Shoppable Videos On The Rise, Consumers Tighten Belts

August 09, 2023

Industry Fact:
85% of Consumers Find Videos Essential As They Shop Online
A shoppable video allows viewers to watch the product in action and buy it with a single-click checkout process. The video tells shoppers everything they want about your brand, and the link reduces the friction in placing an order.

| INSIGHTS

Inflation Blues: Consumers Tighten Belts, Ecommerce Finds Loyalty Loophole

A recent survey conducted by commerce protection leader Signifyd reveals a concerning trend as consumers rein in their spending due to growing fears of inflation and economic uncertainty.

The State of Commerce 2023 report highlights a significant pullback in consumer spending across various retail sectors, signaling heightened pessimism compared to the previous year. While inflation remains a persistent concern, an intriguing finding shows that e-commerce prices are declining, potentially acting as an unexpected decelerator of inflation.

The report also delves into a unique customer loyalty analysis, revealing distinct consumer behavior patterns that could offer e-commerce retailers a strategic advantage during these challenging times.

Key Insights from the Report:

  • Inflation Impact: Around 80% of surveyed consumers have reduced spending due to inflation, up from 69% last year.

  • Brand Switching: About two-thirds of shoppers switched from regular brands to competitors, with a third changing due to bad customer experiences.

  • E-commerce vs. Inflation: Surprisingly, while inflation is a concern, prices for online shopping have dropped, potentially helping reduce overall inflation.

  • Loyalty Analysis: Signifyd's report reveals varying degrees of customer loyalty, suggesting strategies for retaining loyal shoppers and attracting new ones.

  • Holiday Outlook: The report includes predictions for e-commerce sales for the rest of the year, especially during the holiday season.

| NEWS

insider intelligence / emarketer

Ecommerce
US Ecommerce Sales to Surpass $1.7 Trillion by 2027

The US retail ecommerce sector is poised for substantial growth, with projections indicating that by 2027, sales will surge past $1.7 trillion, accounting for over 20% of total retail sales. The expansion is driven by consistent annual growth of over 10% from 2024 to 2027, fueled by essential categories like food, beverage, and health, and budget-conscious consumers seeking online deals.
[emarketer]

Ecommerce
Boost Sales: CedCommerce Simplifies TikTok Shop Integration

CedCommerce has introduced the TikTok Shop Connector, an integration solution enabling UK and US merchants to effortlessly showcase and sell products on TikTok Shop, capitalizing on its massive, engaged audience. This innovative tool simplifies setup, synchronizes product listings and inventory, and offers dedicated support, as demonstrated by The Little Connection's remarkable success in listing 20K products.

SHOPLAZZA

Technology
AI-Driven Ecommerce Revolution: Crafting Tomorrow’s Shopping Experience

The rapidly evolving landscape of E-commerce is embracing the potential of AI-Generated Content (AIGC) to reshape how businesses interact with customers. With cutting-edge innovations like Shoplazza's upcoming project, E-commerce is stepping into an era of personalized, engaging, and interactive experiences, revolutionizing how we shop and engage with brands.
[forbes]

Ecommerce
7 Strategies For Thriving In The $8.1 Trillion Ecommerce Market

As ecommerce sales are set to reach $8.1 trillion by 2026, nShift offers essential strategies for online retailers to succeed, including optimizing checkout, aligning with customer values, enhancing delivery convenience, effective customer communication, post-purchase upselling, efficient returns management, and data-driven improvements.

Social Media
Youtube Introduces 6 Creative Tools For Shorts

YouTube has introduced six tools to help creators build and share Shorts, the platform’s short-form video product. They are a tool to record a Short side-by-side format with other videos, new effects, and stickers, including a Q&A sticker, mobile-first vertical live video, bundling audio and effects from a video to reuse or sharing, Shorts playlists for curating and sharing, and a recomposition tool to transform horizontal videos into Shorts.
[practical ecommerce]

Software
Settle Revolutionizes eCommerce Procurement with New Purchasing Suite

Settle, a cash-flow management platform, has unveiled its innovative Settle Purchasing suite, tailored for small and medium-sized eCommerce businesses. This comprehensive solution offers streamlined purchase-to-pay processes, automated bill pay, purchase order creation, auditing, and reporting, empowering founders to manage their procurement needs and focus on business growth efficiently.
[pymnts]

| EVENTS

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