This week’s biggest news are all about retail. Jet.com, a startup with the intent of competing against Amazon, came out of beta and is now available to the public. It works like Costco with an annual membership fee of $50 but you get access to major online stores – Amazon (yes, even Amazon), Walmart, Costco, Target – and to smaller independent retailers. The beauty of Jet is that the more you buy, the more discounts you receive to a point that the company will actually and most definitely lose money. Seems too good to be true, right? The company will solely rely on membership fees for revenue generation. I haven’t signed up yet but I will as soon as I’m ready to test a bunch of products but you can check out the service for a free 3-month trial here (and there’s no auto-enroll, even more remarkable).
Amazon is also in the news this week for posting unexpected profits for the second quarter of 2015 and for beating Walmart’s market cap. According to Wall Street firm Cowen & Co, Amazon is also expected to surpass Macy’s as the top apparel seller in the country by 2017.
- Apple’s third fiscal quarter report shows 38% profit increase but iPhone sales miss Wall Street’s lofty expectations, shares fall as much as 7%
- Palantir Technologies, a private big-data company that serves the military, CIA and NSA, raised $450M at a $20B valuation
- Jeep hacking http://www.wired.com/2015/07/hackers-remotely-kill-jeep-highway/
- New York City puts off proposal to curb Uber rides in the city after reaching truce
- Oracle is seeking to update copyright lawsuit against Google to include Android OS
- Startup e-commerce site Jet.com opens to the public to take on Amazon
- Amazon stock surges with unexpected Q2 2015 profits
- Kate Spade releases new product lines to become a complete luxury lifestyle brand
- China’s e-commerce company JD.com teams up with Taylor Swift to sell a new fashion line for Chinese shoppers
- Hermès reports 22% increase in Q2 sales buoyed by Japan