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- TikTok Has Changed Ecommerce Forever
TikTok Has Changed Ecommerce Forever
Industry Fact:
Visual Content Can Help Reduce Returns by One Third
Brands that effectively deploy images and videos to their target buyers can slash returns by up to a third, potentially saving retailers billions of dollars each year
| INSIGHTS
TikTok has become a dominant platform for social commerce, with over a billion users and a growing market estimated to reach $1.2 trillion by 2025. The platform's personalized and easily consumable content has led to a positive buyer's journey, inspiring 57% of users to purchase products they see on their feed.
TikTok's social commerce model: TikTok's algorithm-chosen influencers and word-of-mouth marketing have made it a powerful platform for social commerce. The hashtag #TikTokMadeMeBuyIt is a testament to its influence, with 57% of users purchasing products they see on the platform.
"Shoppertainment" and the infinite loop: TikTok's hyper-personalized experience creates an infinite loop where users engage with brands, make purchases, and create content that drives brand engagement. This "shoppertainment" model blurs the lines between advertising and content, making the shopping experience seamless.
Catching up with TikTok: Other tech companies like Amazon and Instagram are trying to replicate TikTok's success in social commerce. However, TikTok's algorithm, which recommends videos with equal chances of success, and its integration of product content into users' feeds give it an edge over its competitors.
In conclusion, while TikTok remains a dominant force in social commerce, the landscape is continuously evolving, and new technology will eventually emerge. Nonetheless, for now, leveraging TikTok as a social commerce platform is a safe bet, given its widespread popularity and user engagement.
[Entrepreneur]
| NEWS
Retail sales in the United States rebounded in April, with a 0.4% increase from March and a 1.6% increase year over year, according to the U.S. Census Bureau. Online sales, health and personal care stores, and general merchandise stores were among the categories that saw growth, while sectors such as clothing and sporting goods stores experienced declines in sales. [NRF]
The marketing automation provider investing in generative AI to enhance customer engagement, conversion rates, and overall customer experience. Their new AI tools will generate content for marketing messaging and sales outreach, allowing businesses to create and iterate on effective marketing strategies while saving time and effort.
Sustainability
How Retailers Can Avoid Greenwashing and Greenmuting
The best way to avoid greenwashing and greenhushing is to encourage accurate, specific and flexible sustainability messaging approaches. Here are tips for companies seeking to market more sustainable products. [NRF]
Sustainability
Bold Metrics & Pact Partner To Drive Sustainability Through Personalized Sizing
Both company's are providing an online 'Find My Size' solution, reducing the challenge of size selection and the need for returns. By accurately determining customers' best sizes, Bold Metrics aims to enhance the retail experience, boost customer confidence, and contribute to sustainability efforts by reducing returns and waste.[Supply Chain Digital]
Shipping
nShift Checkout empowers retailers and customers to act for the planet with Positive Impact Delivery
nShift, a global leader in parcel delivery management, has partnered with allcolibri to introduce new features in its Checkout platform that allow online retailers to offer sustainable delivery options and trigger donations to various causes. The partnership aims to empower customers to contribute to positive environmental and social impacts while maintaining convenience in the ecommerce experience.
Trends
Shopify Beta Launches World's First Global Entrepreneurship Index
The world’s first home for data and insights on global entrepreneurship across 40 countries and all U.S. states, measures the economic impact of entrepreneurs in Shopify’s ecosystem on national economies, tracking the fastest growth and greatest contributions.
| EVENTS
Journalist Kara Swisher and trend expert Kate Ancketill will lead keynotes on retail innovation at the event where tech, marketing and digital execs connect.An executive retreat without the sales pitchesThis exclusive event provides an environment conducive to meaningful connections with your senior-level retail peers. Sessions and Expert-Led Think Tanks will explore topics in omnichannel strategy, AI automation, MarTech innovation and more, with a future-forward lens.
UPCOMING EVENTS
| PODCASTS
The Port of Los Angeles’ Gene Seroka on what it takes to maintain an efficient, sustainable supply chain.
| FEATURED PROVIDER
GUSTO's people platform helps growing businesses onboard, pay, insure, and support their hardworking teams with payroll, benefits, and more.
A full-service payroll, HR, and Benefits. and HR platform serving over 100,000 small businesses nationwide. Gusto provides solutions for employee benefit plans in over 38 states. Gusto is also a completely cloud-based platform that offers software integrations with platforms like Xero and QuickBooks.