To many, Rent The Runway is a fashion company. But behind the scenes, it is fundamentally a technology company as well, according to Chief Technology Officer Josh Builder.
In fact, the company “doesn’t exist without technology, it doesn’t scale without technology,” Builder told Cheddar at SXSW. “And it’s really up to us to make sure that the customer doesn’t even notice any of that.”
RTR’s inventory is constantly moving in and out of its warehouses from brands to customers then back to its warehouses for dry cleaning. That process is then complicated further by the different rental plans the company offers, including an unlimited package where users can return pieces at any time.
To keep all those wheels spinning seamlessly, the company relies heavily on data and technology.
“We run the largest reverse logistics platform coupled with a dry cleaning business in the world,” explained Builder.
RTR is poised to open another facility in Dallas, Tex., which it will then need to integrate into its current systems. “For us, that’s a pretty big technological undertaking.”
Additionally, the company is also “constantly looking at...how to evolve the way we handle shipping. How to break up first, medium, and last mile, and really start to own the distribution network as we drive towards more and more real-time service.”
For the full interview, [click here](https://cheddar.com/videos/rent-the-runway-raises-millions-in-vc-funding).
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
