Monday, August 10th, 2020
Good Morning. It's been a hectic past few months for eCommerce: on the eve of better than expected earnings reports, Shopify, Google, and Facebook make it easier for sellers to sell online. Prime Day gets postponed. And now is the perfect time to invest in a newsletter. We cover all of this and more below. So, what are you waiting for? Scroll down and read away.
Most important news in E-Commerce right now
Shopify, Facebook, Google and Amazon are Making Money Moves
Shopify Partners with Affirm to bring "Buy Now, Pay Later" to its platform: Shopify stores can now offer installment payments to their customers. When chosen, the buy now, pay later option enables stores to receive full purchase price upfront, while Affirm collects the interest-free installments from your customers. This can potentially be a massive win for both customers and store owners at a time when a lot of people are cash strapped.
Buy on Google will soon be commission-free for sellers: Google sellers can now sell for free-99 . That's right! No more service fees. Access the billions of eyeballs crossing Google everyday for zero set-up costs. Your piggybank or wine budget make for great alternatives for your savings ;)
CCPA Compliance made easy: Facebook is making it easy for brands who advertise on its platform to comply with the California Consumer Privacy Act (CCPA) . Compliance is now simply a matter of enabling " Limited Data Use " on your campaigns. The bad news is it might impact your campaign performance; the good news is you won't have a rap sheet.
It was all good 'bout a week ago...
Amazon has postponed Prime Day : sharp rises in online shopping demand coupled with COVID related safety concerns in distribution centers has pressured Amazon to delay Prime Day -one of the most popular cyber shopping events. It has tentatively been set to the first week of October. As the saying goes, better safe than sorry.
THE WAY BACK MACHINE
People and Moments that defined E-Commerce
How Michael Aldrich Started it All
Now more than ever, e-commerce is an integral part of our everyday lives . But if you think about it really hard, who the hell came up with the idea of selling things to strangers you can't even physically see? Only a true visionary: Michael Aldrich.
How it began: Online shopping started how most disruptions do , with fustration . Aldrich's aha moment came when he couldn't stand the journey to grocery store anymore. He thought, "this is crazy! Why don't they deliver it to me?" He grabbed his 26" color tv, a real-time transaction processing computer and a telephone line and created the first ever shoppinig transaction program (Electronic Data Interchange, EDI) . It took a handful of years for online shopping to truly take over, but here we are.
Why it matters:
and the many companies who continuously innovated on his idea, we would not
have e-commerce today. I mean, can you imagine?
A world without next day
delivery-apocalyptic. Jokes aside,
Aldrich, we're excited
shape the future of e-commerce alongside you.
What comes next
? In 10 years? 100?
This pretty smart guy we read about once, Abe Lincoln, said, "the best way to
predict the future is to create it."
Trends and Innovations shaping E-Commerce
AI's growing Eyes, Ears and a Voice in E-Commerce
Are we nearing the predicted age where AI takes over? Who's to say, but AI is well-positioned to change eCommerce:
Voice Commerce: The use of voice assistants is skyrocketing . Whether Alexa, Google or Siri, roughly 40% of Americans now use voice assistants. Four times faster than typing, voice is poised to change commerce. By the end of 2020, voice commerce is expected to grow to $40 billion . By 2023, more than 8 billion phones will have integrated voice assistants-not to mention smart speakers and in-car voice assistants. It is now time to consider how to take advantage Voice Commerce as it becomes the new 'One-click Checkout.'
Visual Search: From shoppable Instagram pictures and Pinterest boards, 'picture shopping' is already thriving. The visual search startup Shnap is taking it to new heights: using AI to match users' images to find similar goods available for purchase online. Like a shirt your co-worker's wearing? 'Shnap' a picture and find a similar one for yourself. Shnap has recently launched on iOS, Android and Chrome. It's time to get pretty, because soon, pictures will matter more than words.
Brands and Entrepreneurs worth highlighting
Good Mythical Morning: Embracing Personality First, E-Commerce Second
With the growth of social media, building a raving community has shown to be a reliable pathway to e-commerce success. Good Mythical Morning did just that: leveraged its vibrant community to fuel its e-commerce sales.
What they do : GMM-founded by the humorous pair Rhett and Link-is a YouTube based short-video series centered around food, experimentation and wholesome fun. It is also the creative force behind the Mythical Society -a community where followers can pay to receive exclusive content and other "Mythical" things.
How E-Commerce is related: GMM parlayed their strong, highly engaging community into selling GMM 'merch' online-apparel, mugs, limited-edition song covers, and even their own book (featured on the Tonight Show with Jimmy Fallon!!!). With millions of fans all over the world, their online store instantly took off.
Why it matters: GMM's 'community first, commerce second' model is a tangible example of the power of fanocracy in eCommerce. Establishing a strong community of fans before or while launching your store can gain you instant sales without special campaigns. It also leads to stronger customer loyalty-once you buy fandom merch, you commit. Whether you already have a store or are planning to launch one, creating highly engaging content can only help you sell more effectively and gain long-term customers.
Resources to help grow your E-commerce
Crack for your Marketing
Here are two tactical ways to take you marketing to the next level:
Start your own E-Newsletter: as we start our e-newsletter, we invite you to do the same. It's a great way to build a trusting relationship with your audience. Get started here.
Rethink your LinkedIn strategy. For many direct-to-consumer brands, LinkedIn can seem useless as a marketing channel. Cole Schafer, the sharp mind behind Honey Copy, might just prove you wrong. Here is how he gained thousands of new impressions and generated a ton of leads with a simple post. Can you use LinkedIn in a similar way?
BEHIND THE KEYBOARD
Yours Truly, The ThoughtMetric Family
Introduction Time! My name is...
In this section, we're sharing all the fun, interesting, and quirky things that makes us who we are . How about some introductions?
Giovanni Thermot (the energetic visionary)
An eternal optimist, I am driven by massive challenges offering opportunity to drive impact. At ThoughtMetric, I am focused on educating the market about the inefficiencies of current marketing practices. I am passionate about empowering the many and bridging the opportunity gap. I enjoy reading, dance parties, tequilas, and pointless philosophical debates. I always have handy a quote or two to contextualize everything.
Michael Signorella (the coding mastermind)
I enjoy tackling complex problems with no obvious answers - there's beauty in the challenge. While I might miss most of the trendy cultural references, I always find time to keep up with Elon, Jocko, and Joe Rogan. At ThoughtMetric, I build the product, prioritize our roadmap, and work with the rest of the team to ensure that our customers are delighted. I enjoy a good workout, spending time with my family and girlfriend.
Alina Yan (the bubbly content-marketer )
Hi! I'm Alina and I'm ThoughtMetric's marketing maven. When you're reading this, it will be my fourth week at ThoughtMetric! I'm currently in Beijing, China where it is 12 hours ahead of Boston. This means 9am calls everyday Tuesday to Saturday and 9pm calls for the rest of the team. It's been awesome so far and I can't wait to put my stamp on our marketing efforts. Excited to share with you all the amazing stuff that we're working on.
"Because it's lonely at the top, but you've got to get there to experience it."
Thank you for reading! Be sure to follow us on social for more awesome content.
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by Alina Yan on August 10, 2020
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