Get up to date with this week's ecommerce headlines from around the globe.
Amazon sees its share price rise 10% and beats revenue expectations
Amazon has exceeded revenue expectations, mainly due to its Amazon Web Services cloud business and its fast-growing advertising arm. Investors who have been concerned about the effects of sharp macroeconomic effects have been reassured as the ecommerce giant has overperformed and seen growth.
Amazon set to launch localised versions of its Prime Video in Southeast Asia
Amazon is launching local versions of Prime Video across three countries in Southeast Asia, with new investments in local content. The service will launch in Indonesia, Thailand and the Philippines, where users will be offered a 7 day free trial along with other discounted introductory offers. Prior to this launch, consumers in these countries had been able to shop cross-border on the platform but Prime Video has not been available until now.
Amazon closes down its cloud storage platform, Amazon Drive
By the end of 2023 Amazon Prime members will be losing a big feature, Amazon Drive, as the company turns its attention towards its Amazon Photos service. The tech giant wants to focus on photo and video storage features, allowing Prime members to safely back up, share and organise photos & videos with Amazon Photos, which is currently available on iOS, Android and desktop devices.
Shopify lays of 10% of its workforce
Shopify has cut 10% of its workforce as it struggles with a slowdown in ecommerce growth. The company was relying on a permanent jump in online purchases in the retail space, and are now realising that incorrect assumptions were made, which now need adjustment accordingly.
Alibaba Group goes after primary listing on the Hong Kong Stock Exchange
By the end of 2022, Alibaba will become dual-primary, listed on both the NYSE (New York Stock Exchange) and HKSE (Hong Kong Stock Exchange). Being listed in two major financial centres will allow the company to expand its openness and diversity, broaden its investor base, and will help to pave the way for its globalisation strategy.
Shopee and P&G launch virtual home shopping experience
As part of Procter & Gamble’s Regional Super Brand Day on Shopee, a new exclusive 360 degree virtual home shopping experience feature has been launched, with P&G brands of household essentials on offer, categorised according to rooms. Accessible through P&G’s official store on Shopee’s website and app, the feature includes multi-format touch points like videos, games, and localised content to make online home shopping convenient and engaging.
The Hut Group ends investment deal with Japan’s Softbank
UK ecommerce company, THG, has recently put an end to an investment agreement with Softbank due to “global macroeconomic conditions”. The deal was made to help fund the expansion of THG’s technology platform before going public in London. The company saw its share price fall after the announcement and its valuation remains well below its flotation price despite recent bidding wars.
Third-party online marketplaces sales to account for 59% of all global ecommerce by 2027
By 2027, third-party sales through marketplaces will be the largest and fastest-growing retail channel globally, accounting for two thirds of all online sales. Alibaba will continue to hold its place as the global leader in retail sales, growing total net GMV sales in 2027 to $1.5trn, and Amazon in second place with $1.2trn. The number of third-party marketplaces operating globally has increased by over 500% since 2007, and is expected to see further growth.
Find relevant content to accelerate your ecommerce business. Stay on top of industry trends and best practices.