CVS Health announced profitable fourth-quarter (Q4) and full-year earnings on Wednesday (Feb. 7), crediting initiatives to improve primary care and expand omnichannel health services. These efforts aim to provide consumers with accessible care options, whether in-person, virtually or at home, the company told investors on a call. In terms of headline numbers, the Woonsocket, Rhode Island-based company reported total revenues of $358 billion in 2023, an increase of about 11% compared to the prior year, and c ...

Taco Bell parent Yum Brands is continuing its investment in digital technology.During a quarterly earnings call Wednesday (Feb. 7), CEO David Gibbs noted that digital sales were up 22%, as the company dealt with challenges, including conflicts in the Middle East and shifting consumer behavior.The trend was on display at Taco Bell, which saw a record digital sales mix during the quarter, at 31%, up seven points year over year. Kiosk sales were a large driver too, Gibbs said, up 15 points from the fourth quar ...

Target is reportedly mulling a paid membership plan similar to Amazon Prime and Walmart+.The new program, known as “Project Trident” within the company, could launch as soon as this year, Bloomberg reported Wednesday (Feb. 7), citing unnamed sources.While the retailer already has its Target Circle loyalty program, offering deals and rewards for purchases, the new program would go further, offering other benefits and requiring a fee, the report said. It could incorporate Shipt, the Target-owned grocery deliv ...

Amazon will reportedly cut jobs across its healthcare units One Medical and Amazon Pharmacy.The company will cut “a few hundred” jobs in these businesses, Reuters reported Tuesday (Feb. 6), citing a letter to employees from Neil Lindsay, senior vice president of Amazon Health Services.The number of positions to be cut could range from roughly 115 to as many as 400, the report said, citing a paywalled article by Business Insider.That article also said that Amazon leaders want One Medical to save another $100 ...

Fox, ESPN and Warner Bros. Discovery have announced a joint venture to launch a new streaming sports service in the United States.This collaboration aims to create a platform that will offer a lineup of sports content, including thousands of high-profile sporting events from major professional sports leagues and college sports, the companies said in a Tuesday (Feb. 6) press release.Scheduled to launch in the fall of 2024, the new streaming service will be available directly to consumers through a new app, a ...

Core Insights - Chipotle Mexican Grill is utilizing digital data from its loyalty program to enhance customer engagement and personalize marketing efforts [1][4] - The company reported a slight decline in digital sales mix, with Q4 2023 digital sales accounting for 36.1% and full year 2023 at 37.4%, down from 37.4% and 39.4% respectively a year earlier [3][4] - Despite the decline in digital sales mix, consumer interest in digital ordering remains high, with significant opportunities for personalized messaging [4] Company Strategies - Chipotle has implemented suggestive upselling on its app based on insights from its Rewards members, including prior order history [1] - The company aims to commercialize customer data for targeted marketing campaigns and improve the overall digital experience to drive increased frequency and spending [1] - Competitors like Starbucks and McDonald's are also focusing on digital personalization, with Starbucks using AI tools to identify and incentivize loyalty program members [2] Industry Trends - A PYMNTS Intelligence report indicates that 71% of U.S. consumers have received personalized offers and are interested in them, with an additional 12% expressing interest despite not having received such offers [1] - Research shows that 1 in 4 U.S. restaurant customers exclusively orders food using internet-connected devices, while 36% use both traditional and digital channels [3]

J.P. Morgan Chase, one of the largest banks in the United States, reportedly plans to open more than 500 new bank branches over the next three years.The move aims to expand the bank’s presence in areas where it lacks representation, Reuters reported Tuesday (Feb. 6).J.P. Morgan’s expansion comes at a time when some lenders are reducing their presence. The number of active branches in the U.S. saw a net decrease of 43 in October, the report said, citing data from S&P Global Market Intelligence. J.P. Morgan h ...

Simon Property Group is leveraging technology to maintain shoppers’ visits to on-site stores in the face of growing competition from eCommerce players.The largest mall owner and developer in the U.S. has driven revenue increases, reporting Monday (Feb. 5) that, in the final quarter of 2023, it saw a 9% year-over-year uptick, with revenue for the full year up 7%.David Simon, the company’s chairman of the board, CEO and president, noted on a call with analysts that the firm is leveraging consumer-facing techn ...

Canadian FinTech SS&C is reportedly accusing banking giant BNY Mellon of data misuse.The long-standing legal dispute is returning to court, Bloomberg News reported Monday (Feb 5), with SS&C — which provides operations services for investment managers — saying it is owed nearly $890 million by the banking giant.According to the report, the case began when SS&C uncovered information that led it to believe BNY had taken financial markets data and shared it with dozens of other entities, without permission and ...

Microsoft has reportedly launched an artificial intelligence (AI)-focused partnership with news startup Semafor.The collaboration would see Semafor use tools from Microsoft and partner OpenAI to develop news stories with a “global, multi-source” breaking news feed known as “Signals,” Semafor announced Monday (Feb. 5).“Signals responds to the deep and continuing shifts in the digital media landscape and the post-social news moment, and to the risks and opportunities posed by artificial intelligence,” the com ...