E-commerce giants thrive despite luxury market challenges. ???

Hi?Doer,

Feeling the economic pinch? Are you having issues seeing the job & economic growth with your own numbers? You're not alone. Saks Fifth Avenue has decided to cancel its iconic holiday light show in New York City after nearly 20 years, citing "a challenging year for the luxury market"...?

???Snippets

??TikTok has teamed up with creator commerce startup LTK, enabling creators to share links to their LTK accounts in posts, enhancing their potential to earn commissions.?

??Social commerce is experiencing explosive growth, with revenues expected to more than double from $570.7 billion in 2023 to over $1.085 trillion by 2028, driven primarily by platforms like Facebook (67.8M buyers), Instagram (45.3M buyers), and TikTok Shop (35.8M buyers). Those sales are currently coming from more than?106 million buyers, but that number could grow to 118 million buyers by 2027, according to Insider Intelligence.?

??♀?Shopify & Bigcommerce: Shopify's Q3 2024 earnings soared with 26% revenue growth to $2.16 billion, beating expectations and marking six straight quarters of 25%+ growth. The e-commerce giant's profitability surged, and GMV rose 24% to $69.7 billion, sparking a 20.50% stock jump in premarket trading. Meanwhile BigCommerce also reported increased revenue to $83.7M in its most recent quarter, up 7% YoY. However, they also announced a 10% reduction in its workforce ??

Just Eat Takeaway.com has agreed to sell Grubhub to Wonder for $650 million, a significant drop from the $7.3 billion it was acquired for in 2020. This sale, expected to close in the first quarter of 2025, aligns with Wonder's goal to develop a comprehensive food delivery app and integrate Grubhub's restaurant partners into its services! Fun Fact? Wonder was founded by Marc Lore who has history of launching massive startups, including Diapers.com (sold to Amazon or Jet.com, (sold to Walmart)....??

?? Number of the Week:

69%?of mobile viewers give their full attention when watching videos on mobile, while?50% give their full attention to watching TV. - Snapchat data

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Insights ??

A recent Modern Retail article discusses the rise of livestream shopping on TikTok Shop and they have some cool insights

• Livestream Duration: Brands are starting to stream 2-6 hours a day, with some going up to 10 hours.
• Success Stories: Brands like BK Beauty significantly exceeded sales goals.
• Production Quality: Production values is rising with brands investing in professional setups.
• Structured Approach: Livestreams are becoming more organized and closer?to TV shows.
• Challenges: Finding charismatic hosts remains a challenge in the U.S.

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