Juphy’s Weekly E-Commerce News Express – 11-15 March 2024
Ceyda Duz
Discover the latest insights from last week’s e-commerce and AI news, covering hot topics like the environmental footprint of online shopping returns, February’s retail trends, and exciting product launches and updates Wix, TalkShopLive, PayPal, and Reddit. Stay ahead of the curve and dive into the top trends and innovations shaping online commerce and retail technology!
The Environmental Impact of Online Shopping Returns
In an era increasingly focused on environmental sustainability, the damaging effects of online shopping returns have come under the radar. CleanHub, a global plastics cleanup company, recently pointed out some important data about the environmental impact online shopping returns have on the globe.
The financial implications are significant, with online returns costing businesses US$816 billion in 2022 alone. Beyond the financial burden, the environmental consequences are equally alarming. The report highlights that annually, online returns contribute to 24 million metric tonnes of CO2 emissions and result in 9.5 billion pounds of dumped items ending up in landfills!
The fact that online shopping is very convenient additionally contributes to higher return rates, as customers return up to 30% of purchased products annually. Unlike traditional in-store purchases, where customers can physically inspect and try on items, online shopping lacks this experience, leading to more frequent returns when products don’t meet expectations.
To address this issue, retailers are increasingly investing in advanced return management systems and refining their return processes. These investments, ranging from dynamic returns software to enhanced customer education, aim to reduce the environmental impact of returns while offering customers greater convenience and choice.
This year, consumers are demanding sustainable practices from brands and becoming more and more conscious. As such, retailers must adopt innovative returns strategies and leverage technology to minimize the environmental footprint of returns. By doing so, they can not only meet consumer expectations but also foster greater customer satisfaction and loyalty.
February Retail Outlook: Online Sales Surge Over 18%
February marked another robust month for retail, with online sales climbing by nearly 18% compared to the previous year. While this growth is slightly slower than January’s impressive 25%, it underscores the continued strength of e-commerce in 2024.
Total retail sales, covering both in-store and online shopping, saw a significant increase of around 6% in February compared to the same period last year. This increase in consumer spending can be credited to a robust job market and rising real wages, creating optimism within the retail industry.
However, it’s important to consider the impact of the leap day on February’s sales data. After adjusting for this factor, Retail Monitor reported a modest month-over-month increase of about 0.4%, compared to the unadjusted rise of 1%. Similarly, total retail sales grew approximately 3% year over year when factoring in the extra day in February.
Beyond online sales, other retail sectors monitored by Retail Monitor and the NRF also saw noteworthy year-over-year growth. Categories such as sporting goods, hobby, music, and bookstores, along with health and personal care stores, reported significant upticks, showcasing diverse areas of consumer spending.
While most retail segments experienced positive year-over-year sales growth, furniture, and home furnishing stores saw a slight decline of roughly 1.5%. This dip may be attributed to moderating sales among do-it-yourself customers, impacting major retailers.
Wix.com’s AI-Powered Website Builder
Wix.com has introduced an AI website builder that utilizes conversational chat. Users can simply describe their intentions and preferences to receive a customized website, complete with features like scheduling, e-commerce, and event management. The platform offers extensive customization options, including layout, theme, text, images, and apps, empowering users to create their ideal online presence with ease.
TalkShopLive’s “Shoppable Simulcast” on Instagram
TalkShopLive, a video commerce platform, has launched a new feature called “Shoppable Simulcast” in collaboration with Instagram. This feature allows live streams on TalkShopLive to be simultaneously broadcasted on sellers’ Instagram accounts, maintaining the shopping experience seamlessly. The debut stream featured artist Benny Blanco, showcasing recipes from his new cookbook. This integration enhances the interactive shopping experience.
PayPal’s Complete Payments for SMBs
PayPal has introduced “Complete Payments“, a comprehensive payment solution tailored for small and mid-sized businesses in Canada and the U.K., along with approximately 20 European markets. This global solution empowers SMBs to accept a wide array of payment methods, including PayPal, Apple Pay, Google Pay, credit and debit cards, and over 20 alternative payment methods. Seamlessly integrated with popular e-commerce platforms such as Adobe Commerce, BigCommerce, and WooCommerce, PayPal’s Complete Payments streamlines payment processing for SMBs, enhancing their online transaction experience.
Reddit’s Pro Toolkit
Reddit has unveiled “Pro“, a complimentary toolkit designed to empower businesses in cultivating an organic presence on the platform. With Reddit Pro, businesses gain access to an array of tools, including AI-driven insights, performance analytics, a user-friendly dashboard, and publishing functionalities for drafting and scheduling profile posts. This suite equips Reddit Pro users with the capability to amplify the reach of their organic content with a simple click of the promote button, facilitating engagement and growth opportunities for businesses leveraging the Reddit platform.
Enhancing Shopify with Juphy AI & its Unified Inbox
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Key Takeaways
The Environmental Impact of Online Shopping Returns: CleanHub highlights the environmental toll of online returns, with CO2 emissions reaching 24 million metric tonnes annually and 9.5 billion pounds of items ending up in landfills, urging retailers to invest in eco-friendly return processes.
February Retail Outlook: Online sales increased by nearly 18%, outpacing total retail growth again, signaling the continued dominance of e-commerce in 2024.
Wix.com’s AI-Powered Website Builder: Wix introduces an AI website builder with conversational chat, helping users to create customized websites, with features like scheduling and e-commerce integration.
TalkShopLive’s “Shoppable Simulcast”: TalkShopLive launches “Shoppable Simulcast” on Instagram, enabling seamless shopping experiences during live streams.
PayPal’s Complete Payments for SMBs: PayPal introduces “Complete Payments”, a comprehensive payment solution for SMBs in Canada, the U.K., and 20 European markets, streamlining payment processing with support for multiple methods and e-commerce platforms.
Reddit’s Pro Toolkit: Reddit unveils “Pro”, a complimentary toolkit for businesses, providing AI-driven insights, performance analytics, and publishing functionalities to enhance organic presence and engagement on the platform.