E-commerce News – Week of July 11th, 2022

Hi r/ecommerce – I'm Paul and I follow the e-commerce industry pretty closely for my Shopifreaks E-commerce Newsletter. Here's a summary recap of this week's stories:

  1. STAT OF THE WEEK: 90% of consumers feel that a product with a large number of low ratings and negative reviews should NOT be allowed to re-list on platforms under a new product listing. — According to LocalCircle.
  2. TikTok had been planning to roll out its new e-commerce Shop marketplace in Germany, France, Italy, and Spain by now, and was hoping to launch in US later this year, but those plans have been put on hold. The company will instead solely focus on making the product a success in the UK for now.
  3. Shoppers are changing the way they buy, but traditional e-commerce funnels haven’t been updated in years, and these outdated funnels are leaving money on the table for retailers and brands. Venture Beat wrote, "For every, say, 100,000 visitors, 3% convert, spending on average $100, resulting in $300,000 of revenue… Today, 25% of traffic lands directly on the product detail page, something that it was never designed for. As a result, traffic bounces off 79% more and converts at only 1.5%, half the rate of every other page.”
  4. Many brands, such as Nike and Birkenstock have previously abandoned their Amazon storefronts to focus on direct sales, but as traditional customer-acquisition avenues like Facebook, Instagram, and Google become more costly, some are giving Amazon a fresh look.
  5. Since the news broke about the new CEO, Pinterest has launched four new e-commerce features including Pinterest API for Shopping, Product Tagging on Pins, Video in Catalog, and Shop Tab on Business Profile. Granted, those features have been in development for quite some time and aren’t a direct result of the new CEO, however, it further demonstrates how much e-commerce is on the radar for Pinterest.
  6. The European Parliament approved the new Digital Services Act (DSA), aimed at fighting online hate and misinformation and providing a framework for e-commerce retailers to counter the circulation of counterfeit and dangerous goods. European commerce associations are mostly in favor of DSA, but are concerned about the tight deadline for its implementation, which dictates that very large online platforms (VLOPs) have seven months to implement the new rules, and online commercial intermediaries have 15 months.
  7. Amazon and Grubhub are partnering up to offer food delivery as a perk for millions of Amazon Prime members in the US. Prime customers will be entitled to online food takeout with no delivery fees through a one-year Grubhub+ membership.
  8. WeShop has launched what it calls the world’s first community-owned e-commerce platform. The UK-based marketplace has pledged to give away shares in the company every time a customer purchases goods through any of the retailers on its platform.
  9. Amazon and Etsy issued late shipment warnings to sellers for not shipping items on Juneteeth, which is now recognized as a Federal Holiday (ie: post offices are closed and the sellers couldn’t ship). Amazon told a seller that Juneteeth won’t be on their holiday schedule for 2023, but may be in 2024.
  10. BigCommerce has entered Austria, Denmark, Norway, Sweden, and Peru with fully localized tech and shopping experiences. Most recently, in January, the company entered into Germany, Mexico and Spain.
  11. Andy Jassy celebrated his one-year anniversary as Amazon CEO last Tuesday. Critics point to Amazon’s 40% decline in stock price since last July and the company’s recent troubles with oversubscribed warehouse space and labor boards as outcomes of Jassy’s management, but I disagree. I think Bezos got out at the right time, just as the company was about to face the aftermath of a post-COVID economy, and that we’ve yet to see Jassy’s potential.
  12. Teller, a DeFi lender, introduced a BNPL service for NFTs like Bored Ape. Now you can pay for your NFT in installments as the value plummets.
  13. Onur “Ron” Aksoy, founder of Pro Network, was arrested for allegedly importing $1B worth of counterfeit Cisco equipment from China and selling it on Amazon and eBay. The Cisco equipment sold was usually older, lower-end models that were previous bought or discarded, and then modified in China, making the devices appear as if they were newer or more expansive models.
  14. Walmart is making its InHome delivery service available to Walmart Plus subscribers for an extra $7/mo or $40/yr (previously available as a separate subscription costing $19.95/mo or $148/yr). The service enables delivery drivers to go inside your home or garage to drop off deliveries and requires the purchase of a smart lock or garage door opener.
  15. Authentic Brands Group (ABG) has settled its lawsuit with Bolt out of court, with Forever 21 and Reebok emerging as new shareholders. The parties will continue to partner up to offer one-click checkout capabilities to ABG’s Forever 21 and Lucky Brand labels. I first reported on the $150M lawsuit in May, which was a result of Bolt allegedly failing to adequately deliver a new online checkout and customer loyalty solution to ABG brands.
  16. DHL eCommerce Solutions announced plans to invest £560M across its U.K. e-commerce operation, DHL Parcel U.K. The investment follows a 40% volume uplift since the start of 2020 and increased demand for its e-commerce and B2B services.
  17. Plus 8 seed rounds, IPOs, and acquisitions of interest.

I hope you find this news recap helpful. See you next week!

submitted by /u/adventurepaul
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *