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Target+ opens platform to Shopify sellers in new partnership

Target Corporation (TGT) has unveiled a new partnership with e-commerce platform Shopify (SHOP), aimed at expanding its digital marketplace offerings. Beginning June 24, merchants currently utilizing Shopify's services can apply to join Target+, the retailer's third-party marketplace.

Market Domination co-hosts Josh Lipton and Julie Hyman break down the details of the new partnership, providing insights into how this new venture can benefit Target and business owners and online merchants going forward.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Angel Smith and updated by Luke Carberry Mogan.

Video transcript

And retail.

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We got Target turning a shop I to add new and trendier brands to its website starting today, companies that work with shop, I can apply to join Target.

Plus that is the retailers third party marketplace targeted shop if I did not disclose financial terms or the length of the deal.

But Brad, this comes as target is clearly trying to compete in the e commerce space.

And when I mentioned e commerce, what name comes to mind?

It's Amazon, you guys, I'll let you in on the secret, right?

So plus potentially their attempts to move past some of that competition, they've seen a lot of headwinds in their foot traffic in stores, but also when it comes to online purchases.

And I think they're hoping that any additional data they can get about what consumers are purchasing could help them to target customers more efficiently moving forward.

Yeah, I think no further back than to the Q one earnings call here.

And a lot of our viewers remember us talking about this, Brian Cornell, uh the chairman and Chief Executive officer for T had actually talked about this most recent quarter talking about uh the reliability, the digital channel where trends are improving meaningfully over the past few quarters.

And then in that first quarter, they actually saw an increase in digital sales for the first time in more than a year growth driven by some of the same day services drive up in store pickup, same day delivery.

So why does this all matter?

This is just another element for even more merchants to be able to have their products visible within this target platform and merchants that largely already work with Shopify.

So there's gonna be a verification process and uh eligibility requirements.

But this deal with Shopify to discover new brands.

And they're saying for hot items for the third party marketplace, I mean, it's a lot more of that experience that you've seen kind of analogous with Amazon and what they talk about with their third party merchants and even Walmart as well, how they've started to let more third party merchants into that platform too.

And so all of these things considered, it really is just bring Target's operation, especially on the digital side.

A little bit more up to par.

And I think it's good for a lot of small business owners out there.

Ones that have leaned heavily into the meta platform subsidiaries.

I'm looking at you Instagram primarily when you think about the shop ability that they've tried to make for that app and make it into essentially the the new shopping mall if you will.

Uh not, not as many of us going and spending as much time in hot topic as we used to in the past.

I mean, maybe I'm speaking for myself.

I don't know.

I'm in the target.

I'm not necessarily be in target all the time.

I got a hot topic still.

I'm not sure.

I, I don't, I don't get, we live in New York City.

It's hard for us.

Yeah.