The Webretailer News Digest for October 28, 2022
Explanation:
We fact-check all of our content to ensure you have reliable and up-to-date information for your eCommerce business decisions.
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Today’s news is 1024 words and takes 4 minutes to read.
Amazon gives the greenlight on Venmo payments
It’s official! Amazon shoppers in the US will be able to pay for their items using Venmo by Black Friday. Max Bardon, Amazon VP of Worldwide Payments stated in a press release:
“We want to offer customers payment options that are convenient, easy to use, and secure—and there’s no better time for that than the busy holiday season. Whether it’s paying with cash, buying now and paying later, or now paying via Venmo, our goal is to meet the needs and preferences of every Amazon customer.”
How does it work?
Just like any other payment method on Amazon. Shoppers can add their Venmo account as a payment method and then select it as their payment at checkout.
Is PayPal coming to Amazon?
PayPal owns Venmo, so the eCommerce world is speculating the deal could be a sign that PayPal will soon come to the Amazon marketplace. But if it’s true, the only sign came from PayPal CEO Dan Schulman’s LinkedIn profile. He stated in a post, “This is a very significant moment in our Venmo monetization journey and marks the beginning of an exciting relationship with Amazon.”
Key indicators
A PayPal executive pointed out that Venmo has almost 90 million users and their press release stated that Venmo users shop twice as much as the average shopper and “are 19% more likely to make repeat purchases.”
The move brings Venmo’s buy-now-pay-later (BNPL) to Amazon and certainly opens the door for PayPal in the future.
Big Retailer News
Warehouse startups are making adjustments as the eCommerce boom slows
As the pandemic eCommerce boom slows, many logistics providers are recalibrating their business. The days of heavy investment, warehouse launches, and mass hires are over. And according to a report from Business Insider, venture-backed startups in the shipping space are going to have a tough time keeping afloat.
Layoffs in the past year
Fulfillment companies were acquiring smaller competitors and opening new warehouses a year and a half ago. But here’s a roundup of the recent layoffs from these companies as they’ve had to cope with slowing demand:
- June – Stord lays off 8% of its staff
- July – ShipBob lays off 7% of their workforce after a $200 million funding round in the previous month.
- July – Flexe lays off a small number of recruiters.
Key indicators
Many of these smaller warehouse and shipping startups are also holding off on funding raises. They don’t want greedy venture capitalists swooping in to take their profits — if they have any at all.
Final quote
“I think the market will contract and over the next few years you’ll see fewer companies with ‘ship’ in the name.”
Matthew Hertz, co-founder of consulting firm Second Marathon.
Upcoming Etsy event to help sellers with SEO
Next week, Etsy is hosting an EtSEO event to help sellers improve their SEO for Etsy and Google. Sellers will be able to submit a listing for critique by experts from the Etsy team. The event will also include SEO tip releases via their social media channels and SEO deep-dive workshops on their Seller Events space.
How to get your listing critiqued by an expert
If you’re an Etsy seller itching for expert advice, here’s what you need to do:
- Etsy will post a thread in their forum on October 31st asking for submissions. They’ll pin it at the top of the Shop Critiques section.
- From 9a EST to 9a EST on November 1st sellers can submit one — and only one! — listing from their shop.
- In the next three days, experts will review the listing and provide helpful tips.
Final quote
“This will be the biggest EtSEO event we’ve ever hosted”
Etsy forum post
Also in the News:
- DHL eCommerce solutions are hiring 2,000 seasonal workers to handle the holidays. American Journal of Transportation.
- Shoplazza introduces leading tech to North America at TechCrunch Disrupt. PR Newswire.
International Retailer News
Singapore’s Temu is making headwinds in Southeast Asia
A relative newcomer to online shopping, the Singapore app Temu is making its mark on the Southeast Asian eCommerce space. It was the most downloaded app in Singapore on September 17th and has amassed thousands of users since launching last month.
Hierarchy
Temu is part of the PDD eCommerce network. It’s a Nasdaq-listed global network of suppliers and manufacturers. Its sister platform Pinduoduo has over 11 million manufacturers who also host their items on Temu.
Platform highlights
PDD created a solid shopping experience on the platform that exceeds others within their eCommerce network. On Temu, users can make use of curated style guides for clothing purchases along with gift guides that tell you what other users are purchasing for special occasions.
Trusted Shops releases key purchasing decision report for the German market
Sellers in German markets should note a recent report from European eCommerce solutions provider Trust Shops. A recent survey from the company to over 2,000 German shoppers stated that 55% of Germans find reviews important when making their purchasing decisions.
Caveat
However, these shoppers also understand fake reviews are a common issue in the online world. 74% of those surveyed said they want reviews to carry a seal of authenticity. And the report stated that having nothing but positive reviews also draws suspicion for obvious reasons.
Last point
Trust Shopper stated that stores that don’t respond have a higher chance of being fake.
Also in the News (at least two links, but more are welcome!)
- Walmart-owned Flipkart is planning to raise $3 billion to compete with rivals in India. inc42.
- Amazon files legal complaints in Italy and Spain to combat fake reviews. Reuters.
Webinars
For everyone
Various dates: Amazon advertising’s global webinar program continues with 20+ webinars scheduled, covering Prime Day Preparation, Sponsored Products, Sponsored Brands, reporting, optimization, and other tips. Amazon.
For US sellers
November 1: Moving the Needle: 6 Powerful ROI Benefits of eProcurement Integration. DC360.
November 3: How to Build Your Brand on the Kroger Private Marketplace. Tinuiti.
For UK sellers
Various dates: Amazon advertising’s global webinar program continues with 20+ webinars scheduled, covering Prime Day Preparation, Sponsored Products, Sponsored Brands, reporting, optimization, and other tips. Amazon.
October 31: International Trade Week 2022. ChannelX.
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