The Weekly Sweep: 3/17 - 3/23
We are excited to announce a new direction for our LinkedIn article series, the Weekly Sweep. In addition to covering the latest news in the Web3 space, we will now include e-commerce updates to provide you with an even broader view of the evolving digital landscape. We believe that this expansion will offer our readers valuable insights into the intersection of e-commerce and Web3, furthering our commitment to keeping you informed and ahead of the curve.
This week, we have several e-commerce highlights including Shopify's integration of Google Cloud's Discovery AI solutions, the rise of livestream shopping, and Nike's impressive digital sales growth. In the Web3 space, we cover the upcoming Metaverse Fashion Week in Decentraland, Karlie Kloss's Roblox fashion venture, and more. Stay tuned for our comprehensive roundup of the most intriguing developments in both e-commerce and Web3!
E-Commerce
Shopify has made Google Cloud ’s Discovery AI solutions available on its platforms, allowing merchants to address search, personalization, and recommendation elements with AI-driven technology. Merchants will be able to enhance the customer shopping experience as the AI issues curated recommendations based on learning the customer’s behavior.?
Try Your Best (TYB) (TYB), a Web3 community management and branding tool, is now available on Shopify for brands to integrate into their checkout functions. Including the TYB app will help merchants add to their customer loyalty programs and increase consumer engagement through engagement-based challenges, limited edition drops, and more.
Shopify has acquired Deliverr Inc. , a fulfillment and order specialist, which connects the e-commerce platform to warehouse providers, carriers, and last-mile delivery facilities. This move comes as 亚马逊 is in the midst of eliminating “delivery stations” (last-mile providers) to cut costs. While this does not put Shopify anywhere close to a level playing field with Amazon, it greatly increases Shopify’s ability to ship in a timely manner without incurring excess costs.?
Livestream shopping platform Whatnot has raised $260 million in new funding, bringing its valuation from $1.5B to $3.7B. The platform– popular for selling rare toys, baseball cards, and comic books– shows increased investment interest in livestream shopping. Livestream shopping surged in China during the pandemic, with the industry valued at $327B in 2021 and steady growth since. This model has yet to gain mainstream traction in the US and Western countries, but investment in platforms like Whatnot indicates hope for its success outside of China.
Recent studies by Adobe Analytics have shown that Buy Now Pay Later options grew 27% YOY in 2022, with 2023 data showing that consumers are increasingly using BNPL for smaller purchases instead of segmenting the price of more expensive products. Consumer spending has slowed recently due to fears of recession and bank failures and has shifted to purchasing mainly essential goods.?
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耐克 ’s sales on its website and apps have increased 20% YOY, making up 27% of the brand’s overall sales. Nike’s decision to stop first-party sales on Amazon in December 2019 has sparked a steady increase in online sales originating on Nike’s owned platforms.?
Web3
Metaverse Fashion Week Returns to Decentraland on March 28
Metaverse Fashion Week will return to Decentraland from March 28-30. Brands including DOLCE&GABBANA , Tommy Hilfiger , Dundas Worldwide , and The Donna Karan Company, LLC. will take up residence in the Fashion District, while brands like 阿迪达斯 , Coach , and Diesel will create unique, community-focused experiences. This year’s theme, “Future Heritage,” focuses on connecting digital designers with established fashion houses.
Karlie Kloss , a world-famous supermodel and major proponent of coding and digital fashion, has opened Fashion Klosette on Roblox – a space that she hopes will define the future of fashion on the platform. The immersive styling studio experience allows users to customize their avatar’s makeup and clothing down to fabric texture and layered makeup looks.?
Clinique is launching Clinique Lab, an immersive, gamified experience that prompts users to create an avatar, explore a museum about brand history and attend a skin school with video tutorials and custom, real-time recommendations from consultants. The goal of the platform is to encourage community engagement and facilitate future product launches and influencer involvement.?
On March 13, Meta stepped away from its plan to integrate NFTs into Instagram by allowing users to create and sell NFTs from their photos. Representatives for Meta suggest that NFT options were shelved so Instagram could focus on providing more needed services, such as monetization for Instagram Reels. This move follows Meta’s recent financial struggles and reprioritization within its brands and projects.