...and the Dodo does adorable insurance
| Next up in the pet-palooza: pup-tails | |
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Hey Snackers, A 2nd grade teacher dropped off her class Zoom call, leading to some top-notch banter between seven-year-olds: "I'm muting my mic because I don't want to talk" — big mood. House Speaker Nancy Pelosi told the Trump admin it'll need to reach a deal with Democrats tomorrow for more corona-aid to pass before the election. Stocks dropped sharply since investors aren't optimistic about that happening. | |
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Walmart revamps stores to look like its app (of course, this is about Amazon) | The app-iest place on Earth... could be your local Walmart. Walmart is redesigning its stores to look like its app, so that shoppers can easily navigate aisles. The redesign will roll out to 200 US stores this year and 1K more by the end of 2021. Walmart's seriously pushing to make its app the main attraction (the store is just there to complement your tappy-taps). It wants you to: - Download the app before entering (and ideally, delete Amazon's).
- Use it to navigate the store (don't even think about asking Sheryl where the toilet seats are).
- Pay in-app with "Scan & Go" (and/or search for more options).
Having Duty Free flashbacks... Walmart's makeover was inspired by airports since they're "best-in-class" at shepherding large groups of overwhelmed people. Except instead of flying from Paris to Bangkok, you're walking from pears to Instant Pot (Aisle 12). But this is really about Amazon (aka: Walmart's #1 nemesis)... - More than half of Walmart's top-spending families are Prime members. That's why the Mart started a $98/year subscription rival (Walmart+) in July.
- Amazon is winning the corona-conomy thanks to its contactless service. Walmart's redesign is meant to get you in and out of stores quickly with minimal contact.
| THE TAKEAWAY | Walmart wants to go everywhere with you... The "app store" concept might help it do that. We rarely see Amazon stores, but we use Amazon to shop 24/7. Walmart wants you to associate it with 24/7 shopping, too. By incentivizing you to get its app for store browsing, Walmart is boosting chances that you'll use it at home, too. | |
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The Dodo is famous for viral animal videos— now it's getting into pet insurance | When you need that quick serotonin hit... and then find yourself three hours deep into baby penguin compilations. The Dodo cranks out feel-good videos like "Tiny Piglet Meets Baby Cow" (6M views) and "Big Dog Loves Baby" (14M views). It has 90M followers across social sites and is owned by Group Nine Media, which also owns PopSugar and Thrillist. Now: - The Dodo is getting into pet insurance. Group Nine, which is backed by Discovery, has taken a minority stake in pet insurer Petplan.
- "Fetch by the Dodo": Petplan's new name (sounds like a subtle Means Girls reference). The Dodo will be paid to promote Petplan's offerings on its channels.
"Profit puppy" takes a literal turn... The Dodo has been getting creative with ways to monetize its massive audience. It launched a Netflix Kids series and partnered with Airbnb Experiences (no BLTs at the Piggie Picnic). Now it's capitalizing on the corona pet-palooza: - Pet adoption soared 60% in March and April as housebound Americans took in furry friends. Pet goodies company Chewy saw sales surge 47% last quarter.
- Insurance startup Lemonade added pet coverage after realizing 70% of its customers have furry friends. The Dodo wants to cash in on the puppy love, too.
| THE TAKEAWAY | Ads aren't cutting it for media companies anymore... Google and Facebook have devoured ad sales like pitbulls crushing a T-bone steak. Now that only scraps are left for the Pomeranians (media companies), they have to find other sustenance. The Dodo did this by leveraging its animal-loving following for a stake in insurance. | |
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What else we're Snackin' | - Action: AMC plans to reopen movie theaters in NY state (excluding NYC) on October 23. The stock soared after Gov. Cuomo approved.
- Pharm: CVS wants to hire 15K employees ASAP to prep for a rise in COVID-19 and flu cases this fall and winter.
- Shipped: FedEx and UPS tell some of their largest shippers that they're reaching the limits of holiday capacity (expect delays).
- Gassy: Oil giant ConocoPhillips will buy rival Concho Resources in a $9.7B deal, creating the largest American oil company of its kind.
- Flash: Kodak's CEO says it'll move forward with manufacturing drug ingredients, regardless of whether it gets government aid.
- iBuy: Apple's first-day preorders for iPhone 12 surpassed the iPhone 11, according to a top analyst.
🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up here. |
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The Snacks Daily Podcast | As one of the world's largest providers for the oil and gas industry, Halliburton is selling (metaphorical) shovels for the oil gold rush. Problem is: there's not much of a rush anymore. Halliburton's sales plunged 46% last quarter because the only fuel we needed was for a trip to the fridge — scratch the 15-hour flight to Bali. Tune into our snackable 15-minute pod to hear why "shovel sellers" must pivot or die when the boom ends. | | | |
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Tuesday | Disclosure: Authors of this Snacks own shares of Walmart, Amazon, CVS and Apple ID: 1375427 |
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