POST OF THE WEEK
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You can learn a lot by analyzing past events, especially in commerce which is all about the latest trends and innovations. So, before we greet Q4, let’s look back at the past quarter’s trends and news. Econsultancy wraps up Q3 with these reports.
Consumer confidence
Consumer spending is driven by confidence – especially for non-essential goods. Good news for the U.S. market! Customer sentiments have risen as of August 2024. (That’s a first in the past 5 months!) But the rest of the buying world is mixed with budget announcements and other concerns.
Tech-commerce
There’s a lot of news regarding ecommerce tech.
- Walmart AI wins. Walmart is the first major retailer to announce its earnings and gains from GenAI adoptions.
- Target AI follows. Target plans to roll out ‘Store Companion’ for employees this coming peak season. This GenAI chatbot is designed to answer on-the-job questions, reducing ‘I’ll have to ask my manager’ delays.
- Alibaba’s B2B AI. Alibaba has announced an AI assistant to answer business buyers’ sourcing needs. If successful, it will be the first B2B personal shopper.
- Watch and shop. A partnership between Paramount Global and shoppable advertising company Shopsense AI made it possible for red carpet viewers to shop the outfits on the screen – in real time!
- Play and Buy. Roblox is becoming the internet’s 3D virtual mall with its’ Shopify integration.
Other Q3 notables
- New U.S. legislation on Chinese shipments is in the works.
- Taobao is now available in English in both Singapore and Malaysia.
- Logistics. Uber is making headway with end-to-end logistics by integrating on-demand delivery with its freight service. Amazon is also making progress with low-impact last-mile delivery as it experiments with tram deliveries in Germany.
What Q3 ecommerce events stood out to you? Let us know so we can feature them.
BITES OF THE WEEK
- Fund Withholding Policy Update: Effective October 9, the duration when sellers may appeal for their disbursements is shortened.
- Amazon Seller Financing: Get to the pros and cons of different financing forms and what Amazon financing should be.
- Startups Rising: The festive season is an opportunity to scale for startups leveraging technology.
- Get Allied: Team up with Seller Alliance's community of Amazon Sellers and grow your business.
SELLER COMMUNITY
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Selling on Amazon is challenging, but you don’t have to go it alone. Surround yourself with a community of sellers who’ve been where you are—and who are ready to help you thrive.
ECOMMERCE NEWS
TikTok Shop turns one year in the US
TikTok Shop has officially marked its first year in the U.S. ⚡ According to Marketplace Pulse, here’s how it actually performed:
- Sales performance. Despite big hopes of reaching $17.5 billion in sales, TikTok Shop is trending at around $4.5 billion. Not bad, but far from the goal.
- Top performers. Smaller brands that found a niche strategy or went viral early—like GuruNanda—are reaping the rewards. Goli Nutrition, known for its vitamins, tops the charts with creative affiliate strategies, pulling in over $4 million in just a month.
- Top Categories: Health, beauty, and wellness products are currently the top-selling categories.
- Affiliate power. Most sales come from influencers and affiliates, not direct brand campaigns. TikTok Shop’s system tracks sales from affiliates without the need for special links or codes.
- Unique selling style. TikTok Shop isn’t your typical marketplace like Amazon or eBay. It’s all about content and influencers driving purchases, with live-stream shopping just beginning to catch on.
- Challenges for growth. US customers are still warming up to social commerce, and many brands are still figuring out how to tap into TikTok’s unique funnel.
TikTok Shop’s first year has been a mix of success and challenges. But it’s definitely a platform worth watching, especially as more brands begin to understand how to use TikTok’s powerful content-driven ecosystem. 👀
