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Ecommerce & Marketplaces Newsletter – March 22, 2024

In this edition, commercetools goes into detail on what Buy Now Pay Later is, its origin story, growth trajectory, the key players, and what it means for both businesses and consumers. A recent PYMNTS Intelligence report, created in collaboration with Adobe, reveals when online shoppers decide to make purchases from eCommerce marketplaces that affordability is their top priority. E-commerce sales at Costco Wholesale Corp showed impressive growth and Catepillar added 100K new eCommerce clients…Read these plus more notable articles about TikTok’s ban, Kingfisher, ClickZ and eCommerce firm POP.

Notable news from the past week

Price Is Top of Mind When Consumers Shop on eCommerce Marketplaces

The PYMNTS Intelligence report “The Online Features Driving Consumers to Shop With Brands, Retailers or Marketplaces,” created in collaboration with Adobe, drew from a survey of more than 3,500 U.S. consumers in October to understand shoppers’ choices and behaviors when they make purchases online as well as the factors driving these actions. When online shoppers decide to make purchases from eCommerce marketplaces rather than directly from brands or retailers, PYMNTS Intelligence research reveals, affordability is their top priority.


Costco Wholesale Corp (COST) Reports Solid Earnings Growth in Q2 Fiscal 2024

Costco’s net sales for the quarter rose by 5.7 percent to $57.33 billion, up from $54.24 billion in the same period last year. The first 24 weeks of fiscal 2024 saw a 5.9 percent increase in net sales, reaching $114.05 billion. E-commerce sales also showed impressive growth, with an 18.4 percent increase in the second quarter and a 12.2 percent increase year-to-date, excluding the impacts from changes in gasoline prices and foreign exchange. The company’s e-commerce growth outpaces the overall net sales increase, highlighting the importance of digital channels in the retail sector.


Catepillar Adds 100,000 New eCommerce Customers

As a major global manufacturer, Caterpillar continues to grow its ecommerce business and make it easier for customers and dealers to do business online. “Last year, we added another 100,000 customers to our ecommerce platform,” Bob De Lange, Caterpillar Group President for Services, told attendees. “We’ve also made significant investments in what I call ‘become even easier to do business with’ and a good example of that is ecommerce.”

What a TikTok ban would mean for ecommerce brands

As a potential TikTok ban looms, brands are considering what a world without TikTok Shop would look like. In this article from eMarketer, some implications of a TikTok ban are covered, including who stands to gain, who stands to lose, and what it means for the ecommerce landscape as a whole. The bottom line: It’s unclear whether or not a TikTok ban will happen. But if it does, there’s not a lot of evidence to suggest it would have a major impact on the larger ecommerce landscape.


An Evolution in Payment Methods: From Installment Buying to the Huge Rise of Buy Now, Pay Later

Buy Now, Pay Later (BNPL) is a payment trend in eCommerce that is on the rise. In this blog from commercetools, you will find out what BNPL is, its origin story, growth trajectory, the key players, and what it means for both businesses and consumers. The author states that by following the steps provided and leveraging the flexibility of composable commerce, you can successfully implement BNPL functionality into your eCommerce platform, providing shoppers with a convenient and flexible payment option while driving business growth and innovation.

Kingfisher drives online growth with launch of marketplace for Castorama France

Kingfisher has launched an online marketplace for its home improvement retailer Castorama France. The move follows the introduction and rapid growth of the group’s marketplaces at B&Q in the UK, Brico Dépôt in Spain and Portugal, and its Koçtaş joint venture in Turkey. The marketplace offering will add over 500,000 new products from verified third-party merchants to the 70,000 products already available directly from Castorama on its ecommerce channels.

The rise of social commerce in the digital marketplace

The digital era has witnessed a groundbreaking shift in how we shop. Social commerce, a marriage of e-commerce and social media, has emerged as a revolutionary force. This innovative approach harnesses the power of social media’s massive, interactive platforms to turn passive scrolling into an active shopping experience. By staying informed about social commerce trends and best practices, businesses can explore new technologies and opportunities, maintaining a competitive edge in the ever-evolving digital marketplace.


Ecommerce firm POP to launch marketplace for D2C brands with its own UPI

Ecommerce firm POP said it will launch a marketplace with a curated set of new-age digital first brands where users can get discounts using reward currency. The company said it aims to build this D2C marketplace via no-frills approach, enabling brands to benefit from depper data and insights as well as POPcoins. Since its beta launch in May 2023, POP coins have engaged over 1.5 million customers within the POP network, which is expected to grow to 10 million by March 2024.

To subscribe to the Ecommerce & Marketplaces Newsletter, please complete the subscription form on this page (either to the right or below this article, depending on device). If you have any suggested content for this newsletter or would like to discuss evolving your organization’s digital commerce, please write to us at info@mcfadyen.com.

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