📉 Asos Loses 18 Percent in Turnover and Echoes Shein
Asos has suffered a significant loss in turnover, down by 18 percent in the first half of its fiscal year. The British pure online player has taken drastic measures and believes that, partly due to faster production processes, it will be able to return to profitability in the next fiscal year.
📊 The turnover of Asos, long hailed as an online growth phenomenon throughout Europe, remained at 1.7 billion euros (1.5 billion pounds) in the half-year period ending early March, several hundred million pounds less than in the same period a year earlier. Pre-tax losses increased by 37 percent to 140 million euros (120 million pounds).
Asos has suffered a significant loss in turnover, down by 18 percent in the first half of its fiscal year. The British pure online player has taken drastic measures and believes that, partly due to faster production processes, it will be able to return to profitability in the next fiscal year.
📊 The turnover of Asos, long hailed as an online growth phenomenon throughout Europe, remained at 1.7 billion euros (1.5 billion pounds) in the half-year period ending early March, several hundred million pounds less than in the same period a year earlier. Pre-tax losses increased by 37 percent to 140 million euros (120 million pounds).
🇻🇳 Vietnamese Cooperatives Seek to Expand Sales E-Commerce
HCM CITY — In line with emerging trends in modern shopping, numerous co-operatives have proactively adopted digital transformation strategies.
📌 These include listing products on e-commerce platforms and engaging in live-streaming sales, all with the goal of swiftly delivering cooperative goods to consumers.
However, there are still many challenges hindering the process of turning e-commerce into a playground for co-operatives to reach customers and find outlets for their products.
HCM CITY — In line with emerging trends in modern shopping, numerous co-operatives have proactively adopted digital transformation strategies.
📌 These include listing products on e-commerce platforms and engaging in live-streaming sales, all with the goal of swiftly delivering cooperative goods to consumers.
However, there are still many challenges hindering the process of turning e-commerce into a playground for co-operatives to reach customers and find outlets for their products.
👥 Ikea Plans to Train Thousands of Its Employees to Use AI
Ikea plans to train 3,500 of its employees on artificial intelligence (AI) literacy, the European furniture giant announced in April.
🤖 The retailer says it wants to invest in both AI and its employees. By doing so, it hopes to ensure that its workforce can use and innovate with the technology. Ikea wants to, "embed a deep understanding of AI across the organization, ensuring that Ikea values are reflected in the way the technology is utilized," according to the press release.
Ikea plans to train 3,500 of its employees on artificial intelligence (AI) literacy, the European furniture giant announced in April.
🤖 The retailer says it wants to invest in both AI and its employees. By doing so, it hopes to ensure that its workforce can use and innovate with the technology. Ikea wants to, "embed a deep understanding of AI across the organization, ensuring that Ikea values are reflected in the way the technology is utilized," according to the press release.
🇭🇰 Alternative Payments Become Preferred Method in Hong Kong E-Commerce Market
Alternative payments were the most preferred payment method for e-commerce purchases in Hong Kong last year, accounting for 41.7 per cent of the market.
💡 These methods were increasingly popular mainly due to factors such as simplicity, speed, and convenience of using them, according to GlobalData’s 2023 Financial Services Consumer Survey.
As Chinese e-commerce sites gain popularity among Hong Kong consumers, alternative payment solutions such as Alipay and WeChat Pay also become more well-known. International payment systems like Apple Pay, PayPal, and Google Pay are also available on the market.
Alternative payments were the most preferred payment method for e-commerce purchases in Hong Kong last year, accounting for 41.7 per cent of the market.
💡 These methods were increasingly popular mainly due to factors such as simplicity, speed, and convenience of using them, according to GlobalData’s 2023 Financial Services Consumer Survey.
As Chinese e-commerce sites gain popularity among Hong Kong consumers, alternative payment solutions such as Alipay and WeChat Pay also become more well-known. International payment systems like Apple Pay, PayPal, and Google Pay are also available on the market.
💡 Asia Pacific Leads World in Adoption of Local Payment Methods
Boku has released a global research report entitled 2024 Global E-commerce Report: The Changing World of Payments. The report reveals the increasing preference for local payment methods and the continued decline in the market share of traditional card payments.
📊 The report surveyed 10,500 consumers and analysed data from 37 major markets across the globe to identify global, regional and country specific trends.
The findings highlight significant and rapid consumer shifts in e-commerce payments away from the traditional card networks (and in emerging economies cash on delivery) towards local payment methods such as digital wallets.
Boku has released a global research report entitled 2024 Global E-commerce Report: The Changing World of Payments. The report reveals the increasing preference for local payment methods and the continued decline in the market share of traditional card payments.
📊 The report surveyed 10,500 consumers and analysed data from 37 major markets across the globe to identify global, regional and country specific trends.
The findings highlight significant and rapid consumer shifts in e-commerce payments away from the traditional card networks (and in emerging economies cash on delivery) towards local payment methods such as digital wallets.
👥 Nike Announces Second Phase of Layoffs
Nike Inc. announced layoffs for 740 employees at its world headquarters in Beaverton, Oregon.
🧷 The Nike layoffs are connected to a plan the retailer announced Dec. 21 in releasing results for its fiscal second quarter ended Nov. 30, 2023.
"The Company is identifying opportunities to deliver up to $2 billion in cumulative cost savings over the next three years,” Nike said in a press release at the time. “Areas of potential savings include simplifying our product assortment, increasing automation and use of technology, streamlining our organization, and leveraging our scale to drive greater efficiency."
Nike Inc. announced layoffs for 740 employees at its world headquarters in Beaverton, Oregon.
🧷 The Nike layoffs are connected to a plan the retailer announced Dec. 21 in releasing results for its fiscal second quarter ended Nov. 30, 2023.
"The Company is identifying opportunities to deliver up to $2 billion in cumulative cost savings over the next three years,” Nike said in a press release at the time. “Areas of potential savings include simplifying our product assortment, increasing automation and use of technology, streamlining our organization, and leveraging our scale to drive greater efficiency."
🇩🇪 PayPal Remains Most Popular Online Payment Method in Germany
PayPal was the most used online payment method among German online shoppers in 2023, like the year before. However, the American company saw its share of the local payment market decrease. Buy now, pay later services are on the rise.
📊 This is according to the ‘Online Payment 2024’ study conducted by the German retail institute EHI, in which 148 online sellers participated earlier this year. Together, they represent 43.8 billion euros in revenue. This constitutes a significant portion, as total online retail spending in Germany last year did not exceed 79.7 billion euros, a low point.
PayPal was the most used online payment method among German online shoppers in 2023, like the year before. However, the American company saw its share of the local payment market decrease. Buy now, pay later services are on the rise.
📊 This is according to the ‘Online Payment 2024’ study conducted by the German retail institute EHI, in which 148 online sellers participated earlier this year. Together, they represent 43.8 billion euros in revenue. This constitutes a significant portion, as total online retail spending in Germany last year did not exceed 79.7 billion euros, a low point.
🇨🇳 Chinese E-Commerce Merchants Wary of "Risky" New Platforms
Chinese ecommerce sellers are fearful of restrictions being placed on platforms such as Temu, Shein and TikTok – but have seen profit margins from the more "stable" Amazon significantly reduced.
📌 Smaller merchants are also irritated by the large platforms driving up airfreight rates, according to a Shanghai-based ecommerce logistics manager.
WorldACD reported a 2% to 3% rise in average global air cargo rates in the past six weeks. The Chinese logistics manager said this was an "unusual phenomenon" this year, as air freight costs failed to drop after the Chinese New Year holiday.
Chinese ecommerce sellers are fearful of restrictions being placed on platforms such as Temu, Shein and TikTok – but have seen profit margins from the more "stable" Amazon significantly reduced.
📌 Smaller merchants are also irritated by the large platforms driving up airfreight rates, according to a Shanghai-based ecommerce logistics manager.
WorldACD reported a 2% to 3% rise in average global air cargo rates in the past six weeks. The Chinese logistics manager said this was an "unusual phenomenon" this year, as air freight costs failed to drop after the Chinese New Year holiday.
🏢 Amazon Fined 10 Million Euros by AGCM
Ecommerce giant Amazon has received a fine of 10 million euros for unfair trade practices from Italian antitrust authority AGCM. The fine applies to two of the Group’s subsidiaries: Amazon Services Europe and Amazon EU.
📌 It is not the first time that the online marketplace has been criticized in Europe. German antitrust watchdog FCO has investigated Amazon’s activities in Germany. In 2021, the marketplace was fined 746 million euros by the European Union.
In that same year, the AGCM also fined Amazon with a record penalty of 1.13 billion euros. That fine was related to Fulfilment by Amazon, which had abused its market dominance and disadvantaged competitors, according to the regulator.
Ecommerce giant Amazon has received a fine of 10 million euros for unfair trade practices from Italian antitrust authority AGCM. The fine applies to two of the Group’s subsidiaries: Amazon Services Europe and Amazon EU.
📌 It is not the first time that the online marketplace has been criticized in Europe. German antitrust watchdog FCO has investigated Amazon’s activities in Germany. In 2021, the marketplace was fined 746 million euros by the European Union.
In that same year, the AGCM also fined Amazon with a record penalty of 1.13 billion euros. That fine was related to Fulfilment by Amazon, which had abused its market dominance and disadvantaged competitors, according to the regulator.
Forwarded from TryBit
We are pleased to announce innovations that users will notice this month! Now, it will be even easier to manage your finances.
🔍 What's new?
— Autoconversion to USDT. The new feature allows you to protect incoming payments from volatility. In the settings in your personal account, you can enable automatic conversion from BTC and LTC to the stable stablecoin USDT.
— Static wallets. If your project requires recurring payments, you can use the permanent wallet address feature. This will save customers from having to create an account over and over again and allow them to make payments to the same address.
— AML transaction check. When you activate the function in your personal account, you increase the level of security and get a chance to avoid contact with a scammer. If system analysis shows a high risk transaction, it is blocked.
— Guide to icons and buttons. These elements can instantly demonstrate to your customers what payment options you have available. You can read how to integrate them into your website in our detailed guide.
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📊 Grocery Sales Will Go Down Over the Next Five Years, but E-Commerce Will Dominate
U.S. grocery sales are projected to slump over the next five years compared to the previous five, and ecommerce purchases will rule, according to the U.S. eGrocery Sales Forecast: 2024-28, developed by Brick Meets Click and sponsored by Mercatus.
🧷 Between 2019 and 2023, the pandemic and inflation lit a fire under grocery sales as the compound annual growth rate (CAGR) rose to 5.6%. However, the next five-year segment will only see a 1.6% CAGR.
According to the report, ecommerce will overpower brick-and-mortar during that same period, with a projected increase at a CAGR of 4.5% versus a 1.3% rate for in-person grocery shopping.
U.S. grocery sales are projected to slump over the next five years compared to the previous five, and ecommerce purchases will rule, according to the U.S. eGrocery Sales Forecast: 2024-28, developed by Brick Meets Click and sponsored by Mercatus.
🧷 Between 2019 and 2023, the pandemic and inflation lit a fire under grocery sales as the compound annual growth rate (CAGR) rose to 5.6%. However, the next five-year segment will only see a 1.6% CAGR.
According to the report, ecommerce will overpower brick-and-mortar during that same period, with a projected increase at a CAGR of 4.5% versus a 1.3% rate for in-person grocery shopping.
👥 Walmart and Roblox are Teaming Up to Make Virtual E-Commerce a Reality
Walmart’s Roblox e-commerce experience launches later today, with users inside the pre-existing Walmart Discovered able to have real-life items shipped directly to their doorsteps. Users entering the experience will be greeted with a new storefront showcasing virtual twins of select physical items sold at real-life Walmart stores.
👨🏻💻 After trying out the virtual items on their avatars, players will be able to load an e-commerce experience that takes the form of a browser window inside Roblox imitating the experience of shopping on Walmart’s website — essentially a virtual laptop set up inside Roblox to access Walmart.com. The commerce feature within Walmart Discovered will be gated specifically to users aged 13 or older in the United States only.
Walmart’s Roblox e-commerce experience launches later today, with users inside the pre-existing Walmart Discovered able to have real-life items shipped directly to their doorsteps. Users entering the experience will be greeted with a new storefront showcasing virtual twins of select physical items sold at real-life Walmart stores.
👨🏻💻 After trying out the virtual items on their avatars, players will be able to load an e-commerce experience that takes the form of a browser window inside Roblox imitating the experience of shopping on Walmart’s website — essentially a virtual laptop set up inside Roblox to access Walmart.com. The commerce feature within Walmart Discovered will be gated specifically to users aged 13 or older in the United States only.
📈 China’s E-Commerce Growth Bucks the Global Trend
China is the only one of the world’s largest alcohol ecommerce markets for which online alcohol shopping frequency continues to reach new heights, according to IWSR Drinks Market Analysis.
💡 Development of the direct-to-consumer (DtC) and on-demand channels have been the driving force of its success, boosted by the removal of Covid restrictions in late 2022.
More than half (53%) of all alcohol buyers in China shop online, almost double that seen in any other major market. And the proportion is expected to continue growing.
China is the only one of the world’s largest alcohol ecommerce markets for which online alcohol shopping frequency continues to reach new heights, according to IWSR Drinks Market Analysis.
💡 Development of the direct-to-consumer (DtC) and on-demand channels have been the driving force of its success, boosted by the removal of Covid restrictions in late 2022.
More than half (53%) of all alcohol buyers in China shop online, almost double that seen in any other major market. And the proportion is expected to continue growing.
📊 Vinted Revenue Was 596 Million Euros in 2023
Second-hand fashion marketplace Vinted generated a revenue of 596.3 million euros last year. This was an increase of 61 percent compared to 2022, when the platform generated 370.2 million euros. It has also reached profitability.
🧷 The fact that European recommerce is growing in popularity, seems to be confirmed in Vinted’s growth. Recommerce currently has a 12.3 percent share of the total European ecommerce market.
Second-hand fashion marketplace Vinted generated a revenue of 596.3 million euros last year. This was an increase of 61 percent compared to 2022, when the platform generated 370.2 million euros. It has also reached profitability.
🧷 The fact that European recommerce is growing in popularity, seems to be confirmed in Vinted’s growth. Recommerce currently has a 12.3 percent share of the total European ecommerce market.
👨🏻💻 Microsoft CEO Pledges $2.2 Billion in Latest Asian AI Investment
Microsoft Corp. will invest $2.2 billion to build digital infrastructure in Malaysia, the latest in a series of big-ticket bets on Asia’s rising prominence as a technology market.
🎯 The company plans to spend the money over four years, constructing infrastructure for its cloud computing and artificial intelligence services, Chief Executive Officer Satya Nadella said during a visit to Kuala Lumpur Thursday. It’ll also give AI training to 200,000 people in Malaysia and work with the government to boost the nation’s cybersecurity capabilities.
Microsoft Corp. will invest $2.2 billion to build digital infrastructure in Malaysia, the latest in a series of big-ticket bets on Asia’s rising prominence as a technology market.
🎯 The company plans to spend the money over four years, constructing infrastructure for its cloud computing and artificial intelligence services, Chief Executive Officer Satya Nadella said during a visit to Kuala Lumpur Thursday. It’ll also give AI training to 200,000 people in Malaysia and work with the government to boost the nation’s cybersecurity capabilities.
📊 Comscore Report Shows How Mobile Commerce Trends Shaped a Decade
Consumers spent $1 trillion more in online retail sales last year than they did 10 years prior, according to new data from Comscore, a measurement and analytics company. Ultimately, the data shows that mobile commerce sales hit a new peak in 2023’s fourth quarter.
📌 In Comscore’s newly released State of Digital Commerce report, the authors found that 2023 was the year with the most digital commerce spending yet, and that its Q4 underscored that record activity with the highest quarter ever for ecommerce sales. For the full year, mobile commerce sales in 2023 reached $448 billion, according to the report. Total online retail spending in the U.S., meanwhile, surpassed $1.295 trillion in 2023.
Consumers spent $1 trillion more in online retail sales last year than they did 10 years prior, according to new data from Comscore, a measurement and analytics company. Ultimately, the data shows that mobile commerce sales hit a new peak in 2023’s fourth quarter.
📌 In Comscore’s newly released State of Digital Commerce report, the authors found that 2023 was the year with the most digital commerce spending yet, and that its Q4 underscored that record activity with the highest quarter ever for ecommerce sales. For the full year, mobile commerce sales in 2023 reached $448 billion, according to the report. Total online retail spending in the U.S., meanwhile, surpassed $1.295 trillion in 2023.
📈 Cross-Border E-Commerce Reached 237 Billion Euros
The online European cross-border market reached a turnover of 237 billion euros in 2023. This is an increase of 32 percent compared to the year before. European online stores generated 107 billion euros in cross-border turnover.
📌 In 2022, European cross-border ecommerce was worth 179 billion euros. In that year, online stores in Europe generated a cross-border turnover of 105.5 billion euros. This was a record-high amount of turnover. Last year, they achieved an increase of 1.4 percent and generated 107 billion euros in turnover across borders.
The online European cross-border market reached a turnover of 237 billion euros in 2023. This is an increase of 32 percent compared to the year before. European online stores generated 107 billion euros in cross-border turnover.
📌 In 2022, European cross-border ecommerce was worth 179 billion euros. In that year, online stores in Europe generated a cross-border turnover of 105.5 billion euros. This was a record-high amount of turnover. Last year, they achieved an increase of 1.4 percent and generated 107 billion euros in turnover across borders.
🇪🇹 Ethiopia Increases Its Competitiveness in E-Commerce to Expedite the Adoption of Digital Strategies
Deputy Prime Minister Temesgen Tiruneh stated that the goal of the e-commerce plan is to support Ethiopia's digital transition while speaking at the National E-commerce Strategy validation workshop in Addis Ababa. This was reported by ENA.
🧷 Temesgen Tiruneh underlined that the draft national e-commerce plan aims to promote economic growth, improve international competitiveness, and take advantage of new development opportunities.
The e-commerce plan is essential since it is required to establish a cutting-edge, technologically advanced corporate structure.
Deputy Prime Minister Temesgen Tiruneh stated that the goal of the e-commerce plan is to support Ethiopia's digital transition while speaking at the National E-commerce Strategy validation workshop in Addis Ababa. This was reported by ENA.
🧷 Temesgen Tiruneh underlined that the draft national e-commerce plan aims to promote economic growth, improve international competitiveness, and take advantage of new development opportunities.
The e-commerce plan is essential since it is required to establish a cutting-edge, technologically advanced corporate structure.
💡 PayPal Boosts E-commerce Presence With Honey Science Buyout
PayPal recently completed the buyout of Honey Science Corp. for a hefty amount of about $4 billion.
🧷 Founded in 2012, Honey Science is an online coupon startup. The company amasses valuable data on consumer buying habits and offers coupons for online bargains. Its software tracks prices across 30,000 online retailers and sends alerts to users regarding attractive deals.
It has approximately 17 million monthly online and mobile users that are likely to improve PayPal’s customer base. This acquisition will strengthen its presence in the e-commerce market. The deal is likely to help the company expand globally and accelerate the development of new products.
PayPal recently completed the buyout of Honey Science Corp. for a hefty amount of about $4 billion.
🧷 Founded in 2012, Honey Science is an online coupon startup. The company amasses valuable data on consumer buying habits and offers coupons for online bargains. Its software tracks prices across 30,000 online retailers and sends alerts to users regarding attractive deals.
It has approximately 17 million monthly online and mobile users that are likely to improve PayPal’s customer base. This acquisition will strengthen its presence in the e-commerce market. The deal is likely to help the company expand globally and accelerate the development of new products.
📊 BNPL to Account for 7.7% of E-Commerce Payments in Asia-Pacific by 2028
Buy now pay later (BNPL) has become a popular payment tool in Asia-Pacific (APAC), due to increasing demand for short-term credit coupled with growing consumer preference for online shopping. Given its popularity, the BNPL to account for 7.7% of e-commerce payments in Asia-Pacific by 2028
📌 Already popular in countries like Australia and New Zealand, BNPL is gradually gaining traction in other APAC markets as well. GlobalData’s E-Commerce Analytics reveals that, BNPL accounted for 4.4% of e-commerce payments in 2023 in the APAC region, which is further expected to rise to 5.4% in 2024.
Buy now pay later (BNPL) has become a popular payment tool in Asia-Pacific (APAC), due to increasing demand for short-term credit coupled with growing consumer preference for online shopping. Given its popularity, the BNPL to account for 7.7% of e-commerce payments in Asia-Pacific by 2028
📌 Already popular in countries like Australia and New Zealand, BNPL is gradually gaining traction in other APAC markets as well. GlobalData’s E-Commerce Analytics reveals that, BNPL accounted for 4.4% of e-commerce payments in 2023 in the APAC region, which is further expected to rise to 5.4% in 2024.