Macy’s is launching a new curated digital marketplace which will enable third-party merchants to sell their products on the Macy’s site as well as bloomingdales.com.
The move marks a significant step for the company in expanding its ecommerce offerings as it takes aim at giants including Shopify.
“The marketplace platform will further accelerate our Polaris strategy and unlock new opportunities for sustainable and profitable growth,” Macy’s chief digital and customer officer Matt Baer said.
“Our digital business is targeted to generate $10 billion in sales by 2023, and we expect the new marketplace platform to produce incremental revenue on top of that target.”
Macy’s is working in tandem with marketplace technology company Mirakl on the project, which will help enable sellers to monitor, drive and grow their businesses within Macy’s curated parameters.
The new marketplace is expected to go live in second half of next year.
The announcement comes after the company raised its full-year sales and profit outlook on Thursday, implying that the US department store chain had managed to avoid the supply chain crisis that has crippled retailers globally.
Macy’s also beat analysts expectations for its quarterly sales, revealing it was potentially looking at spinning off its ecommerce division, which sent shares booming more than 20 per cent to a three-year high.