#33 - Small world keeps getting smaller
#33 - Small world keeps getting smaller
Reflecting on Amazon's 30 Years. Consumers want simpler Checkout Processes. Sale of the Ecommerce Platform Wish. Lessons from the Retail World. Shopify’s future is Global. Case study. COE 2024.
Hello 👋
Yesterday at this time, I was sitting in the Old Bazaar in Skopje (North Macedonia) having Turkish tea and Baklava. It was amazing! My wife and I were needing some time-off and I did my best to stay offline.
The world keeps getting smaller and smaller, so even within our Ecommerce bubble is more important than ever to take a look beyond our borders and explore what’s going on. Where’s the next growth opportunity? What players like Amazon, Shopify and even Wish have to say about it?
You know that my goal is to bring these fresh updates to you on a weekly basis and that’s what we’re going to get at right now!
But before we actually do it, please 🙏 for me:
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5 - Reflecting on Amazon's 30 Years
As Amazon reaches its 30th anniversary, people are wondering about the future of online shopping. While Amazon grew rapidly, recent data suggests that the amount of shopping done online might not be growing as quickly anymore. This could be because more people are going back to shopping in physical stores. Changes in how companies advertise online after the pandemic might also be a factor. To stay competitive, businesses need to understand how people shop now and make decisions based on that.
4 - Consumers want simpler Checkout Processes
A study, which surveyed over 3,500 U.S. consumers, discovered that 50% of shoppers prioritise the ease of the checkout process when deciding where to shop online. This highlights the importance of businesses streamlining their online purchasing experiences. Additionally, it's worth noting that while online sales are expected to continue growing, the rate of growth has slowed down recently. This means businesses need to work even harder to attract and retain customers. Companies like Bean Box and Sonos understand this and constantly strive to make online shopping as simple and stress-free as possible. By making small adjustments to the checkout process, such as transitioning to a three-step design, they can significantly improve user experience and increase sales conversion rates.
3 - Sale of the Ecommerce Platform Wish
(NASDAQ: WISH) has sold Wish to Singaporean e-commerce company Q0010 for approximately $173 million in cash, with the deal expected to close in the second quarter of 2024. This strategic move marks a new phase for both companies in the global e-commerce sector. Wish, known for its affordable products, faced challenges post-IPO, leading to a decline in stock price. By selling to Q0010, Wish aims to explore growth opportunities through strategic partnerships, while Q0010 expands its reach into North America and supports Wish's operational enhancements. Wish will retain its brand and listing status, operating independently but benefiting from Q0010's expertise in supply chain management and market expansion. Analysts view this as a pivotal move for both companies to capitalise on evolving e-commerce trends and drive growth.
2 - Lessons from the Retail World
The retail industry is swiftly changing due to economic uncertainties, digital proliferation, and a shift towards prioritising customer experiences over sales generation. Amidst this evolution, e-commerce brands and marketplaces are striving to innovate to stay competitive. Lessons drawn from industry leaders underscore several key strategies:
Harness live shopping for customer engagement and interaction.
Infuse digital experiences with personalized human touch to foster lasting loyalty.
Prioritize instant commerce to meet consumers' demand for faster delivery options.
Embrace circularity by offering refurbished products and promoting sustainability.
These insights highlight the importance of differentiation and innovation in delivering memorable shopping experiences that resonate with customers long-term.
1 - Shopify’s Future is Global
(I’m looking at you, EMEA)
In a recent CNBC interview, Shopify's President, Harley Finkelstein, discussed the company's global expansion strategy. Harley highlighted Shopify's commitment to providing tools that simplify international sales for businesses of all sizes. He also highlighted Shopify's success in attracting prominent brands such as Everlane and Nike Strength to its platform. Additionally, Finkelstein mentioned Shopify's focus on B2B online sales, indicating potential growth opportunities through partnerships with companies like Carrier. This interview reflects Shopify's ongoing efforts to innovate and support businesses on a global scale.
Case study: from Magento to Shopify Plus
In a recent interview, Anis Tayebali, VP of engineering at Lulu and Georgia, discussed their transition from Magento to Shopify:
Migration Benefits:
Enabled business growth and scalability.
Leveraged Shopify's robust app ecosystem.
Utilised Shopify API for efficiency.
Implemented a versatile checkout system.
About Lulu and Georgia:
Family-owned business founded in 2012.
Offers over 40,000 home furnishings and accessories.
Collaborates with local artists and designers.
Exciting product launches draw a surge of activity.
Challenges with Magento:
Site performance and scalability issues.
Lack of automation tools and ecosystem maturity.
Difficulty integrating back-office operations.
Limited app ecosystem and seamless integrations.
Transition to Shopify:
Chose Shopify for scalability and performance.
Streamlined migration process with specialised tech.
Reintegrated functionality quickly using Shopify's ecosystem.
Leveraged Shopify's API for automation and efficiency.
Results with Shopify:
Enhanced scalability and stability.
Simplified integrations and optimised operations.
Leveraged Shopify's app ecosystem for enhancements.
Unified checkout solution for B2B and DTC needs.
Future Plans:
Expand B2B offering and improve shopping experiences.
Explore 3D technology for product visualisation.
Diversify product offerings and involve customers in customisation.
Excited about scaling further with Shopify.
Czech On-line Expo 2024 | 27-28th February
