In today’s top retail news, Rhode Island-based Hasbro said $100 million of products were ordered but undelivered in the third quarter, while UPS is focusing on expanding its volume of eCommerce packages from small and medium-sized business. Also, Amazon is allowing third-party sellers on its marketplace to offer a local pickup option for orders, and TikTok is prompting many, particularly in Generation Z, to pick up a book.
Toy and entertainment company Hasbro, feeling the stress of supply chain delays, is relying heavily on its entertainment and digital gaming divisions as it continues to develop a contextual commerce strategy for many of its major brands. Officially, third-quarter revenues were up 11% year over year to $1.97 billion, with Hasbro’s entertainment segment up 76% and digital gaming revenue up 32%. Consumer products fell 3% in the quarter, which executives attributed to $100 million of products that had been ordered but weren’t delivered.
Driven by sustained eCommerce tailwinds, global logistics giant UPS is focused on expanding its small and medium-sized businesses eCommerce package volume in response to changing consumer demand and commercial realities, CEO Carol Tomé said Tuesday. UPS reported that revenue rose 9.2% to $23.2 billion, and consolidated operating profit was up 23.4% to $3 billion.
Among the slew of announcements rolled out by Amazon at its Accelerate seller conference last week, one item stood out as a clear sign of the eCommerce giant’s omnichannel ambitions: a new set of services allowing retailers to offer in-store pickup to local customers. The introduction of Local Selling comes on the heels of reports that Amazon is planning to open department store-style physical retail locations, initially in Ohio and California, after years of ramping up in-store offerings of books, groceries and highly-rated merchandise.
A community of bibliophiles on video-sharing app TikTok is boosting sales of certain trade paperback books from 50 or 100 copies per week to 10 times those amounts, prompting booksellers such as Barnes & Noble to try to make their stores a destination for social media creators and fans. Barnes & Noble has a dedicated page on its website that’s regularly updated with the most popular books on “BookTok,” and several local stores have worked with TikTok users to create videos.