CPG accelerator sets 2023 plans; Retail sales rebound

Author

Stephen Babcock
September 16, 2022

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Shein is known for spinning up new styles and manufacturing with unprecedented speed, but it can still take a week for orders to reach US customers. So the Chinese company is planning to add new distribution centers in California and the Northeast, while expanding its existing Indiana hub. It is also planning to hire several thousand workers in the next three years, the Wall Street Journal reports.

Applications are open for up-and-coming CPG founders seeking to enter the Austin accelerator next year. SKU announced plans this week for three tracks in 2023: food & beverage, women & BIPOC-owned and petcare brands. Brand leaders who are accepted take part in a curriculum, and are surrounded by a group of mentors that help guide them through the program.

Curbside pickup offers convenience for shoppers, but one downside for grocers is that there are fewer opportunities to capitalize on impulse buys in the checkout aisle. Bold Commerce looks to fill in this gap with an app pop-up that curates items and recommends products to buy at the last minute, just before the order is brought out to the car.

With a 0.3% monthly increase in August, overall US retail sales were back to growth after falling in July. Vehicles and auto parts were the major driver. Ecommerce, measured as nonstore sales, fell 0.7% month-over-month following July’s Prime Day, but grew 11.2% year-over-year.

The Consumer Financial Protection Bureau sent out the official word Thursday to firms that provide installment payments for ecommerce purchases: Regulation is coming. A long-awaited report flagged concerns about use of data, late fees and people taking on multiple loans at the same time. CFPB plans to issue guidance that will oversee the lenders, and require the same type of supervisory exams that credit card companies must complete.

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