Virtual try-on makeup, Amazon prime, and all the products that were a hit last holiday ...................................................................................................................................................................................
It sure feels like it! The start of the new year has brought with it a ton of updates in the e-commerce world. From news about e-commerce cooling down
to some of the biggest stories this week:
The Virtual Makeup Try-On Market is projected to experience a period of exponential growth, experiencing an impressive +20% Compound Annual Growth Rate (CAGR) by 2030.
The B2C e-commerce market for home and garden products is projected to surge by a whopping $30,189.84 million USD from 2022 to 2027.
The holidays of 2022 saw a milestone-breaking $211.7 billion spent by online shoppers.
All US merchants now have access to Amazon's innovative 'Buy with Prime' program, allowing customers to purchase products effortlessly and quickly for their convenience.
Top Retail and E-commerce Stories
Virtual Try-On: Makeup Try-On Market to Experience 20% Growth by 2030
Photo Credit: Digital Journal
Ready for a makeover but not sure if you want to commit? Thisvirtual try-on tool lets you experiment with hundreds of hair colors and lipstick shades without the fear of commitment. Just tap it, and try it on your selfie before deciding to buy.
Virtual Makeup Try-On technology is becoming increasingly popular and is projected to experience a period of exponential growth with an impressive +20% Compound Annual Growth Rate (CAGR) by 2030.
The Home and Garden Surge: B-to-C E-Commerce Market for Home and Garden Products Projected to Surge by USD 30,189.84 Million
Time for a home renovation?Thehome and garden market has been seeing a surge in recent years, with more shoppers switching from brick & mortar stores to online shopping for their home decor needs. According to a report released by Grand View Research, the B-to-C e-commerce market for home and garden products is projected to surge by a whopping USD 30,189.84 million from 2022 to 2027. The report also states that the growing demand for convenience among customers and increasing internet penetration are some of the major factors driving this growth.
Technavio places the global home and garden products B2C e-commerce market within the internet and direct marketing retail industry of the bigger global retailing sector. This parent field includes profits attained by companies that render their services primarily online, on mail order basis, through door-to-door salesmen, or through shopping networks broadcasted on television. Companies offering online marketplaces for products and services will help to propel the home and garden B2C e-commerce industry. It is projected that the global size of this sector will grow by USD 30,189.84 million, demonstrating a CAGR (Compound Annual Growth Rate) of 10.53%.
While the B2C e-commerce market for home and garden is still in the growing stages, there are many prominent vendors who have already taken this industry by storm. These companies include Amazon.com Inc., Bed Bath and Beyond Inc., Costco Wholesale Corp., Lowes Co. Inc., Overstock.com Inc, The Home Depot Inc., Walmart Inc., Wayfair Inc., Williams Sonoma, and others. One of the main determinants for this expansion is the growth of real estate and residential construction industries.
Shopping Galore: HolidayShoppers Spent USD $211.7B on Online Shopping
Photo Credit: NoSystem images via Getty Images
Setting a record for online shopping!This past holiday season saw a remarkable surge in e-commerce spending, withshoppers splurging an unprecedented $211.7 billionbetween November 1st and December 31st - an impressive 3.5% rise from the previous year! Reaching its peak during Cyber Week (from Thanksgiving to Cyber Monday), online stores were flooded with orders totaling up to $35.5 billion!
Online toy sales catapulted 206% when compared to October 2022, along with video games (115%) and apparel/accessories (94%). Watches witnessed a remarkable increase of 108%, as did baby toys (101%), gift cards (98%), cosmetics(90%), and outdoor grills (86%).
This holiday season, discounts on major e-commerce goods reached unprecedented heights! Toys were discounted the most at 34%, while electronics sat comfortably close behind with a 25% discount as per reports.
Despite the inflation these numbers, according to Adobe, would still have reached high growth given the underlying consumer demand. Vivek Pandya, lead analyst at Adobe Digital Insights shares, "At a time when consumers were dealing with elevated prices in areas such as food, gas, and rent, holiday discounts were strong enough to sustain discretionary spending through the entire season." Vivek goes on to say "the big deals drew in consumers and drove volume, helping retailers who were challenged with oversupply issues, particularly in categories such as apparel, electronics, and toys." An additional report shares that nearly 50% of online sales came from smartphones this year as well.
In April 2022, Amazon introduced Buy with Prime—an exclusive service designed to provide all the perks of shopping on Amazon.com that you know and love such as quick deliveries, a smooth checkout process, and easy exchanges—to online stores outside of the platform.
Buy with Prime now provides millions of US-based shoppers the convenience and reliability they have come to expect from Amazon. When perusing eligible products, look for the instantly recognizable Prime logo as a guarantee that your purchase will arrive quickly—in some cases even by the next day—and is backed up with an easy return policy.
Buy with Prime is a revolutionary movement that enables merchants of all sizes to offer Amazon Prime's unparalleled shopping benefits in their own direct-to-consumer online stores. This exciting initiative helps business owners expand their reach beyond the bounds of Amazon, and maximize potential growth opportunities.
Buy with Prime is an excellent tool for merchants that helps increase customer relationships and loyalty while driving high conversion rates. In fact, internal Amazon data suggests that the average shopper's conversions when Buy With Prime was available as a payment option increased by 25%, which compares shoppers who placed orders during the same time period but without having this purchase option.
Last week, many of you said you're still selling like hotcakes this January! So, we'd love to know, are you still doing some post-holiday sales and discounts?
QUICK TIP
Try this. For international e-commerce, you will need a credit/debit card processor like Stripe along with mobile wallet options such as Apple Pay and Google Pay. Lastly, getting a Buy Now, Pay Later (BNPL) option will ensure your customers have plenty of convenient choices for their payments.
FUN FACT
Nearly half of surveyed customers said that customer service is essential to their overall e-commerce experience.
LISTEN UP
On this 67th episode of The E-Comm Show, our host and BlueTuskr CEO Andrew Maff is with Valentin Radu of Omniconvert. Valentin is a serial entrepreneur, data-driven marketer, CRO expert, international speaker, and the CEO and founder at Omniconvert–an eCommerce growth suite used by hundreds of companies such as Whirlpool, Orange, Avon, and Tempur Sealy.
If you’re a brand struggling with building a strategy for your paid ads or a newbie who has no idea on how to evaluate your metrics, then tune in to this episode with Valentin! Here, he gives a thorough discussion of how to leverage your data to decrease your customer acquisition costs, methods that will optimize your ad listings, and ultimately, how to increase your customers’ lifetime value (LTV) for maximum profitability.
LAST WEEK'S POLL RESULTS
Last week, we asked about your sales expectations this January and it looks like the holiday shopping season isn't over yet!
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