Today In Payments: Walmart Buys Ad Tech Platform; Peloton Records First $1 Billion Quarter
In today’s top news, Walmart pushes deeper into the advertising business, and Peloton hit its first $1 billion quarter. Plus, Instacart is offering same-day delivery from over 6,000 Family Dollar stores.
Walmart Buys Ad Tech Platform As Rivalry With Amazon Intensifies
Walmart is buying up the technology and assets behind Thunder, which uses automation to create digital ads, in a push by the retail giant to bring in more advertising business from small to medium-size businesses (SMBs). The move is part of its campaign to take on Amazon’s advertising division, in part by broadcasting what Walmart can do for online sellers.
Peloton Records First $1 Billion Quarter; Allocates $100 Million For Delivery Issues
Peloton produced its first $1 billion quarter, but its inventory constraints and delivery issues continue to drag on the connected fitness company’s performance. The company will be allocating $100 million to address the shipping problems.
Instacart To Offer Same-Day Delivery For 6,000 Family Dollar Stores
Instacart will be offering same-day delivery service from over 6,000 Family Dollar stores under a new partnership with the retailer. The partnership is an expansion of a pilot program that began in late 2020, in which Instacart provided delivery service for 275 Family Dollar stores.
Great Hill Invests $102 Million In Mobile Workforce Platform BigChange
U.K.-based BigChange said private equity firm Great Hill Partners has invested over 75 million pounds (about $102.4 million) in the company so it can build out its mobile workforce platform. The investment brings BigChange’s valuation to 100 million pounds.
Digital IDs Reduce Churn For Subscription Firms
Subscription companies want to reduce churn and consumers want flexibility to opt out. The tension leads to a need for plan flexibility, but as Sumit Parab, head of product management at Vindicia MarketONE, told PYMNTS, establishing digital identities can keep subscribers in place and even upgrade them to new offerings as time goes on.
Growth Opportunity: AeroPay Looks To Take The Cash Out of Cannabis
It’s a huge business with tremendous upside, but still has the stigma of illegal operations in many U.S. states. AeroPay’s Founder and CEO Daniel Muller told PYMNTS in a recent conversation that cannabis dispensaries need new payment methods outside of cash and his company is adding digital options.
Jobs Data: Surge In Temp Workers Could Herald New SMB Business Model
The latest jobs data signals a recovery that may prove lasting or ephemeral. But the rise in temporary workers hints at a structural change, especially for smaller firms — and, by extension, there will be changes in how they get paid.