Hey Insiders, Before we jump into today's news, I have updated numbers to share to add context to Tuesday's news about Amazon's new Go store in Mill Creek, Washington. The Business Insider article I cited noted that suburban stores would be ~6,000 square feet, while urban Go locations are usually 1,000-2,000 square feet. In fact, the new Mill Creek store will be 3,240 square feet, while other locations range from 450 to 2,700 square feet, according to a source with knowledge of Amazon's store locations. We will let you know if we learn more. | |  Jigney |  |
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Chinese merchants removed from Amazon's marketplace have begun moving to Walmart's platform to reach U.S. consumers, according to Bloomberg. The Shenzhen Cross Border E-commerce Association says over 50,000 Chinese merchants were removed from Amazon for various policy violations, including trying to bribe customers into posting positive reviews. More: - Last March, Walmart announced non-U.S. merchants would be allowed on its marketplace.
- Between March 2021 and mid-January 2022, ~8,000 Chinese merchants joined Walmart's marketplace.
- Chinese merchants made up 14% of all new entrants to Walmart's marketplace during this time.
- Marketplace Pulse estimates there are 133,656 merchants on Walmart's marketplace; however, the retailer hasn't disclosed the exact number.
- In October, Amazon revealed there are "nearly" 2 million sellers on its marketplace.
- Walmart says it uses internal and external tools to detect and remove fake reviews.
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 Apple will introduce a new feature that enables small businesses to accept contactless payments via iPhones, according to Bloomberg. The feature would eliminate the need for extra hardware. Currently, businesses have to use an external payment terminal such as a Square device to accept payments via iPhones. More: - The iPhone's built-in near-field communications (NFC) chip would enable businesses to accept payments via credit/debit cards.
- NFC chips also power Apple Pay.
- In 2020, Apple acquired contactless payment startup Mobeewave for $100M in 2020.
- Mobeewave previously partnered with Samsung to pilot a point-of-sale service in Canada.
- Bloomberg says Apple will introduce the feature in the "coming months," but it's unclear if the tech giant will partner with an existing payments network.
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Spanish e-commerce delivery platform Paack raised $225M at an undisclosed valuation. Paack's platform can be integrated with online marketplaces to enable customers to decide when they want their packages delivered. The funds will be used to expand into unnamed European markets. More: - Paack has raised $308.3M since its inception in 2015, according to Crunchbase.
- It has 150 partners, including 17 of Spain's 20 largest e-commerce platforms.
- The company didn't share exact details about its financial performance but says it's profitable in Spain and on pace to replicate this in other markets, including France and Portugal.
- The World Economic Forum says the last mile delivery sector will grow by 78% by 2030, resulting in a 33% increase in CO2 emissions.
- Paack says its operations have achieved carbon net-zero as it relies on electric delivery vehicles.
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North American apparel and footwear companies will lose between $9B-$17B in EBITDA this year due to the global supply chain crisis, according to a report from Kearney. Only 12% of brands were classified as "leaders," which means they have the distribution infrastructure and financial resources to withstand supply chain disruptions. More: - 52% were labeled "mainstream," and 36% were "laggards," meaning they'd be negatively impacted by the crisis.
- Transpacific container shipping and air freight costs increased by 300% and 50% YoY, respectively.
- Cotton costs rose by 40% YoY.
- In its Q2 earnings report last month, Nike warned supply chain costs for the 2022 fiscal year would be higher than it initially anticipated but didn't share exact numbers.
- The report is available here.
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Online beauty brand Glossier laid off one-third (80) of its corporate employees, mainly in tech roles. CEO Emily Weiss says the company "got ahead" of itself on hiring after it was "distracted" by some unspecified strategic projects. More: - Glossier raised $80M at a $1.8B valuation last July.
- Online sales make up 80% of its revenue, according to the Business of Fashion.
- In 2020, Glossier was forced to close all of its brick-and-mortar locations.
- However, last year, the company announced it would open three new stores in Seattle, Los Angeles, and London.
- Reebok will lay off 150 workers from its Boston HQ once its takeover by Authentic Brands Group is completed in Q1.
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 Snapchat's AR lenses will now be synced with a brand's product catalog to provide users with up-to-date information, including pricing details and color options. Snap says the move will enable companies to gain new insights about their customers to develop new products. Users will also be given Lens Product Cards that will allow them to make purchases. More: - Snapchat partnered with 30 brands, including Ulta Beauty and MAC cosmetics, before the public launch for a two-week beta test.
- Ulta experienced over 30 million product try-ons and added $6M in revenue.
- MAC recorded 1.3 million try-ons, and purchases by women increased by 17x.
- There were more than 250 million try-ons during the beta test, and sales grew by 14x.
- More than 200 million Snapchat users use its AR features each day.
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- The National Labor Relations Board says Amazon warehouse workers in Staten Island, New York, aggregated enough signatures to hold a union election.
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- Former Walmart executive Fiona Tan will become Wayfair's new CTO on March 1.
- British tech firm Ocado introduced a new robot designed to help supermarket chains compete against Amazon.
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 |  | Jigney Pathak is a Business Researcher at Inside who loves technology, finance & sports. He has a Bachelor of Business Administration with a finance specialization & has previously worked at Salesforce. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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