Get up to date with this week's ecommerce headlines from around the globe.
Three quarters of UAE-based online shoppers will spend more in 2022
Insights from Pattern’s recent polling of UAE-based online shoppers indicate promising growth opportunities for ecommerce in the region. Amazon proved to be the leading marketplace, with 94% of shoppers purchasing from the site at least once over the past year. 75% of consumers expect to spend more online this year, and 19% expect to spend the same amount as in 2021. This is in line with predictions of ecommerce growth in the UAE from $10 billion in 2021 to $17 billion in 2025.
Amazon planning to sublease some of its warehouse space
Following the pandemic and a period of slowed ecommerce growth, Amazon is aware of the existing space they hold that is no longer being put to use. During the periods of global lockdowns, the spike in online shopping meant the company was operating at unusually high capacities, but are now looking to relieve some financial obligations in terms of building space and workers.
The Hut Group sees rising share prices amidst a current bidding war
After recently rejecting three takeover proposals, beauty and nutrition online retailer, THG, has turned down a £2bn private equity bid. Billionaire founder Matthew Moulding holds special shares allowing him to reject any hostile offer, and has found the proposals to be undervaluing the company. Property tycoon Nick Candy is currently considering a possible offer to take THG private.
JD.com exceeds estimates for its quarterly revenue and sees a rise in share price
China-based online retailer, JD.com, has exceeded Wall Street’s revenue estimates, capitalising on an ecommerce resurgence during a recent COVID outbreak and lockdown in China. JD.com shares also returned to similar values experienced throughout the first lockdown in 2020.
Ebay teams up with Love Island to become the show’s pre-owned fashion partner
ITV reality show, Love Island has partnered with eBay in an effort to inspire UK shoppers to shop more consciously. Love Island is aiming to be more eco-friendly in the production of the show, ditching its fast-fashion sponsors for the secondhand marketplace, while also boosting eBay’s promotional presence on itv.com and related social media channels.
Ebay looks to get involved in the NFT market
Despite a decline in the crypto market and the NFT industry, eBay has teamed up with NFT platform, OneOf. The partnership will launch a ‘Genesis’ NFT Collection featuring 3D renditions of iconic athletes.
Fashion resale market expected to grow 127% by 2026
The global fashion resale market is set to more than double in 4 years, growing three times faster than the wider retail clothing industry. Research shows that younger generations of shoppers often consider second-hand items before purchasing new items and also believe second-hand prices are helping during rising living costs.
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