Pinterest Hires Walmart CTO, California Online Sales Tax and Goodyear B2B Ecommerce
Pinterest Hires Walmart CTO
Ahead of Pinterest’s upcoming IPO, the social media company hired Walmart’s CTO Jeremy King. Pinterest confidentially filed for an IPO in February and is seeking a valuation of $12 billion. King joined Walmart in 2011 and was responsible for bringing new technology to life, such as shelf-scanning robots and assisting the company in competing with Amazon. Walmart’s ecommerce sales have been booming, increasing 43% in Q4 and an overall 2018 sales growth of 40%. “As we build products to inspire people to create a life they love, Jeremy’s technical experience and leadership are a perfect combination to build a visual discovery engine for all,” says Pinterest CEO Ben Silbermann.
What stood out to us? Very Pinteresting.
California Online Sales Tax
California is following the online sales tax trend, as they are the next state to require out-of-state sellers to begin collecting taxes on April 1. The California Department of Tax and Fee Administration (CDFTA) will make it mandatory for online retailers to collect sales tax if they do not have a physical presence in the state, generate over $100,000 of overall gross sales or services and at least 200 transactions. This new law is not retroactive, and will only be in effect starting April 1. This is troublesome and worrisome to many. “We have clients that are coming to us and telling us that their back-of-the-envelope calculation is that they’re liable for seven figures in taxes that they didn’t know they were expected to collect and remit,” says David Seiden, partner and state and local sales tax practice lead at the accounting firm Citrin Cooperman.“That’s enough to put a small business out of business.”
What stood out to us? Taxation without representation.
Goodyear B2B Ecommerce
GoodyearTruckTires.com is planning to grow sales by introducing online sales of tires and services for commercial vehicle operators. In 2018, Goodyear’s total sales were $15.50 billion and the company announced plans to launch a new B2B portal. This would allow customers, such as owners of small fleets or commercial vehicles and independent operators, to purchase tires online and schedule installations. The new B2B ecommerce initiative will launch Q3 2019. Goodyear launched its ecommerce site in 2015, but it was initially only a retail site for customers. Now, the company says it will be the first major tire maker to give customers the chance to buy tires for commercial vehicles.
What stood out to us? That’s not burning rubber you smell, it’s the hole in Goodyear’s wallet from having to comply with over complicated cross-state sales tax laws. Taxation without representation.
In the headlines
- Stitching a path to success: Stitch Fix grows 25% in second quarter revenue thanks to repeat customers.
- A wilting business: Online florist FTD could go out of business.
- Insta-buy: Consumers can now buy directly on the popular social platform, Instagram.
- Amazon is blocking business: To be more specific, Amazon is blocking ads for unprofitable products.
- Seeing into the future of ecommerce: VSP Global takes an omnichannel approach and taken on Warby Parker and others, combining online and physical stores.
- EU is looking at you: Well, the EU is looking at Amazon and Apple, to be more specific.
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