Jet.com Exec on Wal-Mart's New Strategy to Take on Amazon
Private-label fans no longer need to compromise! Walt-Mart’s Jet.com launched private-label brand Uniquely J, which boasts better packaging, higher quality, and attractive price points. Jet.com president Liza Landsman joined Cheddar to discuss the strategy.
The perks don’t stop there, Landsman says. The e-commerce company looked at a year’s worth of data, detailing the items most coveted by its core consumers. Among the winners? Fair-trade coffee, PBA-free plastic storage bags, and certified organic products.
“Our insights from those consumers tell us [environmental consciousness is] really an important factor for them, beyond price and quality,” she said on Friday.
The Boston Consulting Group says half of U.S. millennials between the ages of 18 and 24, and 38 percent of those between 25 and 34, agree that brands "say something" about their identity, values, and where they belong. This is often a popular deciding factor for millennials when considering purchases.
Similarly, private labels have gained great appeal with millennials over the past few years. According to market research firm Mintel, more than one-third of U.S. shoppers preferred to buy store-brand products over name brand one.
Wal-Mart, which acquired Jet.com for $3 billion last year as part of its effort to take on e-commerce giant Amazon, is betting on Uniquely J for its reach of “urban, more affluent millennials,” and compete with Amazon in the private label sector.
However, analysts predict that Amazon’s acquisition of Whole Foods will boost the company’s private labels sales.
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
