PriceSpider reduces friction in the omnichannel shopper journey with the launch of its new Local Shopping experience.

Target reportedly lost market share in several of its key product categories in the first quarter.The retailer’s share shrank in food and household goods, clothing, electronics, homewares and furniture — categories that collectively account for 60% of its revenue, Reuters reported Friday (June 14), citing data from market research firm GlobalData.In addition, Target’s purchase rates and average spending per shopper have dropped, the report said, pointing to data from online shopping tracker PriceSpider.A Target spokesperson told Reuters that CEO Brian Cornell said in May that the retailer expects to see sales growth in the current quarter, according to the report.During the first quarter, Target’s comparable sales dropped for the fourth consecutive quarter at a time when its rivals reported rising sales and growing market share, the report said.Target has attributed its drop to delayed purchases, increased spending on activities outside the home and other macroeconomic factors, without addressing its loss of market share, per the report.“Business trends continue to reflect a normalization in spending patterns that first emerged more than two years ago, a pattern where consumers are remixing their spending back into services and entertainment outside of their homes after curtailing those activities during the pandemic,” Cornell said in May during the company’s quarterly earnings call.The retailer’s stock has also underperformed compared to that of its rivals. Over the year, Target’s stock is up 1.6%, while Amazon’s is up 21%, Walmart’s is up 27% and Costco’s is up 28%, according to Friday’s Reuters report.To reverse these trends, Target launched its private-label brand Dealworthy in January, and has plans to cut prices on 5,000 grocery items this summer. The retailer also aims to add 125 more food items to its Good & Gather and Favorite Day brands, the report said.“Our summer assortment is about bringing together everything people love about Target and making it even easier to shop, even more joyful and even more affordable,” Jill Sando, the retailer’s executive vice president and chief merchandising officer of apparel and accessories, home and hardlines, said in a May press release announced new, low-price summer items.One analyst interviewed by Reuters said these moves are a good start but may not be enough to reverse its loss of market share, while another said that the retailer’s expansion of its private-label offerings and price cuts are the right things to do in the current environment.For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter

PriceSpiderNew channel partnership helps brands easily integrate with an industry leader to tap into best-in-class offerings and tools for holistic campaign managementIRVINE, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- PriceSpider , the market leader in brand commerce solutions, managing more retailer relationships in more countries than anyone else, today announced a new partnership with It’sRapid, a pioneer in AI-driven creative automation for ecommerce content and retail media, for seamless and rapid content creation for shoppable campaigns. The integration allows brands to generate customer-facing copy and assets for social media, landing and product detail pages and more, up to 80% faster than category rivals.The typical creative process can take weeks to months from content ideation and development to approval. Taking full advantage of this new PriceSpider-It'sRapid partnership, brands can create banners, images and shoppable videos in minutes for retail media, plus product detail pages and email campaigns. By unlocking new capabilities with industry-leading partners, brands can build and deploy consistent, vibrant shopping experiences with PriceSpider that align with brand themes. Additionally, brands can quickly update content to take advantage of micro-seasons while maintaining consistency across brand assets.“Consistency and the ability to operate with agility are the cornerstones of brand success in today’s digital landscape. On an endless digital shelf, it’s more important than ever for brands to deliver uniformity in messaging and imagery across platforms,“ said Anthony Ferry, CEO of PriceSpider