A new forecast from Forrester Research credits greater online spending by Canadians, lower shipping costs and more selection for the spending increase.
Luvocracy provides an online community that helps consumers discover products recommended by family members, friends and online influencers. The 16-person Luvocracy team will join @WalmartLabs, the retail giant’s e-commerce development team based in Silicon Valley.
@WalmartLabs, the e-commerce research arm of Wal-Mart Stores Inc., has added to its e-commerce war chest today with the acquisition of product discovery technology company Luvocracy. It is the 14th technology acquisition for Wal-Mart in the three years since it launched @WalmartLabs—and the fourth in 2014.
Established in 2011, Luvocracy provides an online community that helps consumers discover products recommended by family members, friends and online influencers. The 16-person Luvocracy team will join @WalmartLabs. Nathan Stoll, the company’s CEO and co-founder, will also join @WalmartLabs. Stoll previously worked at Google Inc. and founded the search engine Aardvark.
“We’re excited to have this super-talented team bring their knowledge and experience to help us redefine the shopping experience of the future,” @WalmartLabs writes in a blog post.
Wal-Mart did not release the terms of the sale.
Wal-Mart’s purchase of Luvocracy follows its acquisition of Adchemy, a product search firm, in May of this year. @WalmartLabs also purchased recipe discovery and meal-planning service Yumprint earlier this year. Wal-Mart bought four e-commerce technology companies in 2013, including web acceleration firm Torbit and predictive analytics firm Inkiru.