Latest news with #Mirakl
Yahoo
21-05-2025
- Business
- Yahoo
LOWE'S ACCELERATES ITS ONLINE MARKETPLACE, ANNOUNCES PARTNERSHIP WITH MIRAKL
Collaboration with industry-leading marketplace technology positions Lowe's to enhance and scale its marketplace for DIY and Pro customers alike MOORESVILLE, N.C., May 21, 2025 /PRNewswire/ -- As part of its ongoing commitment to being the most assistive home improvement retailer, Lowe's is bringing customers more options than ever through its online marketplace – an industry first, launched in December 2024. Now, Lowe's is accelerating the growth of Lowe's Marketplace by announcing its partnership with Mirakl – a global leader in marketplace technology – bringing even more choice, convenience, and value to Lowe's customers. Through its partnership with Mirakl, Lowe's is positioned to scale its e-commerce business faster while allowing trusted marketplace sellers to easily manage their catalogs on better serving customers wherever they are in their home improvement journey. Since launching its marketplace, Lowe's has expanded its offerings from third-party sellers including indoor and outdoor furniture, kitchen and bath, home décor, power and hand tools, and more. This provides more options alongside Lowe's extensive product assortment available in-store and online at catering to the needs of both do-it-yourself homeowners and professional customers. "Lowe's is committed to being the world's most customer-centric omnichannel retailer, and that starts with having the right products and brands for customers and their homes at the right prices," said Lowe's Chief Digital and Information Officer, Seemantini Godbole. "Our partnership with Mirakl allows Lowe's Marketplace to offer a full complement of products to homeowners for every project around the home, driving our Total Home Strategy forward." In addition to offering customers more choices on its marketplace from popular brands, Lowe's Marketplace will feature products ranging the full price spectrum – from value to premium products – while also allowing Lowe's to branch into new product categories across the home. "Lowe's Marketplace extends our aisle to better meet the needs of our customers, bringing them more of the products they want from brands they trust," said Lowe's Vice President of Marketplace, Michael McCluskey. "Mirakl is a proven leader in online retail marketplaces, and joining forces with their team furthers our commitment of creating a robust marketplace, with thousands of items that help home improvement customers find everything they need to make the house of their dreams." Benefits of Lowe's Marketplace extend to members of MyLowe's Rewards loyalty program, with members accruing points on any marketplace purchase. All marketplace products are currently available for home delivery, and customers may return marketplace products purchased through directly to any of Lowe's over 1,700 stores, creating more convenience for customers. Verified sellers within Lowe's Marketplace range from small businesses up to nationally recognized brands, including existing Lowe's suppliers. Lowe's carefully selects its sellers and monitors their ongoing performance and product ratings to ensure products are aligned to Lowe's brand and quality while providing a superior experience that customers know and expect from Lowe's. To shop Lowe's Marketplace, visit Any business interested in becoming a verified seller on Lowe's Marketplace can visit to apply. About Lowe'sLowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Media ContactCliff CermakLowe's Companies, View original content to download multimedia: SOURCE Lowe's Companies, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
21-05-2025
- Business
- Forbes
Lowe's Scales And Optimizes Its Online Marketplace For Vendors And Customers
Lowe's in Castle Rock, Colorado. Home improvement giant Lowe's has partnered with Software as a Service (SaaS) provider Mirakl to help power Lowe's Marketplace, an online resource for DYI consumers and professionals alike. This will allow Lowe's to greatly expand and optimize its assortment and bring on new vendors. Michael McClusky, Lowe's vice president of Marketplace, said the company chose Mirakl because it has the proper tooling to onboard a large number of sellers in a frictionless way and because it has the suite of services to manage Lowe's business on a day to day basis. He declined to say exactly how many vendors will be onboarded. 'We're still in the low hundreds but we'll be in the high hundreds very quickly,' he said. 'We've been able to add thousands of new items to our assortment and platform and we have a robust pipeline of sellers on the platform. [The partnership] Another reason Lowe's chose Mirakl is because it's the biggest in the business with 450 customers worldwide that have online marketplaces running on Mirakl technology, retailers such as Macy's, Saks and Bloomingdale's. 'Retailers are looking for the ability to expand additional categories to offer deeper assortments so maybe you'll have more samples of a particular category from different vendors,' said Scott Eckert, Mirakl's CEO of the Americas. McClusky noted that the endless aisle also includes products that obviously can't be displayed in stores like swimming pools and infrared saunas. 'We want to rely on the sellers who can help us augment our catalog with items we can't carry in stores,' McClusky said. 'If it is in the home we see a great opportunity to say yes to customers with that, and it's a great way for us to augment what we offer across price points, from opening price point items to premium items.' Eckert said the agreement is to work together for three and a half years to enable Lowe's to build a significant business on their Marketplace. 'It shows that it's a significant commitment for both Lowe's and us to build this into a major new channel for them,' he said. The partnership can be renewed after three and a half years. 'Our customers are typically doing three and four year relationships and renewing them, and we expect they would renew them again. We haven't gotten that far since the company is only 13 years old. Mirakl enables our customers to do over $11 billion of gross merchandise value through their marketplaces. 'That's part of why Mirakl is a leader in the industry,' Eckert said. 'We have some big customers that have created big marketplace businesses using our software.' Homeowners in the U.S. have $35 trillion in combined equity, and Lowe's is eager to benefit from those who are nesting. 'I just bought a home in Charlotte as I relocated here and as I look around my house, and see all the things that I want to do, I want to see the variety of assortment out there," McClusky said. 'In the current environment we're operating in, from a more macro perspective, if customers are staying in their homes and perhaps not moving, they may want to do these types of refreshes. We see a great opportunity to be an endless aisle and to keep them browsing.' Among the challenges of the new Marketplace are that it's an entirely new model for Lowe's. 'Every time you bring on a new model, there's a lot of new mechanisms that you're bringing into the fold that you have to get right,' McClusky said. 'Some of the things that we're focused on right now are building a strong foundation on which our seller partners will be able to onboard and operate their businesses.' Next for the Marketplace, McClusky said Lowe's will be maniacally focused on its seller experience over the coming quarters and years, and making sure the experience is frictionless. An area where Lowe's could add value for sellers is the Lowe's ad network called Lowe's Media Network. 'How do we over time integrate the capability for sellers to drive more revenue to our platform and participate more via ads on he asked rhetorically. 'That's something where we see a great opportunity to continue to accelerate this business and benefit both sellers and customers.'
Business Wire
13-05-2025
- Business
- Business Wire
New Mirakl-Storfund Partnership Offers Businesses Improved Cash Flow on 400+ Marketplaces
LONDON--(BUSINESS WIRE)--Storfund has announced a new partnership that will enable businesses to use the fintech's cash flow solution on the 400+ marketplaces powered by Mirakl, the leading provider of ecommerce software solutions. The solution, called Daily Advance, is the first financing product to be embedded on Mirakl Connect. Designed to eliminate the standard delay of 25 days between sale and payout, Daily Advance will see Storfund pay businesses as soon as they ship their goods, improving their cash flow and supporting their growth. The service will be available on marketplaces globally including Macy's, Nordstrom, Best Buy, B&Q, Decathlon and Carrefour. The deal comes a few months after Storfund's launch on TikTok Shop, a partnership which has already seen Storfund finance tens of millions in sales to US sellers. The new partnership with Mirakl will see Storfund offer financing for the $11.2 billion in sales which flow through its platform globally. The idea for Storfund came from the insight that although ecommerce revenue was growing exponentially, cash flow wasn't keeping pace: marketplaces need to delay payouts to facilitate refunds, but this can hold back seller growth as it leaves them without funds to restock. Six years on, Storfund is the only provider of Daily Advance to have cracked the complexity of ecommerce cash flow on a global scale, first developing the tech to integrate with marketplaces directly, and now creating an embedded solution which can be deployed on any platform in the ecommerce ecosystem. A pioneer of ecommerce technology, Mirakl enables B2B and B2C retailers to expand their offering by adding a marketplace of third-party businesses to their website and app. Connect complements this by offering these same businesses a single platform to access the marketplaces. As a leading global platform for channel management, Mirakl Connect utilizes OpenAI, Mistral AI, and Mirakl's proprietary AI models to offer brands and sellers a unified, AI-powered hub. The platform supports online growth worldwide by enhancing catalog onboarding and refining advertising strategies with improved reporting capabilities in development. Offering embedded financing cements Connect's market position as a central hub for brands and sellers to manage all aspects of their operations. With Daily Advance, businesses are able to apply for flexible cash flow on hundreds of marketplaces at the same time, in just a few clicks. Storfund's Chief Revenue Officer Oliver said, 'Our goal is to revolutionise ecommerce cash flow by making Daily Advance the norm on every marketplace globally, so this partnership is a significant milestone for us. It demonstrates that Storfund's technology can be deployed anywhere in the ecommerce ecosystem: it is not just a solution for marketplaces and retailers, but also the technology platforms which support those marketplaces and retailers. Mirakl is one of the most innovative tech companies globally and we are delighted to be partnering with them.' Mirakl has consistently bucked the trend of slower ecommerce growth since the pandemic, for example, in 2024, Mirakl-powered marketplaces saw Black Friday sales climb by 31% whereas comparative data provided by Salesforce shows global sales for Black Friday growing by only 5%. Mirakl attributes its success to its commitment to all three parts of the ecommerce ecosystem: consumers, brands & sellers and marketplaces. Marc Baranes, CEO of GpasPlus uses Storfund on nine Mirakl marketplaces including, plus Amazon. He said 'Storfund's uncapped financing was crucial to our 50% growth last year. The bigger you are, and the more marketplaces you sell on, the more Storfund is essential.' Unlike more traditional forms of ecommerce financing, Storfund's Daily Advance is "pay as you go", meaning it can be paused and unpaused per marketplace as needed. Businesses can choose to use the service only when they make more from it than what they pay for it, so Daily Advance remains a source of revenue, rather than a source of expense. By giving back control of their cash flow, Daily Advance assists Mirakl in its mission to support brands and sellers to stay competitive in an increasingly demanding market. Storfund's technology is built for the intensive speed and volume of ecommerce transactions, and the amount sellers can receive each day is virtually unlimited - whether they make sales of $10,000 or $1m, Daily Advance will enable them to maintain their momentum. Jane Barge, Vice President of Mirakl Connect, said, 'Mirakl is always looking to innovate and to challenge the status quo. Making cash flow an enabler, not a barrier, to brands and sellers' growth is a key pillar of Mirakl Connect's value proposition as a central hub for multichannel operation management. We are delighted to be launching Daily Advance with Storfund'. About Storfund Founded in London in 2018, Storfund provides up to $7 billion per year to sellers on Amazon, TikTok Shop, Back Market, Kaufland and many others. Our mission is to make ecommerce cash *flow*. We started Storfund with a simple idea: marketplace sellers should get paid immediately for their sales, just like traditional retailers. Marketplaces are responsible for over 50% of purchases in a global industry worth $5 trillion, but sellers wait between 7 and 45 days to get paid. Storfund pays sellers on the day that they ship. About Mirakl Mirakl is the leading provider of eCommerce software solutions. Mirakl's suite of solutions provides enterprises with a transformative way to drive significant growth and efficiency in their online business. Since 2012, Mirakl has been pioneering the platform economy, empowering retail and b2b enterprises with the most advanced, secure and scalable technology to digitize and expand product assortment through marketplace and dropship, improve efficiency in supplier catalog management and payments, personalize shopping experiences, and boost profits through retail media. Mirakl is trusted by 450+ industry-leading businesses worldwide. For more information:
