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.
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.
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