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Ecommerce & Marketplaces Newsletter – June 14 , 2024

In this edition of Ecommerce & Marketplaces Newsletter, we provide a summary of TheNTWK Summit 2024 event where Peter C. Evans (CSO McFadyen Digital), Tom McFadyen (CEO McFadyen Digital) and Alex Pesjak (VP of Europe – Strategy) among many others delve into various topics related to innovation at its best in each of their sessions. Marketplace Pulse covers Shopify’s almost-marketplace Shop app that is approaching a $1 billion GMV run rate. The eCommerce industry has low barriers to entry. This means that anyone who wishes to sell online can enter the industry. However, these low barriers to entry don’t mean that anyone who enters this industry succeeds. Pimberly digs into the 6 biggest challenges for scaling an eCommerce business in their recent blog post.

Notable news from the past week

The NTWK Summit 2024 Recap: European Innovation And The Power Of Platforms On Display

TheNTWK Summit, one of Europe’s premier gatherings for platform and ecosystem innovation, took place from May 28-29, 2024, in the historic Casa Llotja de Mar in Barcelona. This year’s summit drew over 500 attendees, encompassing ten diverse topic tracks, and featured key themes that are shaping the future of business and technology. This blog provides a detailed overview of the key themes and sessions that marked this influential event.

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TikTok Pauses E-Commerce Push into Europe to Focus on US

TikTok has put on hold plans to launch its fast-growing e-commerce business across major European markets, focusing instead on growth in the US where it’s fighting a divest-or-ban law. The move, which may catch many merchants in the region by surprise, reflects ByteDance’s objective of entrenching itself in the US as a way to probe its value to domestic merchants and consumers.

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AI helps US Foods drive toward $1.5 billion in digital sales

US Foods sees its digital commerce strategy playing a key role in the company’s plan to grow its market share beyond the current 10% level. It forecasts its share will become $430 billion in the next few years. Central to US Foods’ ecommerce strategy is digital innovation. That includes the use of artificial intelligence to improve the customer experience, the company told stock analysts at its annual Investor Day presentation earlier this week.

5 Trends to Dress Up Your Fashion Ecommerce Strategy

Fashion ecommerce — the online buying and selling of fashion- and apparel-related products such as clothing, shoes, and accessories — has grown and evolved exponentially just over the last decade. In fact, Statista predicts that in 2024, fashion and apparel market sales will make up 20% of total retail sales. Read this blog from Big Commerce where they compiled some of the top trends and strategies to help fashion and brands dress up their ecommerce strategies and stay ahead of the competition.

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Shopify’s Shop App Is a Maybe $1 Billion Marketplace

It’s not a shopping destination but drives sales as a by-product of the Shopify ecosystem. “In Q4, the Shop app nearly reached $100 million in GMV in a single month, underscoring the immense value we can bring to our merchants, a feature that is only available if you are on Shopify,” said Harley Finkelstein, Shopify’s president, said when discussing 2023 Q4 results.

How Vinted became the first profitable ‘pre-loved’ clothing marketplace

Vinted CEO Thomas Plantenga has reason to celebrate. His company recently became the first “pre-loved” clothing platform to make a profit after a monumental 61% surge in sales. It’s now firmly established as Europe’s largest online marketplace for second-hand fashion.

6 Biggest Challenges for Scaling an eCommerce Business

In this blog, Pat Tully from Pimberly examines six of the biggest challenges many brands face when scaling their eCommerce business – whether it involves moving into new channels, new geographies, or appealing to new demographics. They understand that growth strategies aren’t always the easiest to pinpoint, so Pimberly put together this guide to make sense of these challenges and how you can easily overcome them.

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