#21 - The Most Wonderful Time of the Year
What online shoppers want. Shopify expects strong BFCM. Custom GPTs for Ecommerce. Brick-and-mortar isn’t dead. Celebrity Partnerships Revolution.
Not sure how I feel about publishing this edition on this specific Friday - the goddamn Black Friday 🖤
Of course it’s a fun thing that this Ecommerce Newsletter is more relevant than ever on this day. However, you’re probably drowning in obligations and emails to even noticed what I’m writing. If you’re here though, congrats 🙏 You’re the best! Like this article to celebrate it 😍
P.S. This is the first Business & Technology article of the week, that won’t discuss OpenAI’s soap opera. If you wan’t my take, check these fun videos.
5 - What online shoppers want
Strategy Insights' November edition unveils an infographic summarising an online shopping survey. It reveals that detailed product descriptions (58%) and multiple images (52%) matter most for a good online experience. The survey covers mobile shopping, customer service, and online shopping frustrations. Mobile sites are catching up to desktops, while easy navigation (60%) and efficient search tools stand out. Frustrations include unapplied promo codes and difficulty finding in-stock items. Consumers value detailed product info, wish lists, and quick access to viewed items. They prefer personalised shopping and fast customer service via live chat or email with real people.
4 - Shopify anticipates strong BFCM sales
Retailers worldwide have been preparing for the Black Friday and Cyber Monday sales. Shopify predicts that despite the high cost of living, there will be significant demand from shoppers. Last year, shoppers spent a whopping $7.5 billion through brands associated with Shopify. Recent research indicates that 63% of these customers plan to spend the same or more compared to last year. However, despite this enthusiasm for shopping, economic concerns persist among shoppers, with over 75% admitting to cutting back on daily expenses. Many are looking to Black Friday and Cyber Monday as an opportunity to alleviate the financial pressures associated with Christmas.
3 - Custom GPTs for Ecommerce
OpenAI and Amazon Web Services introduce no-code AI tools, revolutionising Ecommerce by enabling tailored AI bots for retail tasks. With OpenAI's customisable ChatGPT and AWS's PartyRock, merchants can easily personalise AI, streamlining tasks like creating ad copy via chat-based GPT customisation, incorporating brand-specific knowledge, and connecting to external data without extensive coding, fostering efficiency in Ecommerce operation
2 - Brick-and-mortar isn’t dead
Recent insights highlight the enduring significance of physical stores in immediate purchase behaviour, particularly in sectors like groceries, household supplies, and 'touch-and-try' categories such as furniture and beauty. While digital channels match in-store discovery rates only in consumer electronics and accessories, a blend of online and in-store purchases characterises conversion rates across various categories.
“The reports of my death are greatly exaggerated”
— by Physical Stores (or Mark Twain, sure)
For instance, GymBeam's revelation that opening a brick-and-mortar store boosted the conversion rate in its ZIP code area by 15% underscores the pivotal role of physical outlets. Despite digital advancements driving product awareness, these findings affirm the ongoing relevance of brick-and-mortar stores across most consumer categories, shaping the consumer path to purchase.
1 - Celebrity Partnerships Revolution
Shopify's expanding influence with major stars like Taylor Swift and Drake demonstrates its evolving role in Ecommerce, with celebrities leveraging the platform to directly connect with fans, boost sales, and create unique experiences. The Shop app's collaborations with music icons like Drake, featuring in-person giveaways with geo-fenced QR codes during concert tours, reflect Shopify's innovative approach to engage audiences. Through the Shop app and Shopify Collective, the platform allows celebrities like Drake to promote independent brands on their stores, amplifying exposure and fostering a vibrant community. These developments underline Shopify's transformative impact on direct-to-fan engagement, reshaping the future of celebrity merchandising and retail experiences.
Black Friday & Chill?
What if you could watch BFCM as a movie? Shopify invites you to grab some popcorn and watch their interactive visualisation of every single transaction happening in real-time globally on their stores.
Ecommerce Success Analysis
In an engaging interview with Rebecca from NostraAI, I tackle misconceptions about Ecommerce decline, stressing post-COVID adaptation for sustained growth in platforms like Shopify. We discuss competitive strategies, site speed's pivotal role, data-driven CRO approaches, and the future shift towards omni-channel experiences. Watch the full interview for more and drop me a comment with your feedback.
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