Get up to date with this week's ecommerce headlines from around the globe.
Ecommerce and Marketplace News
Google gears up for another strong push into ecommerce
Google is set to take another run at retail giant Amazon, allowing businesses to run shopping ads for free using Google Merchant Centre. Ecommerce researchers have mentioned that customers may not yet be conditioned to use Google as a place to purchase products, but rather as a starting point of their shopping journey.
Walmart relying on its physical stores to beat Amazon in ecommerce market
Walmart’s vast network of physical stores are becoming ‘shoppable fulfilment centres’, taking advantage of the company’s huge physical presence to compete against Amazon for highly contended ecommerce market share. As the U.S.’s biggest grocery retailer, Walmart is setting sights on expanding its merchandise offering to transform the businesses proposition and increase pressure on Amazon.
Pinterest to acquire AI-powered shopping platform The Yes
Idea inspiration and social media site Pinterest is acquiring The Yes, a fashion platform that harnesses AI technology and has developed a refined algorithm to provide customers with highly personalised product feeds. The acquisition will see Pinterest integrate The Yes’s AI technology into the platform, improving overall user experience.
Instacart’s new shoppable ad units bring new partners, Unilever, PepsiCo, and Mondelēz
Retail media networks are developing more sophisticated ad formats with tighter budgets as the market becomes more saturated. Instacart, an American grocery delivery and pick-up service, is expanding its ad product portfolio with new shoppable video and display units. Mondelēz International, PepsiCo, Unilever’s Dove, and S.Pellegrino are some of Instacart’s early partners. Sponsored videos are integrated into the feed with relevant products available for purchase.
Top 25 global retailers report over 8% YoY growth in revenue
Despite pandemic-related challenges, half of the top 25 publicly traded global retailers have continued to see revenue growth. Major marketplaces such as Alibaba, JD.com, and Amazon all achieved a revenue growth of over 20%, with Alibaba taking the lead as its YoY growth soared at 41%.
Online shopping spending increases as social distancing rules are lifted in Korea
A recent survey conducted by local ecommerce platforms reported 8 out of 10 respondents who said their spending increased somewhat in May after restrictions were eased. The main reasons for the rise in spending were due to gift purchases and more social gatherings taking place.