Theft-Proof Tools, Lowe's Implements RFID to Safeguard Inventory
Lowe's is taking on power-tool theft with RFID technology. The company's executive VP, Joe McFarland, announced that they're embedding RFID in power tools to prevent theft. When scanned and purchased, the tool becomes operational. This move aims to combat inventory shrinkage, a challenge for retailers, due to factors like theft. Lowe's stock rose 4.1% following the announcement. Other retailers like Target and Home Depot also face similar issues and are seeking solutions, such as the newly enacted INFORM Consumers Act, designed to increase transparency in online transactions to deter criminals. Retail-industry shrink amounted to $94.5 billion in 2021, driven by organized retail crime.
CBS Solution by Pure Storage Simplifies Azure VMware Cloud Migration
Pure Storage has announced that it's introducing its Pure Cloud Block Store (CBS) solution to Microsoft's Azure VMware Solution (AVS). AVS is designed to simplify cloud migration by providing a familiar infrastructure stack for a smooth workload transition. Pure Storage's CBS offers scalable storage for cloud deployments without requiring an equal scale-out of compute resources. It brings the same benefits as on-premises storage arrays to the cloud, including data reduction technologies for cost efficiency. The collaboration between Pure Storage and Microsoft has led to optimizing CBS for AVS, delivering improved cost-efficiency and performance, and making cloud migration more streamlined and compelling for organizations embracing the cloud.
Adyen's Market Value Dives 18B Euros Amid Revenue Growth Slump
European payment services firm Adyen experienced a sharp decline in its stock price, plummeting 39%, causing a loss of 18 billion euros ($20 billion) in market capitalization. This downturn was triggered by Adyen reporting its slowest revenue growth on record, raising worries about increased competition in local markets, especially in North America, offering more cost-effective solutions. Despite being known for steady revenue growth of 26% per half-year since its 2018 stock market debut, Adyen's growth strategy faces challenges due to evolving macroeconomic conditions. The company's CEO emphasized the focus on "functionality" to maintain market share. Adyen's core difficulties include dependence on user loyalty to its platform and convincing customers of its superiority over rivals. Many North American customers cut costs due to economic pressures, affecting Adyen's profitability.
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