Some 57% of US consumers started their online shopping searches on Amazon as of Q2 2023, according to Jungle Scout. That’s more than those who started on a search engine (42%), the Walmart website (39%), or TikTok (17%).
TikTok aims to generate $20 billion in sales via TikTok Shop, and is expected to launch its own US ecommerce store soon. The platform is also leveraging new search features to become a hub for retail ecommerce. TikTok is also pushing new AI ad tools, and getting involved in a host of new media ventures. Here’s what the platform has been up to over the past month.
The real-time payments system could create a loss of interchange revenue and other challenges—but that’s not stopping them from signing up for it
Data Connect for Marketing helps merchants use first-party data to make more targeted and successful marketing campaigns
After a rough 2022, Worldpay’s valuation took a hit and will need to find ways to reinvigorate growth
Gen Z’s buying power is rapidly growing: Food and beverage companies looking to cater to the demo’s unique tastes can’t do so without incurring some risks, however.
Nearly 175 million adults in the US will use Amazon Prime this year, making up 65.9% of the US adult population, according to our forecast.
The US IPO market shows signs of life: Cava went public last month and raised $366 million and now Birkenstock’s owner is considering taking the sandal maker public.
Food delivery platforms push back against NYC’s minimum pay law: Uber, DoorDash, and Grubhub say the new standard would raise costs for businesses and consumers while limiting worker flexibility.
With the anticipated growth of Prime Day sales, retail media spending will balloon as Amazon retailers invest in marketplace ads to capture more attention during the event.
Levi’s makes D2C its focus to offset shrinking wholesale revenues: But D2C poses its own challenges, including higher operating costs and the risk of losing out to competitors.
Deep discounts may drive consumers previously holding back on big-ticket or discretionary purchases to splurge, while parents will keep an eye out for back-to-school deals. Walmart, Target, and Best Buy may see Prime Day-driven boosts in physical store traffic.
Google continues to lose ground to Amazon: Amazon is holding steady as shoppers’ search engine of choice for products, even as TikTok and other social platforms attract Gen Z consumers.
The Christmas Tree Shop is closing its doors. Overstock.com is becoming Bed Bath & Beyond. Party City went bankrupt and is closing stores. More than 50,000 stores that are open now may be closed by 2027, according to UBS. But what actually happens to retail spaces, brand identities, and competitors when a brand goes out of business?
Gen Zers in the US want their brands to support mental health more than any other cause, cited by 53% of those surveyed by ICSC and Big Village. Tied for second place are environmental causes, including climate change and sustainability, and racial and gender equity (47% each).
As Goldman Sachs pulls away from consumer banking, it may offload Apple Card to Amex—with potential knock-on effects for Apple Pay Later
The tool will help brands offer an enhanced customer experience online and may lead to higher conversion rates
The platform launched in New Zealand as it tries to reach 10 million users across Asia by the end of 2025
Flipkart partners with Axis Bank to offer personal loans: An embedded finance strategy will help it stave off competition from Amazon and other emerging rivals in India’s booming ecommerce market.
TikTok wants a cut of #BookTok successes: ByteDance has launched a unit called 8th Note Press in a move that could disrupt publishing.