Short-form mobile video app TikTok is expanding its eCommerce footprint by testing a new feature allowing users to add a shoppable URL to their bios or videos, creating an online store where consumers can shop without leaving the app.
L Brands reported a steep loss for its Q3 as sales continued to fall at its troubled Victoria's Secret division. The retailer’s net loss totaled $252 million, or 91 cents a share, in the quarter ended Nov.2, compared with a loss of $43 million, or 16 cents a share, in the year-ago quarter. Adjusted earnings came to 2 cents a share, in line with analysts’ estimates, compared with 16 cents a share a year ago.
PayPal announced that it will buy shopping and rewards platform Honey for $4 billion, its largest acquisition to date. Buying Honey allows PayPal to establish a foothold in a new area of the market. PayPal's stock price dropped more than 2% in extended trading after the announcement.
New convenience-minded features arrive months after the chain debuted delivery hot spots, mobile checkout, and AR loyalty tie-ins. 7-Eleven launched a voice-powered app that lets customers place delivery orders through their Amazon Echo or Google Home smart speakers, according to an announcement shared with Mobile Marketer.
Marie Kondo has launched an online homeware store selling over 100 items ranging from £9 to £154. The Japanese organizing consultant and author who is well known for her tidying up methods said the reason behind the launch of her eponymous label is to help consumers “make room for meaningful objects”.
Get curated eCommerce & retail news right in your inbox. Stay knowledgeable. Save time!
Unlock unique intel on every eCommerce company you’re aware of, and the ones you aren’t.
To check out retail news on a weekend, click on the following Monday. We aggregate news over weekends in a post every Monday.
There are about 6 million sellers on Amazon’s marketplace However, fewer than 40% (or 2.5 million sellers) are currently active, and >99% of those making less than a million dollars in sales, reflecting just how long-tailed the marketplace is. Even if Amazon has a monopoly over online retail, is it sustainable. Could it be challenged? We have been fixated on Walmart for far too long – a company that still loses billions in eCommerce every year and is busy selling its once-storied eCommerce acquisitions.
Shopify is the real challenger if there could ever be one. Shopify's subscription business is an acquisition channel for discovering and nurturing brands that are likely to grow and become a customer for all of Shopify's other services. These are the businesses that make money. So Amazon's billion merchants don't matter. Amazon knows it. Amazon has 6 times more sellers than Shopify and yet only 2 times more millionaire sellers than Shopify. Shopify already has more $10M+ run-rate sellers than Amazon!