We're seeing all sorts of big shifts in the E-commerce landscape, with industry leaders like Amazon rethinking sale scheduling and generative AI becoming a cornerstone of many businesses' growth strategies. Here are the biggest stories this week:
Amazon announces its 2023 Black Friday sale, which takes place significantly earlier than last year's.
Digital experience is becoming more important than ever for consumers, especially as they budget for the holidays.
Shopify's Q3 earnings are up 25% YOY, with AI and an Amazon partnership cited as key factors.
eBay has introduced a suite of new tools for sellers, including AI-generated product pages and a live shopping platform.
How to create percentage-off discounts in Amazon, updated for 2023.
The Amazon Corner
Another Record Breaker? Amazon Announces 2023 Black Friday Sales Event
It wouldn't be Black Friday without Amazon! The tech giant announced that its Black Friday sale will start on November 17th — significantly earlier than last year's, which started on Thanksgiving Day (November 24th). Amazon's Cyber Monday sale will also start early, on Saturday, November 25th. Prime members who want a head start on the savings can sign up for invite-only deals on select products starting on November 13th.
With new deals dropping as often as every five minutes during select periods, it's bound to be exciting for both sellers and shoppers looking to knock out their holiday shopping early. Expect to see discounts on a wide variety of brands, including the likes of Casper, Ninja, Peloton, LEGO, and more.
Get Optimized: Holiday Spending is Up, But Only for Businesses Offering Great Digital Experiences
Now's the time to optimize your storefront: A new Cisco AppDynamics survey offers some good news for E-commerce sellers: consumers are planning to spend more of their holiday budget online this year than in 2022. In fact, 43% of consumers expect to do more of their seasonal shopping online in 2023, citing benefits like better prices and wider product selection. Much of that spending will take place during major sales, with those polled anticipating that 59% of their holiday spending will happen on Black Friday and Cyber Monday (up 6% from last year).
While this environment is encouraging, there's a catch. According to one of the poll's authors, "consumer expectations for digital experience continue to rise, and people's reactions when they encounter poorly performing applications and digital services are getting stronger." 58% of those polled said they'd move on from a retail brand if their online shopping experience weren't up to par, with a further 71% saying a bad experience would make them consider moving back to in-store shopping.
Can't Stop the Shop: Shopify's Earnings Up 25% in Q3 2023
Those are some impressive numbers! Shopify's total revenue grew to $1.7 billion in its third fiscal quarter, an increase of 25% over last year. On top of that, the company's gross merchandise volume (GMV) — the value of sellers' products within Shopify's ecosystem — increased 22% to $55 billion, and gross profits grew to $901 million (an increase of 36%).
On an earnings call with investors, Shopify president Harley Finkelstein cited an array of factors driving the growth, including the company's new AI tools, updates to Shopify Checkout, which improved speeds, and a new partnership with Amazon that allows shoppers to "Buy with Prime" directly within Shopify. With these new features, E-commerce sellers now have a powerful set of tools at their disposal to develop their businesses and drive sales.
A New Set of Tools: eBay's Growth Strategy Includes AI-Generated Listings and Live Selling
Photo credit: eBay
Innovation is everything! eBay has implemented a host of new tools that allow sellers to more easily reach buyers, with a special emphasis on niche products like sneakers, trading cards, and luxury handbags. Vice President of Product and Seller Experience Michelle Warvel notes that "enthusiast buyers" of such products account for roughly 70% of eBay's annual gross merchandise volume, so it's no wonder the company is making efforts to cater to their needs.
Among the most exciting of the new tools are "magical listings," which rely on AI-generated content to create longer, more detailed product descriptions for niche products. Additionally, in May, the company launched eBay Live, an interactive livestreaming platform that's designed to appeal to Gen Z shoppers who are more likely to spend money when they can engage directly with sellers.
Don't Forget the Discount: How To Create a Percentage-Off Promotion on Amazon
Promotions with precision! Whether you're clearing out old inventory or just looking to build up some good will with your customers, a discount is a great way to get people to hit the "Buy" button. Amazon sellers have a powerful set of tools at their fingertips to apply percentage-based discounts to products, whether instantaneously or at a scheduled point in time. In this tutorial, we'll show you how to set up an Amazon discount in just a few quick steps....
Try this. Create shoppable YouTube video ads with clear CTAs/action buttons that link to your website or a specific product page.
FUN FACT
63% of YouTube users say they've bought from a brand after encountering it on YouTube.
LISTEN UP
When it comes to running successful SMS campaigns, there are several key points to consider. On this 109th episode of The E-Comm Show, Andrew interviews Sara Varni, CMO of Attentive — a leading text message marketing platform that helps businesses drive revenue and improve customer loyalty.
Sara will discuss how to create effective SMS campaigns, the best practices for segmenting your customer base, and the tips and tricks that will help you engage your customers. Tune in to this episode if you want to learn more about running effective SMS campaigns!
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