- Oops!Something went wrong.Please try again later.
Rising digital engagement has radically transformed the way companies reach out to customers. Supermarket biggie, Albertsons Companies, Inc. ACI, has been proactive when it comes to adopting innovative digital capabilities to boost the business. Per market sources, Albertsons has entered into a tie up with tech startup Firework to develop shoppable, short-form videos and livestream content. Firework is essentially a video platform, designed for livestream video experience. Let’s take a closer look at this latest initiative.
Albertsons Steps Into Shoppable Videos Space
According to sources, Albertsons will be the first grocery retailer to adopt the Firework platform. Firework, which touts itself as a “shoppertainment" specialist, has partnered with Albertsons on a three-phase deployment that will start with the debut of cooking videos and other short video content. These videos will be featured on Albertsons store websites, including more than 20 supermarket banners. The videos will also have swipeable functionality, which will likely help shoppers to build their baskets and learn more about featured products. Firework’s interactive platform will enable Albertsons to make use of data and technological capabilities to personalize its offerings. This is likely to help the company to provide its brands with greater digital shelf space.
Through this latest move, the company will be able to offer online customers with the immersive experience of shopping within a store. The video and livestream functionalities are expected to attract greater traffic to Albertsons’ digital platforms and encourage them to purchase groceries. Shoppable videos are likely to feature on the company’s websites by the middle of October, highlighting food-related content like recipes and preparation tips. These videos are likely to be 30 seconds long, optimized for mobile devices. The company will move into livestreaming and sponsored video ads next year.
The heightened digital dependency witnessed during the pandemic served as an opportunity for retailers to explore and come up with innovative digital content. Shoppable videos are gathering much popularity in retail media, utilizing platforms such as YouTube, TikTok and Twitch. Albertsons’ latest move to partner with Firework will help the grocer to make significant headway in the shoppable video space.
Image Source: Zacks Investment Research
Efforts to Boost Digital Capabilities is Encouraging
Albertsons has been ramping up its digital pursuits and connecting with customers in new and innovative ways. In prior efforts, the company partnered with Google to create an interactive and convenient shopping experience. It has also been working with Adobe to bring more personalization to its omnichannel platform. The company also installed automated PickUp kiosks, in collaboration with Cleveron, in stores. Its alliance with DoorDash, to expedite grocery delivery services, is encouraging. Albertsons is striving to expand Drive Up & Go services to more retail outlets and teamed up with third-party operators to provide seamless deliveries.
Albertsons is undertaking prudent efforts to offer superior digital experiences and services to online shoppers. These measures are likely to continue supporting the company’s top line in the forthcoming periods.
Shares of this Zacks Rank #3 (Hold) company have surged 53.4% in the past three months against the industry’s decline of 8.7%.
3 Stocks You Can’t Miss
Walmart Inc. WMT, carrying a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 5.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Kroger Co. KR, which currently carries a Zacks Rank #2, has a long-term earnings growth rate of 8.9%.
Costco Wholesale Corporation COST, with a Zacks Rank #2, has a long-term earnings growth rate of 9.3%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Walmart Inc. (WMT) : Free Stock Analysis Report
The Kroger Co. (KR) : Free Stock Analysis Report
Albertsons Companies, Inc. (ACI) : Free Stock Analysis Report
Costco Wholesale Corporation (COST) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research