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Power Retail Sparks | Weekly News Roundup
Welcome to Power Retail Sparks, a roundup of the global e-commerce news that happened this week. We will update the news stories as they happen. Stay tuned.
Lowe’s Launches Virtual Pitch Program
Lowe’s has introduced its first virtual pitch program, similar to a ‘Shark Tank’ style event. The American hardware retailer launched the event, dubbed ‘Making It…With Lowe’s’, aims to support new products from Black and women-owned companies, finding worthy products to share with the Lowe’s customer base.
The virtual event gathered more than 1,300 pitches, which was narrowed down to 400 and then to eight. The winner of the event was Joe Porsche, which developed the Multus Handle and Haul. Porche now has his winning invention sold in Lowe’s and was awarded mentoring and marketing support, as well as a $50,000 Small Business Grant from Lowe’s. The two runner ups were also awarded by having their products sold at Lowe’s and a $5000 grant.
TikTok Launches Shop Platform in Indonesia
TikTok has published a new page named TikTok Shop: Seller University, which is currently being tested in Indonesia. This page outlines how third-party sellers and brands can set up stores on the app, accept payments and interface with customers. TikTok has opened an integration with Shopify and debuted a shippable live stream with Walmart in December. This new testing in Indonesia is the next step towards ongoing e-commerce tests.
Dmall Prepares for IPO
The Chinese e-commerce platform, Beijing DMall E-commerce Co. is planning to file an IPO in the US. The retailer is planning to list at some point in the second half of the calendar year and could be willing to raise $500 million as part of the launch. Beijing DMall E-commerce Co. is backed by Wumart Group, a Chinese supermarket, one of the earliest and biggest retailers in the country.