Walmart Invests $1.2B In India’s eCommerce Giant Flipkart
Indian eCommerce giant Flipkart has raised $1.2 billion in an investment round led by Walmart. The investment round was supported by an existing group of shareholders along with Walmart and values the company at $24.9 billion, Flipkart announced.
The latest round of funding comes after Walmart invested $16 billion in the company, acquiring a majority stake in 2018.
U.S. Retail Sales Rose 7.5 Percent in June as Stores Reopened
U.S. consumers boosted spending at stores and auto dealerships in June for the second straight month as states reopened for business, but the recent increase in coronavirus cases could again damp job growth and retail spending.
The Commerce Department on Thursday said June retail sales—a measure of purchases at stores, at restaurants and online—increased a seasonally adjusted 7.5 percent on the month. Retail sales totaled $524.3 billion in June, up from $487.7 billion in May and nearly back to pre-pandemic levels.
Retail Foot Traffic In The U.K. Down To Less Than Half
Retail foot traffic in the U.K. dropped by more than half last month compared to last year, with consumers continuing to hunker down even as non-essential brick and mortar stores began reopening on June 15.
While the reopening of non-essential stores was initially seen as a turning point by retail pundits with a 40 percent increase in foot traffic compared to the previous week, it considerably slowed down in the following two weeks.
Over 76 percent Of Consumers Have Recently Started Using Online Order For Pickup, For The First Time Since The Pandemic Began
In addition, 75 percent of customers report that skipping a long line is the top reason they would choose Order for Pickup.
During the COVID-19 pandemic, shoppers across the globe have turned to buy online pickup in-store (BOPIS) not only due to the convenience factor but also as a matter of safety and necessity. Shoppers are making use of the click-and-collect service wherever possible, whether it be local eateries or national retailers like Walmart, Best-Buy or even Pet Smart.
Curbside pick-up aims to bridge the gap between eCommerce and physical retail, offering customers immediate satisfaction while also feeling at ease and safe through the ordering process.