Weekly News Update // Week of August 3, 2020

Here's TRAUB's roundup of recent retail news. Here's TRAUB's roundup of recent retail news. DoorDash launches a convenience store, Buzzfeed starts selling products direct to consumers, Feelmore Labs introduces a breakthrough wearable device, and more. 

 M&A and INVESTMENTS

• Fortnite-Maker Epic Games Raises $1.78B Crunchbase News
• PandaDoc Adds $30M To Series B To Advance Document Workflow Platform Crunchbase News 
• Credit Suisse Invests $30M In Feather For Urban Furniture Rental Crunchbase News
• Office Of The Future: ROOM Raises $12.5M Series A To Expand Product Line Crunchbase News 
• MikMak Secures $10M Series A To Connect Top Brands With Online Retailers Crunchbase News 

INDUSTRY NEWS

DoorDash Launches a Convenience Store

On-demand delivery startup DoorDash has launched a digital storefront to sell household items, as well as the types of things you’d find at a convenience store. So, chips, ice cream, spices and packaged foods from local restaurants. Called DashMart, the convenience store is available in eight cities throughout the U.S. and plans to launch in additional cities over the next few months.These are essentially micro-fulfillment centers that carry around 2,000 items where DashMart warehouse associates pick and pack the orders, and then delivery workers, known as Dashers, come to collect the order and deliver to the customer.The move into the virtual storefront comes a few months after DoorDash partnered with more than 1,800 convenience stores throughout the country to better respond to the needs of customers during the COVID-19 pandemic.Techcrunch

Everything We Know About Reels, Instagram’s New TikTok Clone

For many retailers and cosmeticToday the internet is abuzz over Reels, Instagram’s new feature for short video clips. Here’s everything you need to know about Facebook’s new tentacle: Reels lets users record and edit 15-second video clips. You can add music, overlay stickers or filter effects, and speed up or slow down snippets of a clip. Clips can be strung together into a longer series or kept solo, and—most crucially—everything can be shared with followers via your Instagram Feed. (If it’s not on the ‘gram, does it even exist?) Reels also occupies a new, dedicated spot in Instagram’s Explore section where you can scroll through public community posts from users around the world, which “showcases the best of trending culture on Instagram.” You can like, comment, or share any post. Fast Company

Starbucks, PepsiCo, and BMW partner to Fix a Global Problem Worth Trillions

To understand the vulnerabilities of the global movement of goods, think about toilet paper and face masks. During the first weeks of the coronavirus pandemic when both items were in extreme demand, the systems in place to move them from manufacturers to consumers were unable to keep pace. The global supply chain—an intricate network of manufacturers, warehouses, and shipping and delivery companies spread around the world—was not broken, exactly, but it also wasn’t nimble enough to work the way the world needed.Now, a consortium of powerful companies and organizations such as PepsiCo, BMW, Shopify, DHL, and the U.S. Postal Service is joining forces with emerging tech startups to fix that.  Fast Company

Feelmore Labs Introduces Cove, A Breakthrough Wearable Device That Effortlessly Reduces Stress And Improves Sleep

Today, Feelmore Labs, an innovative wellness technology company driven by neuroscience, unveiled its inaugural product: Cove, a new wearable consumer device that is scientifically proven to effortlessly reduce stress and improve sleep. Using cutting-edge, patented neuroscience technology, the device silently applies gentle vibrations behind the ears that initiate a natural biological pathway between the skin and the brain. By harnessing this connection, Cove is able to activate the part of the brain that regulates anxiety, leading to a profound and durable sense of calm. PR Newswire

BuzzFeed Starts Selling Products Directly to Consumers

BuzzFeed has long recommended products to its audience, earning a cut of the revenue when readers click the links in its articles and buy from the sites that actually sell the goods.The digital publisher has now introduced a standalone website called BuzzFeed Shopping that lets visitors complete purchases without going anywhere else.Many publishers earn so-called affiliate revenue, the slice of revenue they get when they help generate a sale, by linking from product mentions to retailers that finish the transactions. But shopping directly on media sites may become more common as consumer habits change and publishers continue to seek revenue beyond ad sales.BuzzFeed’s move was enabled partly by the relatively recent spread of checkout functionality beyond traditional e-commerce platforms to a range of websites and apps, said Nilla Ali, senior vice president of commerce at BuzzFeed, citing shopping on Instagram in particular. WSJ

Lack of Crowds Pummels Media Giants: Earnings at a Glance

Media giants saw their results heavily damaged as social distancing kept people away from sporting events and theme parks, while Beyond Meat’s shift to retail sales paid off handsomely.Earlier in the day, restaurants, retail shops and movie theaters reported lower earnings after closing for weeks under Covid-19 precautions. WSJ

COMINGS & GOINGS

• Gucci global head of diversity departs BoF 
• Condé Nast Entertainment hires new president, Agnes Chu, from Walt Disney Company BoF
• Bon Appétit names new executive editor, Sonia Chopra BoF
• The RealReal adds Caretha Coleman, and Carol Melton to board of directors BoF

GOOD READS

• Redefining Retail Through the Customer Gateway Retail Infosystems