TECHNOLOGY

Best Buy sets $43 billion revenue goal for 2021
With its transformation deemed complete, Best Buy is looking for solid gains in profits and sales during the next several years. It also sees expanded opportunities for growth in new smart home initiatives.
George Zimmer's Generation Tux acquires online rival
The fledgling but growing online formal menswear rental category tuxedo rentals market has a new power player. Generation Tux, the online suit and tuxedo rental company founded in 2014 by retail veteran George Zimmer, who founded Men’s Wearhouse, has completed the acquisition of Menguin for $25 million. The announcement comes at a time when Menguin, founded in 2013, has experienced three years of 800% compound annual growth rate, according to a company statement.

Study: Back-to-school shopping not over yet

School may be back in session, but the back-to-school (BTS) shopping frenzy continues. And as parents continue to purchase merchandise from newly distributed classroom supply lists, 42% of BTS shoppers expect to spend more this school year compared to 2016, according to new research and insights from Acosta, a sales and marketing agency in the consumer packaged goods (CPG) and retail merchandising industry.
Price is not the biggest driver for the first native digital generation

Social media plays a huge role — bigger than pricing — when it comes to influencing the purchase decisions of Generation Z.
Study: Shoppers not shying away from voice, chatbots, other new technologies

When connecting with retailers, consumers are warming up to more complex and emerging technologies. Retailers are starting to integrate artificial intelligence (AI) and voice technology into communications with shoppers — and consumers are increasingly receptive. In fact, 79% of shoppers have used text, messenger apps or voice devices, and 74% indicated they have used live chat when shopping.
Kohl's stores to accept returns – from Amazon

Kohl's is extending its collaboration with Amazon in a way that is almost sure to drive increased traffic into its stores while solving one of the online giant's biggest challenges. The department store retailer will begin accepting Amazon.com returns at 82 Kohl's stores in Los Angeles and Chicago. The chain will not only ship eligible items back to an Amazon fulfillment center free of charge, but will also pack up the goods for shipping if the customer has not done so.
Discount giant now lets customers use food stamps to pay for online orders

Walmart customers that receive government assistance can now shop for food online. The discount giant is allowing customers enrolled in the Supplemental Nutrition Assistance Program (SNAP) — the formal term for food stamps — to place online orders. However, the program does come with one loophole.
Study: Grocery shopping — the new online frontier

Grocers that offer digital resources on e-commerce sites are positioned to attract, convert and retain online customers going forward. This was according to “Beyond the Supermarket Shelves: How Consumers are Navigating the Grocery Shopping Experience Online and In-store,” a report from PowerReviews.
Fast-growing menswear retailer ready for holiday season with new infrastructure

As it expands online and opens stores offline, Untuckit is looking forward to its biggest holiday shopping season to date.
Report: Home goods retailer to accept digital wallet, Venmo

A new payment option will help Williams-Sonoma tap a new customer segment. The home goods retailer will soon accept the peer-to-peer money-transferring service Venmo for bridal registry purchases. The digital wallet lets users make digital payments — or split payments with other users, according to ReCode.