In today’s top retail news, small business digital platform GoSite has notched $40 million in a Series B round, while Southern Glazer’s has unveiled a business-to-customer online commerce team. Plus, Cyber Monday was not as big a success as the numbers predicted.
Small business digital platform GoSite has raised $40 million in a Series B fundraising round that was headed up by Left Lane Capital. Serra Ventures, Stage 2, Ankona Capital, Longley Capital and Cove Fund also participated in the round. The Series B funding will be used to fuel the firm’s continued growth and build-out of offerings for small businesses as well as to bring in new talent.
Southern Glazer’s Wine & Spirits, the beverage alcohol distributor, has launched a new business-to-consumer online commerce team. The workforce, which will report to Chief Growth Officer David Chaplin, complements the B2B eCommerce abilities that the firm has developed through its Proof platform, which provides trade clients with account management and online ordering capabilities.
Cyber Monday was not as large a success as forecasted by the numbers. That could be a harsh characterization for a day in which shoppers spent $10.8 billion, making a record for the biggest U.S. digital shopping day ever, per Adobe Analytics data. Cyber Monday spending increased 15.1 percent year over year, below Adobe’s initial $12.7 billion forecast. As a concept, Cyber Monday has turned into a gateway for a week-long sales event.
The National Association of Realtors (NAR) indicated that its Pending Home Sales Index (PHSI) is down for the second straight month, falling 1.1 percent following months of steady increases. The PHSI follows inked contracts for current one-family residences. It is currently 20.2 percent above October 2019 at 128.9. NAR Chief Economist Lawrence Yun said in a statement that “pending home transactions saw a small drop-off from the prior month, but still easily outperformed last year’s numbers for October.”