In today’s top retail news, Shopify’s Director of Product Amir Kabbara talks to PYMNTS about the company’s new partnership with TikTok, and Crocs outlines its path to more than triple its annual revenue by 2026. Also, consignment-to-retail vehicle marketplace CarLotz has opened a new location in Georgia, and Canadian retailer The Bay is getting into secondhand sales of baby items.
Shopify’s collaboration with TikTok to add shopping features to the video-sharing app, announced last month, came as no surprise to most industry watchers. Amir Kabbara, director of product at Shopify, told PYMNTS that social commerce “plays an important role in the success of our merchants,” with TikTok among the most vital platforms because of the number of users it has and the speed of its growth. From February 2020 to February 2021, Shopify saw 76% growth in its social commerce channels, with TikTok among the fastest-growing.
Crocs executives are aiming to more than triple the company’s revenue in the next five years, planning for $5 billion in sales by 2026. Half of those sales are expected to come from digital channels, including through Crocs.com and global eCommerce retailers, up from 37% currently. Among the key components of the strategy is an expansion of Crocs’ presence in Asia, particularly China, as well as more opportunities for personalization across the brand.
Consignment-to-retail used vehicle marketplace CarLotz has opened a new location in the greater Atlanta area, giving the company locations in 11 states across the nation and strengthening its footprint in the southeastern U.S. CarLotz doesn’t own the autos that it sells, but instead markets autos on a “consignment” basis for consumers in exchange for a fee.
Canada retailer The Bay is partnering with Rebelstork, an overstock, open box and used baby clothing company, to enter the resale market and give parents a new way to buy and sell baby gear. Rebelstork’s marketplace will appear on The Bay’s website starting Sunday, and two Hudson’s Bay locations in Canada will host trade-in events where parents will receive gift cards for bringing in gently used baby and kids items.