Ecommerce news and archive

U.S. online sales to exceed 1.1 trillion dollars in 2023 with slowest growth in a decade

E-commerce sales in the United States are expected to exceed 1.1 trillion dollars in 2023, showing significant growth from the 1 trillion dollars recorded in 2022, according to the Department of Commerce. Despite a 7 percent growth rate this year, it represents the slowest expansion since the 2009 recession. Marketplace Pulse's analysis reveals...

Business

TikTok to spend billions in Southeast Asia as e-commerce move pays off

Jakarta - TikTok's chief executive said Thursday the company would pour billions of dollars into Southeast Asia in the coming years, as a report showed its nascent venture into online shopping is paying off. The popular video-sharing app's e-commerce affiliate has gained a substantial market share in the region just a year after its launch....

Business

TikTok's venture into e-commerce paying off: report

Singapore - TikTok's nascent venture into online shopping is paying off, with its e-commerce affiliate gaining a substantial market share in Southeast Asia just a year after its launch, a report said Thursday. TikTok Shop capitalised on the legions of users of the popular video-sharing app to expand its business in 2022 after testing the waters...

PeopleFeatured

Shopify eyes European growth, appoints new EMEA leaders

Ecommerce platform Shopify is investing in its European growth strategy with two new appointments. The Canadian tech firm announced it appointed Deann Evans as Managing Director, EMEA, and Birk Angermann as Head of Revenue, EMEA, to drive growth in the region and provide better support to its merchants and partners. EMEA currently accounts for...

RetailFeatured

What is Unified Commerce and why is it so important for fashion retailers?

Although the term has been around for years, Unified Commerce remains somewhat of an emerging concept for many retailers. A recent survey conducted by Bain & Company global consultants, on behalf of Aptos, the retail technology solutions platform, found that the fashion industry still remains largely unprepared for it. However retailers are...

Retail |ANALYSIS

WRC 2023: Retailers' profits decline as the Internet becomes more important in people’s lives

US-based global consulting and financial advisory firm AlixPartners and the World Retail Congress - a key event for the retail sector taking place from today and running for three days in Barcelona - today released a report that addresses the needs of retailers to evolve in a cost-effective way in today's world, where consumer habits are...

Business

Shopify shares soar after e-commerce platform beat expectations

Shopify this week released stellar third quarter earnings, seeing a 22 percent increase to 1.4 billion dollars compared to the prior year. Its shares soared as result, after it beat analysts’ forecasts. Harley Finkelstein, Shopify President commented: “Shopify is the central nervous system that powers millions of businesses around the world....

Fashion Featured

The future of shopping will be a virtual shopping universe

The future of shopping is coming. A physical portal into the world's first virtual shopping universe, called xydrobe, is launching in 2023. What is a xydrobe? Developed for Web3, the xydrobe is a digital landscape enhanced by VR where real products can be shopped and purchased. Inside the seasonal landscape of a xydrobe are branded concessions...

RetailFeatured

Could customer selfies curb online returns?

Returns are the bain of digital pureplayers and retailers with ecommerce alike. The online fashion industry has one of the highest levels of retail returns, a result of fast fashion companies offering lenient returns policies for customers to have no risk in trying sizes and styles. But high volume returns come with a cost, not just for...

Retail

Amazon sold over 300 million items at its Prime Day event

Amazon sold 100,000 items per minute over its Prime Day sales bonanza, totalling over 300 million items purchased around the world. The e-commerce giant said it was its most successful Prime Day event to date, taking in 3 billion dollars of revenue. “Prime Day is a celebration of our Prime members, who look forward to this event every year, and...

Business

Levi's on track to sell as many jeans online as in its stores

Levi’s is selling almost as many jeans online as it is in its stores. The company is well on its way to a 50-50 sales split, according to PYMNTS, a global news and analysis platform covering payments, retail, fintech, financial services and the digital economy. The denim giant, which operates over 3,200 stores in 110 countries, has embraced a...

Business

Virtual dressing tech StyleScan raises one million dollars in funding

StyleScan, a virtual dressing technology developer, has announced it has closed an additional one million dollars in funding, bringing its total seed-round capital to three million dollars. In a release, the company, which was founded back in 2018, said the new funding will help it further accelerate the expansion of its e-commerce ‘software as...