Here’s what you should know today.
1. Fintech startup Wecash raies $80m in Series C
Fintech startup Wecash announced today that is has raised US$80 million funding in a series C round led by China Merchants Innovation Investment Management.
Founded three years ago, Wecash is the first online credit evaluation platform in China.
Wecash will provide credit assessments within three minutes once the required data is provided. After being connected to users’ social media accounts for credit certification, the online credit assessment service enables users to obtain various services such as capital borrowing and lending.
Wecash founder and CEO Zhi Zhengchun said the company will use the funds to enhance its lending artificial intelligence, enrich offline and online consumption scenes.
Read the rest of the story here.
2. Ralph Lauren shifts to ecommerce
Facing falling sales, Ralph Lauren announced that it would shutter its flagship Polo store on New York’s Fifth Avenue and continue cutting jobs, shifting the savings to its ecommerce business.
However, the brand may face some digital challenges.
Consumers now pay more attention to products than brands, a trend reflected in search behavior. In the past year, search volume for non-branded terms such as “polo shirt” grew twice as fast as branded keywords like “Ralph Lauren,” according to L2’s study. In addition to brushing up on its more superficial digital assets, Ralph Lauren will need to confront this new reality.
Read the rest of the story here.
3. Recommended Reading: Why Amazon is so focused on groceries right now
Recently, Amazon has intensified its efforts in the grocery space. Last year, the company expanded its AmazonFresh delivery program to a number of new cities and lowered the price from $299/year to $15/month, equal to a substantial drop.
Just last week, Amazon announced a new program called AmazonFresh Pickup at two locations in Seattle where customers will soon be able to order groceries on their phones and then retrieve them at a drive-thru kiosk.
The opportunity is huge, with nearly $1 trillion in annual sales, but the timing of its current push is curious
With speedy delivery and tens of millions of items available on its website, Amazon has long aspired to be a one-shop for its customers. But groceries has long been a weakness. Most Americans shop for fresh food multiple times a month, and losing out on that frequent purchase means shoppers depend on rivals like Wal-Mart and Costco, rather than just looking to Amazon for all their needs.
Read the rest of the story here.
Source: Tech in Asia