Macy’s Inc. (NYSE: M) announced that it would be partnering with Facebook Inc. (NASDAQ: FB) in an effort to expand its e-commerce customer experience. The retail chain also will add other new features to its enterprise, including virtual reality and augmented reality.
As for the Facebook partnership, the social media site will bring in nearly 150 e-commerce brands to The Market @ Macy’s across nine stores this holiday season. The Market @ Macy’s helps both emerging and established brands reach new audiences in a physical space with turn-key entry into some of Macy’s most highly trafficked stores.
Each Market brings a rotating selection of unique offerings in apparel, accessories, beauty, entertainment, experiences, decorative home, stationery, technology and gifts. Mobile and platforms like Facebook have opened the door for emerging brands to connect with shoppers digitally, and now The Market @ Macy’s partnership with Facebook will provide participating small businesses and e-commerce brands the unique experience of a Macy’s store environment during the holidays.
Separately, Macy’s has developed virtual and augmented reality furniture shopping experiences in partnership with Marxent. By early November the company expects to have successfully completed the launch of VR for Furniture in 69 Macy’s stores across the country. In the pilot stores, VR-influenced furniture sales have increased the overall basket size by more than 60% versus non-VR furniture sales.
Hal Lawton, president of Macy’s, commented:
Macy’s is focused on providing customers with fresh experiences, and we are always looking for new ways to engage our customers in store, online and via our mobile app. Our technology enhancements are practical applications that will engage our customers while also driving sales. The investments we are making behind the scenes will enable our colleagues to give our customers the best shopping experience possible. We’re also thrilled to be partnering with Facebook to bring new brands into our retail as a service concept, The Market @ Macy’s.
Shares of Macy’s were last seen up about 1% at $35.54 on Tuesday, with a consensus analyst price target of $36.00 and a 52-week trading range of $17.41 to $41.99.
Facebook shares were last seen at $161.07, with a consensus price target of $211.03 and a 52-week range of $149.02 to $218.62.