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  •  Target CEO Brian Cornell Says Retailer Is Benefiting From Its 'one-stop Solution' Advantage

    Target CEO Brian Cornell said customers may come to its store with a short shopping list or a particular item in mind, but they're filling up their baskets and leaving with many purchases.

    "We're seeing a guest who's shopping all of our categories, taking advantage of our one-stop solution," Cornell said in an interview on CNBC's "Squawk Box" Wednesday. Earlier, the retailer reported third-quarter earnings that solidly outpaced analyts' estimates.

    Target's diverse assortment has taken on additional importance as shoppers limit trips during the coronavirus pandemic, Cornell said.

    "We're seeing many families coming to us to pick up a new Barbie or something for their kids — a Lego item," he said. "But while they're there, they're shopping for Microsoft items or Apple. Even during the pandemic, children are outgrowing their clothes, so guests are coming to us for Cat & Jack, but while they're there they've discovered that we have Levi's Red Tab available for them and their families. They're also visiting food and beverage and discovering our Good & Gather brand."

    In the third quarter, Target said sales online and at stores open at least a year rose 20.7% from a year earlier. Comparable digital sales grew by 155%, while same-store store sales climbed 9.9%.

    Target has seen that shoppers are visiting more frequently and putting more in their baskets. Combined transactions in Target stores and on its website were up 4.5% year over year, while the average ticket grew 15.6% in the quarter.

    So far this year, the company said it's picked up $6 billion in market share, with $1 billion in share gains coming during the latest quarter.

    Cornell would not name retailers that it's taking market share from, but pointed to the company's numbers saying they "compare very favorably to our peers."

    "It has been broad based," he said. "We're picking up share from our traditional competitors as well as specialty competitors."

    And, he said, Target's recent deal with Ulta Beauty will entice customers to visit its stores and website more and spend more when they do. Next year, a smaller version of Ulta will open in over 100 Target stores with a curated mix of beauty items, from lip glosses to perfume. The beauty items will also be available online.

    He said beauty "is a great category that combines style and frequency in our business."

    He added, "it's just another way for us to elevate the experience and bring an iconic new partner into our Target stores and Target.Com."

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    Dutchie Announces "Dutchie Plus," An Enterprise Solution To Empower Dispensaries To Create Fully Customizable E-Commerce Experiences

    BEND, Ore., Nov. 17, 2020 /PRNewswire/ -- Dutchie, the world's largest and fastest-growing e-commerce solution for cannabis dispensaries, today announced the launch of "Dutchie Plus," the market's first enterprise-level e-commerce solution that empowers dispensaries to create fully customized online shopping experiences. Dutchie Plus leverages Dutchie's already industry-leading suite of backend e-commerce tools and couples it with a set of APIs on the frontend to allow dispensaries to create their own fully customized e-commerce experience. Dutchie's latest solution extends its innovative product suite to meet the needs of large dispensaries and multi-state operators (MSOs).

    "The cannabis industry is one of the fastest-growing in the world and we've begun to see some incredible retail operations emerge and mature," said Zach Lipson, CPO and Co-founder at Dutchie. "Dutchie Plus is the industry's first solution tailored to the needs of these enterprise retailers, who are looking to differentiate their online experience. Before Dutchie Plus, these retailers had to choose between standardized solutions or building their own software. Now, they've got the best of both worlds - the industry's best set of backend e-commerce tools, with the ability to craft their own on-brand, completely custom frontend experience."

    According to IBM's U.S. Retail Index, the COVID-19 pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years. The cannabis industry is one of the fastest-growing in the world with the global cannabis market expected to reach $73.6 billion by 2027. Yet even the largest dispensaries and MSOs are currently unable to create fully customized online shopping experiences with the current tools on the market. Dutchie's latest enterprise-level offering is a breakthrough for the industry, giving dispensaries the tools and expertise afforded to other mainstream industries to ensure their brand is represented on their terms, effectively navigate changes in the market, increase their bottom line, and retain more customers.

    "Cookies has a discerning fan base that collectively demands and deserves world-class experiences, paired, of course, with the dankest bud on Earth. Dutchie Plus enables us to bring our polish and magic to digital, where innovation is sorely needed in the cannabis space," said Sam Gammon, Director of Technology at Cookies, a preeminent international cannabis lifestyle brand. "We're beyond excited to realize a truly seamless digital expression of cannabis commerce, and these new tools will allow us to channel our creativity without limitation. Technology and cannabis can be powerful equalizing forces, and Dutchie Plus is a big step toward something truly fresh and new that works great for operators while meeting customers where they are: the free and open internet."

    Dutchie Plus is a data-driven product that allows dispensaries to build a fully unique, on-brand frontend experience using a set of advanced APIs powered by Dutchie's industry-leading backend e-commerce platform. For the first time ever, dispensaries will have full control over their user experience, from how their products are displayed and categorized to how customers navigate their menu, to create a more sophisticated experience beyond typical templatized models. As the cannabis industry continues to mature and companies expand at the enterprise level, brands are looking for solutions to match that innovation and bring their unique in-store experiences online.

    Dutchie, which recently processed its 15 millionth order, processes 10 percent of all legal cannabis sales worldwide and powers 25 percent of all legal dispensaries across 30 markets and 301 cities in the United States and Canada. Dutchie recently announced its $35M Series B funding round from investors including Snoop Dogg's Casa Verde Capital, Kevin Durant'sThirty Five Ventures, Thrive Capital, Gron Ventures, and Former Starbucks Chairman and CEO Howard Schultz, bringing its total funding to $53M to date. The investment will continue to drive team growth, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting consumer demand and expectations across North America. Dutchie was also recently named one of LinkedIn's "Top 50 Startups 2020," reflecting its market leadership and exponential trajectory in just three years since its founding. To learn more, visit: https://dutchie.Com/home.

    About Dutchie: Based in Bend, Oregon, Dutchie is the cannabis industry's leading and fastest-growing e-commerce provider, powering online ordering for the top dispensaries throughout the United States and Canada. Today, it powers 10 percent of all cannabis sales in the U.S. And hosts more than 25 percent of all cannabis dispensaries nationwide. Dutchie is a product- and design-focused company that has created a best-in-class experience for cannabis dispensaries and shoppers. Since its inception in 2017, Dutchie has experienced significant growth. The company has raised a total of $53M in funding to date. To learn more, visit www.Dutchie.Com.

    Media Contact: jess@riffcitystrategies.Com View original content:https://www.Prnewswire.Com/news-releases/dutchie-announces-dutchie-plus-an-enterprise-solution-to-empower-dispensaries-to-create-fully-customizable-e-commerce-experiences-301174020.Html

    SOURCE Dutchie


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