Monthly Ecommerce #19
Welcome to the latest edition of our monthly ecommerce news roundup! As we enter the month of April, there's no shortage of exciting developments in the world of online retail. From the latest trends and innovations to the most significant industry updates, we've got you covered with all the essential news you need to know. Whether you're a seasoned ecommerce pro or just starting, this roundup will keep you informed and up-to-date with all the latest happenings in the ecommerce space. So, let's not waste any more time and dive right into the latest ecommerce news for April, including some exciting future predictions!
Salesforce unveils Einstein GPT for commerce
Salesforce has demonstrated its latest technological developments in generating an optimal customer experience at the annual Shoptalk conference. One of the most exciting advancements is Einstein GPT for Commerce, an AI that can personalize product listings and engagement for clients using their shopping history. Einstein GPT generates customized descriptions, which differ between customers across countries without the need for owners to write preloaded descriptions.
Furthermore, owners can make auto-generated promotions with custom messaging sent through WhatsApp, SMS, and email. Composable Storefront's rapid and adaptable page designer with drag-and-drop functionality allows merchants to manage the site experience and set up functional landing pages with reusable components. This minimizes the urge for expensive third-party content management systems, allowing owners to establish headless commerce experiences efficiently.
Salesforce's Einstein GPT also boasts being the world's first generative AI CRM technology, delivering AI-created content across every interaction with the customer at hyperscale. This technology is being incorporated into every cloud-based application of Salesforce, transforming customer experiences by creating custom content. As stated by Salesforce, it is essential to consider the ethics and responsibilities of the technology being developed, and therefore they have set new guidelines "focused on the responsible development and implementation of generative AI."
In summary, Salesforce showcased its commitment to innovate the retail sector's customer experience using technology while also exhibiting an ethical responsibility towards its consumers.
The future of shopping: resale market to reach $70 billion by 2027
Have you ever considered buying secondhand items instead of new ones? Many people are becoming increasingly mindful of their carbon footprint and the impact of their purchasing decisions on the environment. This shift in mindset reveals that the global resale market is estimated to reach $70 billion by 2027.
With more and more consumers seeking sustainable options, the resale market is poised for exceptional growth. Fashion, in particular, is one of the fastest-growing sectors, with an estimated 52% of consumers buying or willing to buy pre-owned clothing. This trend is further driven by online platforms like Depop, Poshmark, and ThredUp, which make it easier than ever to buy and sell secondhand items.
Apart from the environmental benefits of buying pre-owned, shopping in the resale market also offers significant financial savings. With a wide range of items available at various price points, shoppers can find budget-friendly options without sacrificing style or quality.
When it comes to ecommerce, the online resale sector of ecommerce is predicted to experience a yearly growth of 21% in the next five years and is estimated to reach $38 billion by 2027, making it the most rapidly expanding resale segment.
As consumers become more conscious of their purchasing habits, it's exciting to see the resale market flourish. With a projected market size of $70 billion, it's clear that buying secondhand is no longer just a trend but a sustainable way of life. So next time you're in search of a new purchase, consider checking out the resale market - not only will you be doing your part for the environment, but you might also snag a great deal!
Apple's live specialists: your new iPhone shopping BFFs
Attention all Apple fans! Apple has just launched a brand new way to shop for your iPhone online - and it's unlike anything you've seen before.
Say goodbye to endless scrolling through product pages and confusing technical jargon. With Apple's new online shopping experience, you'll get personalized assistance from a live specialist who will guide you every step of the way.
Whether you're an iPhone expert or a first-time buyer, the live specialist will help you find the perfect phone to fit your needs and budget. You can ask questions, get recommendations, and even see the phone in action through a virtual demo.
No more guessing if you're making the right purchase or stressing about whether you're missing out on the latest features. With Apple's new online shopping experience, you'll have all the support you need to make a confident and informed decision.
Listen to the podcast: To build or not to build? Mobile apps for ecommerce
Revolutionizing retail: Walmart's push towards AI-driven automation
Walmart is actively pushing for technological advancements like AI-driven digitalization to streamline its operations and enhance customer encounters. The main target is to have 65% of their stores automated in the next couple of years. Walmart is working towards this goal by linking its supply chain and implementing robotics to "combine their programmed catalogs and add automation". Specifically, Walmart is re-engineering its supply network to link different chains, such as an ambient supply chain, perishable supply chain and ecommerce fulfillment network.
In fact, Walmart is assembling robotics and software capabilities across various platforms. Thus far, the company's deployment of 200,000 autonomous floor scrubbers and 1,500 automated trucks showcases impressive progress towards their dedication to AI-driven automation. The ultimate goal is to provide personalized and convenient shopper experiences, an ongoing trend in the retail industry.
It is expected that other competitors will follow Walmart's lead to survive in the dynamically changing industry. Walmart sets a high bar of innovation and remains dedicated to it, providing an example for other companies to imitate. Walmart's large-scale efforts are backed by significant progress and will push the retail industry headlong into the digital era.
In conclusion, Walmart's exceptional work towards implementing AI-driven automation and the resulting benefits sets a standard to replicate in the industry.
Hope on the horizon: US ecommerce sales grow 8.5% in February
After a difficult couple of years, there is some hope for the sector as February 2023's retail sales showed positive growth. Retail sales grew by 2.5%, exceeding market projections and showing that people are starting to feel more secure about their financial situation.
The introduction of the COVID-19 vaccine, which has aided in regaining customer trust, as well as the ongoing expansion of online purchasing, are two reasons for a rise in retail sales. During the global epidemic, a lot of consumers switched to online purchasing, and as retailers increased their digital services, this trend has only gotten stronger.
Despite the positive news, there are still challenges facing the retail industry, including supply chain disruptions and labor shortages. These issues have led to increased prices for goods and services, which could dampen consumer spending in the coming months.
However, retailers are upbeat about the future and are still investing in their digital products to satisfy consumer demand. With a renewed emphasis on customer care and tailored experiences, many retailers are also concentrating on enhancing their customer service.
The business as a whole is encouraged by the rise in retail sales in February, which offers hope for a better future. Retailers will need to keep innovating and adapting to shifting customer demands in order to maintain this positive momentum in light of the industry's ongoing challenges.