Amazon: A successful prime sales event
Prime members reap huge savings: Amazon recently announced the conclusion of its 2023 Prime sales event. Over the two-day event, global Prime members purchased hundreds of millions of products, saving over $1 billion. The sales event, which is Amazon’s largest October holiday season activity to date, saw Prime members purchasing over 150 million items from third-party sellers. Top-selling categories globally included apparel, beauty, home goods, and toys. On the first day, US Prime members purchased over 25 million items eligible for same-day or next-day delivery, with hundreds of thousands delivered within four hours of purchase.
Buy with prime debuts: For the first time, US Prime members utilized the “Buy with Prime” feature to purchase promotional items outside of Amazon’s main platform during the holiday event.
Wish: Gearing up for black friday
Everyday is Black Friday: Wish’s merchant platform announced an extended Black Friday promotion titled “Everyday is Black Friday,” set to run from October 29th to December 11th. During this peak sales season, Wish plans to maximize exposure through both on-site channels and external platforms. The platform will also utilize its personalized recommendation system to enhance conversion rates and retain buyers.
Shipping discounts: Orders with fixed shipping fees over $30 will enjoy free shipping, while countries without fixed shipping fees will receive a 10% shipping discount.
TikTok: New settlement policy for sellers
Introduction of new settlement policy: TikTok Shop has communicated a new settlement policy for its sellers. Effective from November 1, 2023, TikTok Shop will implement three different types of settlement periods based on the seller’s performance. These include a standard settlement period of 8 calendar days, a fast settlement period of 3 calendar days, and an extended settlement period of 15 calendar days. Sellers are advised to stay updated on the policy and understand their applicable settlement period.
Black Friday promotion: TikTok Shop’s cross-border Black Friday promotion will soon launch, covering markets like the UK, US, and Saudi Arabia. Interested cross-border merchants were required to register by September 30th and list their products by October 27th.
Others: Stricter e-commerce regulations and support for small businesses
US pushes for counterfeit regulation: Recent reports indicate that the US is planning a new e-commerce anti-counterfeiting bill. Senators, including Chris Coons, are proposing the “Shop Safe Act” to better protect consumers from counterfeit products sold online. This could significantly impact e-commerce platforms, requiring them to enforce stricter counterfeit checks. Following the implementation of the “American Consumer Inform Act” earlier this year, platforms like Amazon, eBay, and Facebook Marketplace were mandated to verify the identity of sellers on their platforms and intensify efforts against counterfeit sales and manipulated reviews.
Shopify’s holiday shopping survey: A recent survey by Shopify-Gallup, conducted between September 1-14, 2023, sampled 1,761 US adults aged 18 and above. The findings revealed that 74% of respondents plan to spend the same or more on holiday gifts this year compared to the last. 41% plan to start shopping by the end of October, while 23% prioritize shopping with small and local businesses. Notably, Gen Z consumers (ages 18-29) are expected to spend more than last year, with 37% of them indicating a higher expenditure.
