In today’s top retail news, the U.S. Department of Commerce says retail sales increased in September, although inflation may have something to do with it, while more traders may consider d ‘accept cryptocurrency over the next few years. Additionally, Walmart is trying to expand its conversational commerce capabilities despite Amazon’s dominance, and Toyota is shifting its production schedule due to the semiconductor chip shortage.
Retail sales up 0.7% in September as inflation continues to rise
Labor Day travel and continued consumer resilience contributed to a 0.7% increase in consumer spending last month, according to the US Department of Commerce, marking the second consecutive month of increased retail sales . This increase in spending, however, is in part attributable to rising costs – the Labor Department said earlier this week that consumer prices rose 0.4% between August and September and 5.4% year-on-year.
Wider acceptance of crypto, more specialized BNPL plans to lead traders trends
Lauren Craig, Regional Director for the Americas at Checkout.com, said that over the next three years 40% of traders will seek to accept crypto as a currency – but the industry has a long way to go to prepare for it. occur on such a scale. In the shorter term, Craig said the focus is on the continued acceleration of e-commerce and more industries that were “very card-heavy” moving to digital sales.
AMZN vs WMT Weekly: Walmart to expand conversational commerce, but Amazon is already here
Walmart revealed this week that Store No.8, the retailer’s incubation arm, is testing customers’ ability to text their shopping lists to Walmart; the box store chain already offers voice shopping through Google Assistant. PYMNTS research found that 31% of U.S. consumers have voice activated speakers in their homes, but Amazon currently leads the voice artificial intelligence (AI) market, with a share of 68%.
Chip shortage forces Toyota to cut production
Toyota Motor Corp. plans shutdowns of its production plants in Japan in November that will last between one and five days, attributing the shutdown to the ongoing COVID-19 pandemic and the resulting shortage of parts. Toyota has changed its production schedule every month since August due to the shortage of automotive chips, which is expected to continue in the long term.