Costco Online Sales Grow 65.4% in Q3, Pinterest Adds Shopping Feature and American Eagle Outfitters’ Ecommerce Grows 33%
Costco Online Sales Grow 65.4% in Q3
As the COVID-19 crisis continues, Costco continues to see substantial online sales growth. Costco reported online sales grew 65.4% year over year for the third quarter of fiscal 2020. Online sales were up 66.1% compared to the same quarter last year, when adjusting for changes in gasoline prices and foreign currency exchange rates. “Total online grocery grew at an incredible rate during the third quarter, as I am sure did at many places,” Richard Galanti, Costco’s chief financial officer said.
What stood out to us? Rumored to be driven by a pent up demand for tubs of cheese balls.
Pinterest Adds Shopping Feature
Pinterest’s new Shop tab in its Lens visual search tool provides mobile marketers a way to showcase their products in Product Pins when consumers are most ready to buy. Lens uses image-recognition to identify objects with a smartphone camera and the Shop tab appears above a feed of shoppable posts of matching in-stock products at retailers websites. To use this feature, shoppers need to click the camera icon in Pinterest’s search bar to identify products they see around them and they can also upload an existing photo to Pinterest to match items for sale in Product Pins. Approximately half of Lens searches are in categories such as fashion, home decorating, prints, artwork, shirts, dresses, mirrors and throw pillows.
What stood out to us? The other half of Lens searches were in the cheese ball category.
American Eagle Outfitters’ Online Sales Grows 33%
American Eagle Outfitters Inc. has seen success with online sales in its fiscal first quarter, as its profit decreased more than 90%. The retailer reported total online sales for the brand increased 33% year over year, with online sales from its undergarments brand Aerie increasing 75% year over year. “Aerie’s performance was nothing short of spectacular,” said CEO Jay Schottenstein. “In fact, Aerie’s total demand increased at a double-digit rate in the quarter, you heard that correctly. Despite having stores closed for almost seven weeks, Aerie’s experienced a double-digit demand increase for their total business.”
What stood out to us? Gotta look fashionable for those Zoom meetings!
In the headlines
- A difficult day: Stitch Fix lays off 1,400 employees in California.
- Growing sales: Nordstrom’s digital sales grew 5% in Q1.
- Alibaba’s news: Alibaba unveils digital tools for US small businesses.
Before you go
Alibaba’s launch of 20 virtual trade shows.
Retail’s response to COVID-19.
B2B ecommerce will grow in new and different ways in 2020.
Dose data of the week
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