Time might be money, but money doesn’t always arrive on time. Historically, US payment networks took days to complete a transaction. Now, with the launch of the FedNow service in July, instant payments are more accessible, and this could shake up how payments are handled in the retail industry.

The network, operated by the Federal Reserve, joins other payment networks such as Fedwire and the Automated Clearing House (ACH) in handling electronic fund transfers. The difference between FedNow and its predecessors, however, is that it processes transactions 24/7 and can instantly move money between users.

So far, retailers have been relatively quiet about how and when they will utilize FedNow, but there is still excitement in the industry about the possibilities.

• Both Walmart and Kroger weighed in on the topic during a conference hosted by the US Faster Payments Council this past spring.

“Any sort of new, systemically important payment system like this, especially one that brings new functionality into the payment world, is a great thing for the industry,” Chris Uriarte, a payments expert and partner at consulting firm Glenbrook Partners, told Retail Brew.

Keep reading here.—AV

Tesla advertises its cars as having a smooth ride, but following the prices for its vehicles has been anything but. Tesla has dropped prices multiple times in 2023, and then in April, it raised the prices of its two most expensive models.

Now, automotive industry economists and experts are left wondering: Is there a method behind Tesla’s up-and-down pricing changes?

Check out this investigation from CFO Brew to find out how the nontraditional car manufacturer’s sales and market share are expected to evolve.

August marked the 50th anniversary of hip hop, and if you were lucky enough to attend the epic Hip Hop 50 Live show at Yankee Stadium, you may have noticed that no performer—not Run DMC, Snoop Dogg, Lauryn Hill, Ice Cube, or Lil Kim—rapped about conversion rate optimization.

But if you’ve been dying to hear raps with that retail trade buzzword (CRO for those down with the scene), along with riffs about e-commerce and DTC, you’re in luck. Aidaptive, which uses AI and machine learning to help companies boost sales, has launched a series of rap videos about the gritty world of digital commerce.

Straight outta Cupertino: The videos feature Ding Zheng, who calls himself “The Sales Rapper” and is hired by companies to create promotional rap videos. “You got 99 problems,” Zheng’s website declares. “But creative marketing shouldn’t be one.”

Keep reading here.—AAN

On Wednesdays, we wear pink spotlight Retail Brew’s readers. Want to be featured in an upcoming edition? Click here to introduce yourself.

Tania Kingrud is EVP of global marketing at John Paul Mitchell Systems, maker of hair care brands like Paul Mitchell, Tea Tree, and Pro Tools.

How would you describe your job to someone who doesn’t work in retail? A magician of strategy and storytelling. My job as a brand marketer at its core is to blend narrative, innovation, and creativity to enrapture and capture audiences.

One thing we can’t guess about your job from your LinkedIn profile? Behind the fun of creative marketing is budgeting and financials (I’m talking spreadsheets and Excel). Continuous plans preparing strategic insights and initiatives and reviewing financial implications are important facets of my role because these lead to smarter business choices.

What’s your favorite project you’ve worked on? That’s like picking a favorite child! I’m so proud of the campaigns and brands I’ve worked on and the people I’ve worked on them with. However, most recently I was very inspired by our campaign with Quannah Chasinghorse. She is a magnetic and powerful human. I was so inspired by her voice and the change I see her bringing. I was honored that she partnered with John Paul Mitchell Systems.

Which emerging retail trend are you most excited about this year, and why? Sustainability and the practice of both businesses and consumers being mindful of environmental and social impact. I’m excited to see so many organizations headed down the right path.

Keep reading here.—EC

Today’s top retail reads.

Price to pay: Restaurants have consistently raised prices for food delivered through apps like DoorDash, but efforts by these companies to push back—like suspending listings for such restaurants—have been difficult to implement. (the Wall Street Journal)

Paradise lost: A look at how Jimmy Buffet’s Margaritaville retail empire can continue on following the musician’s death. (the New York Times)

Keep your cool: How grocery chain Food Lion’s walk-in coolers create a shopping experience that sets it apart from other grocers. (Grocery Dive)

Write on: To run your retail business smoothly, you need to be able to communicate your needs and goals. Learn how to do just that with our Business Writing sprint. It kicks off Sept. 11. Reserve your seat now!

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