The online retail industry is booming. E-commerce generated $231 billion in sales for U.S. retailers last year and is expected to increase 13 percent to $262 billion this year, according to Forrester Research. The growth of e-commerce, which already accounts for about 8 percent of total retail sales in the U.S., is expected to outpace sales growth at brick-and-mortar stores over the next five years, reaching $370 billion in sales by 2017. Retail companies are investing in
The Home Depot will buy HD Supply's Hardware Solutions unit, formerly known as Crown Bolt, for an undisclosed amount. Atlanta-based Home Depot said the acquisition boosts it supply chain capabilities and hardware product offerings. The deal is expected to close by the end of 2014. HD Supply Hardware Solutions supplies fasteners and builders hardware to retailers in the United States. It was The Home Depot's 2013 Hardware Vendor of the Year.
Home Depot faces at least 44 lawsuits in the United States and Canada over a massive data breach earlier this year that affected 56 million debit and credit cards. The nation's biggest home improvement retailer said Tuesday in a regulatory filing that several state and federal agencies also are looking into the data breach and it may face more litigation from customers, banks, shareholders and others. Home Depot said the litigation and the investigations may distract management and affect how it runs its business. It also could lead to additional costs and fines.
Home Depot, which suffered a data breach between April and September, said 53 million email addresses were taken by hackers during the attack, in addition to the 56 million payment cards that were previously disclosed. Home Depot also said that the criminals used a third-party vendor's user name and password to reach the perimeter of its network, then gained additional rights to navigate the company's systems. Hackers used custom-built software on Home Depot's self-checkout terminals in the U.S. and Canada to access customer data, according to a statement yesterday.
Staples is the latest in a long line of retailers to suffer a data breach. Many retailers are wondering if they're next. Some companies are looking to implement technology to hopefully avoid an attack on their customers’ data. Near-field communication (NFC) technology is at the top of the list, bringing real-time engagement to customers with smartphones and other enabled devices within a short range. When used for payments, no personal information is "handed over" through the system, making NFC technology a very secure method of wireless communication.
J.C. Penney ended a year long search for a chief executive, naming retail industry veteran Marvin Ellison to replace interim CEO Myron Ullman in August 2015.The department store operator's shares rose 3.2 percent to $7.35 in early trading on the New York Stock Exchange on
In the near future, D-to-C selling will be an imperative for manufacturers hoping to compete and grow brand loyalty. Those not offering online shopping invite brand skepticism, if not scorn, among consumers who visit a site only to find that the shelves are bare. The cost is more than a one-time sale lost; it can mean brand degradation that inflicts long-term damage on a manufacturer's fortunes. With concessions to retail partners and the right technology, manufacturers will be well on their way to meeting the D-to-C mandate.
Imagine this scenario: You've thought of a way to reinvent in-home air conditioning. You go through the process of sketching the idea and sharing details of what's going to make your invention a revolution in the product category. However, you're overwhelmed by what the next step could be. Do you have a marketing strategy? How much does it cost to make your idea a reality? Who do you connect with to help put this product in consumers' homes?
We all lead such busy lives that anytime we can do something to save time we should consider doing so. This is why I'm writing today's column — to save you from having to read the stories about the latest hackings of retail stores that will continue to be repeated in the news in the months ahead. Since the hacking of Target that began around Thanksgiving 2013, we have seen the same story played out in store after store, including
Despite its size, Home Depot's data breach has been met with a big, fat yawn in many circles. Why? In September, Home Depot said that its payment systems had been breached, which may have impacted roughly 56 million cards, making it significantly larger than the Target breach, which impacted about 40 million cards. Already, card-issuing banks J.P. Morgan Chase and Capital One have announced that they will send out new credit cards to those potentially impacted by the breach. While the Home Depot story is certainly garnering attention, consumers seem to be less angry about it than the Target breach.