Marketplace Updates, August 2024 Edition

Welcome to your go-to source for the latest updates across various marketplaces! In this edition, we bring you key highlights from August 2024, offering insights from industry experts to keep you ahead of the curve. Don't miss out—click ‘Subscribe’ to receive our monthly Marketplace Update newsletter straight to your inbox.

1. Amazon and TikTok To Join Forces?

亚马逊 and TikTok have formed a strategic partnership to enhance social commerce by allowing TikTok users to explore and purchase Amazon products directly within the TikTok platform. This integration provides real-time information on pricing, Prime eligibility, and delivery estimates, streamlining the shopping experience and bridging the gap between product discovery and purchase. By tapping into TikTok's expanding user base, Amazon aims to boost its eCommerce growth and capitalize on the rising trend of social shopping by partnering with the fastest-growing social commerce platform. While the long-term effects on user engagement and sales are yet to be assessed, this collaboration presents promising opportunities for both companies.

2. YouTube and Shopify Expand Their Partnership!

On August 20, 2024, YouTube expanded its partnership with Shopify to enhance the shopping experience for creators and merchants, responding to the growing engagement in shopping-related video content. Eligible Shopify Plus and Advanced merchants in the U.S. can now participate in YouTube Shopping’s affiliate program, enabling collaboration with creators to showcase products in videos while accessing tools for managing affiliate participation and analytics. Additionally, a new Chrome extension for U.S. creators simplifies tagging products from various retailers and provides insights into potential earnings, fostering stronger partnerships that enhance monetization for creators and visibility for merchants. This initiative offers Shopify merchants a strategic opportunity to expand their reach and drive sales through influencer collaborations.

3. Etsy Launches Etsy Insider: A New Beta Membership Program for Buyers

Etsy has launched its first buyer membership program, Etsy Insider, aimed at enhancing customer loyalty and improving the shopping experience while supporting small businesses on its platform. Set to enter a closed-beta phase in mid-September, the program offers U.S. buyers the option to purchase seasonal or annual memberships, which include benefits such as free U.S. domestic shipping on millions of items, a special birthday bonus, a limited edition annual gift from an Etsy seller, and early access to discounts. Additionally, members can participate in the "Donate the Change" initiative to contribute to charitable causes, all without imposing extra costs on Etsy sellers, as the program is funded by Etsy and membership fees.

4. Amazon Moves Up Black Friday Inventory Deadline for Sellers

Amazon has set an earlier deadline of October 19 for sellers to submit their inventory for Black Friday 2024, a week ahead of last year's cutoff. This decision aims to improve the distribution process in light of rising demand and potential supply chain issues, allowing sellers to better manage their inventory and reduce the risk of stock shortages. By meeting this new deadline, sellers can take advantage of Amazon’s logistics network to efficiently restock popular items, ultimately enhancing their sales performance during the peak holiday shopping period. This proactive approach underscores Amazon's commitment to customer satisfaction and supports sellers in optimizing their operations to navigate the competitive holiday market effectively.

5. TikTok raises seller fees in UK

TikTok Shop is revising its seller fee structure in the UK, increasing the base commission from 5% to 9% as part of its strategy to enhance live commerce and shoppable content. Effective September 2, 2024, this change aims to improve the seller and buyer experience while allowing TikTok to invest in better operations and services. To support local sellers, TikTok is introducing initiatives that enable fee reductions through the production of TikTok Live or shoppable videos and is launching a Co-funded Free Shipping model to share shipping costs. The platform encourages collaboration between sellers and creators to boost audience reach and emphasizes the importance of community engagement for seller success.

6. Amazon Reveals Inventory Deadline for Sellers for 2024 Holiday Season

As the festive season approaches, 亚马逊 sellers must adhere to critical inventory shipment deadlines to participate in key sales events. For those using Fulfillment by Amazon (FBA), inventory should arrive at UK and EU fulfillment centers by September 20, 2024, for the Prime Early Access Sale, and by October 31, 2024, for #BlackFriday and #CyberMonday promotions. With November focusing on processing customer orders and limited capacity for new shipments, early submission of inventory is crucial. By planning ahead and ensuring timely shipments, sellers can maximize their sales potential during this peak shopping period and effectively meet increased consumer demand.

7. Best Buy Launches AI Tracking System for Order Fulfillment

百思买 has launched a new live tracking feature for the delivery and installation of large items, enhancing customer experience through real-time order monitoring. In collaboration with Google Cloud, the retailer is also introducing an AI-powered virtual assistant and updates to its mobile app for personalized shopping. These initiatives align with a growing trend among major retailers like Amazon, Walmart, and Alibaba, who are leveraging AI to improve logistics and fulfillment, especially during peak shopping seasons. The integration of AI in these processes not only boosts operational efficiency but also fosters customer trust by providing precise delivery information, although the initial investment may pose challenges for smaller businesses. For more details, refer to the update on Best Buy's AI Tracking System.

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