[Wal-Mart] Wal-Mart Looks to Online Sales for Growth
Wal-Mart plans to slow new store openings as it looks to pour more money into its online efforts. This year, Wal-Mart has taken a series of steps to battle Amazon: increasing minimum wages in January, investing in on-demand delivery in May, selling its underperforming Chinese business in June, acquiring Jet.com in August, and talking to buy a stake in Indian’s Flipkart. The company’s online sales totaled $13.7 billion last year, still just a fraction of the company’s total revenue.
RELATED: Wal-Mart Boosts Stake in JD.com, Expands Further in China
Wal-Mart has reportedly increased its stake in China’s JD.com from 5.9% to 10.8%. This move comes four months after Wal-Mart sold its Chinese ecommerce business, Yihaodian, to JD.com in exchange for a 5% stake of the company. The expanded deal will allow Wal-Mart who has more than 400 physical stores in the country to leverage JD.com’s huge online customer base and established logistics network without being directly involved into the cut-throat ecommerce competition in China.
[Payoneer] Payoneer raises $180 million for its global payments technology
Payoneer, a global payment processor who has partnered with marketplaces like Rakuten, has raised another $180 million. Differ from Visa and MasterCard, Payoneer provides businesses with online money transfer and ecommerce payment services. The company has opened offices in India, Japan, and the Philippines.
[China] Macy’s Will Launch A Chinese eCommerce Site In 2017
Macy’s plans to launch a Chinese ecommerce portal next year. Already a popular shopping destination for Chinese tourists, the company has a storefront on Tmall Global. // A bold move, could be a make-or-break decision for the company.
[Wayfair] Wayfair has opened up a 3D model API to developers
Online furnishing company Wayfair has launched a 3D model API to its product developer community. The 3D model API will allow developers to access more than 10,000 3D furniture and décor models. Wayfair now has the largest 3D selections of any home décor company. Being able to visualize furnishing and décor items in homes can greatly ease consumers’ concerns when purchasing big-ticket, oversized furnishing items online. Wayfair has launched an augmented reality app in June. Furniture is one of the fastest-growing segments in e-commerce. “Last year, Americans spent roughly $32 billion buying furniture products online, making it the third-largest e-commerce category.”
[Southeast Asia] Jack Ma eyes Thai e-commerce, e-payment, tourism
Alibaba wants to take part in developing Thailand’s online business by assisting small and medium-sized enterprises to export their products and by providing e-commerce trainings to them. Alibaba also intends to help develop an e-payment system with the Thai government. Last month, Jack Ma just accepted to become an advisor to the Indonesian government’s e-commerce steering committee.
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