We’ve got a roundup of the latest global e-commerce and retail news including cryptocurrency payments, new investment in Paytm, and the latest from Amazon, Newegg, Toys “R” Us, and data breaches at Saks Fifth Avenue and under Armour.
E-commerce
Bancor launches auto-converting cryptocurrency wallet
Bancor’s launch of its new cryptocurrency wallet allows users to buy, store, manage, and convert automatically between any two tokens on its Bancor Network, with no counterparty, at an automatically calculated, transparent cost. This should get the attention of cryptocurrency exchange competitors.
SoftBank leads $450M investment in Paytm’s e-commerce business
SoftBank is at it again giving money to companies that rival startups it has already invested in. The Japanese firm and its long-time ally (and existing Paytm backer) Alibaba have come together to invest $450 million more into Paytm’s e-commerce business, Paytm Mall, as first reported by Mint. The deal is said to value the business at $1.6-$2 billion, with SoftBank providing around $400 million of the committed investment.
A peek inside Amazon’s exploding apparel operation
We’re in a massive Amazon facility in Jeffersonville, IN, that represents the bowels of Amazon’s domestic apparel business. That business happens to be growing at an explosive rate. Amazon’s apparel sales could double in the next two years, topping $85 billion by 2020, according to Women’s Wear Daily.
Newegg to Accept Bitcoin Payments from Canadian Customers
Newegg Inc., the online e-commerce site rivaling Amazon for sales in technical equipment and electronics, is expanding its payment options to include bitcoin for its customers in Canada. Apparently unfazed by recent price volatility and citing “the increasing mainstream awareness of cryptocurrencies,” Newegg is showing its confidence in the future of the cryptocurrency by extending its current policy of accepting bitcoin payments from U.S. customers to Canadian customers.
The year that was for India’s second most valuable startup, Paytm
With digital payments in the spotlight after demonetization of high-value currency notes in November 2016, Paytm enjoyed the fruits of the digital revolution and is now well on its way to further consolidate its position as it enters the new fiscal. FY 2017-18 was the year of reckoning for Paytm with the payment major doubling up from just a wallet to a full stack financial services and commerce player.
Toys R Us Stops e-commerce Sales
As Toys R Us winds down its operations, it is no longer accepting e-commerce orders through its website. Instead, the retailer is directing customers to liquidation sales at its brick-and-mortar stores for both its namesake and Babies R Us brands, industry news source Chain Store Age reported. “Thanks for visiting,” reads a pop-up on the retailer’s website. “We have shut down the website for any purchases, but our brick-and-mortar stores are open and holding going-out-of-business sales.”
Under Armour says data breach affected about 150 million MyFitnessPal accounts
Under Armour announced on Thursday that the breach affected an estimated 150 million users of its food and nutrition application, MyFitnessPal. The investigation indicates that affected information may include usernames, email addresses, and hashed passwords.
Card Data Stolen From 5 Million Saks and Lord & Taylor Customers
On March 28, 2018, a notorious hacking JokerStash syndicate, also known as Fin7 announced the latest breach with more than five million stolen payment cards offered for sale on the dark web. Several large financial institutions confirmed that all tested records had been used before at Saks Fifth Avenue, Saks Fifth Avenue OFF 5TH, as well as Lord & Taylor stores.
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