingly hard to acquire at retail, raised $2 million in a round that closed late last year. And bets on social token outfits like Zora are also focused on community as the glue that holds together a user base. .
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