US
Prime Day Expected to See Significant Participation
A new analysis reveals that a substantial portion of American households plans to make purchases during the upcoming 2024 Prime Day. According to Numerator, 40% of U.S. households are expected to shop during the event. The primary motivators for shopping during Prime Day are price (75%), a wide range of promotional items (57%), fast delivery (44%), an enjoyable online shopping experience (39%), and easy returns (37%). Generation X and Millennials are 11% more likely to participate, and households with children under 5 are 23% more likely to shop. In 2023, 78% of Prime Day shoppers bought only from Amazon, with smaller percentages also shopping at Walmart and Target.
TikTok Implements New Ad Restrictions and Data Controls
TikTok has introduced new advertising restrictions and data control measures for its teenage users to enhance transparency. Advertisers can no longer use personalized targeting for American teenagers, relying instead on broad options like location, language, and device information. Users can now control their recorded interests to influence the ads they see and block specific advertisers from using their data for personalized ads outside the app. TikTok has also added a “Clear My Activity” feature, allowing users to disconnect data shared with advertisers outside TikTok. New AI advertising rules require advertisers to label AI-generated ads, improving transparency.
eBay Enhances Ad Platform with New Features
eBay has upgraded its advertising platform with new dashboards, personalized insights, and intuitive marketing tools to help sellers expand their businesses. The platform now includes daily tailored tips, custom activity recommendations based on historical data and eBay best practices, and trend-based campaigns using eBayAI technology. Sellers can access ad insights, the latest news, research, and product announcements to optimize their campaigns. The new dashboard offers three ad promotion options: listing promotion, store promotion, and dynamic off-site promotion, with features tailored to sellers’ unique business goals.
Globe
Burberry Plans Major Restructuring Amid Profit Decline
Luxury brand Burberry is preparing a restructuring plan that includes cutting hundreds of jobs due to a significant drop in profits. Since early this year, Burberry’s market value has shrunk by over a third, risking its removal from the FTSE 100 index. The restructuring aims to reduce costs, with affected employees primarily based at Burberry’s UK headquarters. The company reported a 34% drop in operating profit for the 2024 fiscal year, with revenues falling 4% to $3.7 billion. Despite efforts to revamp its brand image and products, Burberry continues to face challenges in a tough economic environment.
Etsy Escaping ‘Race to the Bottom’ and Embracing Artisan Roots
Etsy is making significant policy changes to return to its artisan roots and compete with major e-commerce players. The platform will now label products to show how they are created, ensuring they meet Etsy’s “human touch” standards. This move aims to differentiate Etsy from competitors like Amazon, Temu, and Shein, who dominate with mass-produced items. CEO Josh Silverman emphasizes the importance of original, handcrafted goods in maintaining Etsy’s unique market position. Despite recent struggles, including a 3.7% decline in gross merchandise sales, Etsy is focused on preserving its brand identity.
Spain’s E-commerce Grows by 16%
In 2023, Spain’s e-commerce market grew by 16.3%, reaching over 84 billion euros. The majority of online spending by Spaniards was on international transactions, with nearly 60% of digital spending going abroad. Key sectors driving this growth include travel agencies, clothing, and air transport. Gambling transactions also saw significant growth, leading in the number of digital purchases. Amazon remains the largest player in Spain’s digital market, recording a gross annual revenue of 7.1 billion euros.
AI
LG Electronics Acquires Dutch Smart Home Company Athom
LG Electronics has acquired Dutch smart home company Athom to expand its presence in the smart home market. This acquisition aligns with LG’s strategy to enhance its product offerings and technological capabilities. Athom is known for its innovative smart home solutions, which will now be integrated into LG’s ecosystem. The move is expected to bolster LG’s competitive edge in the growing smart home industry. This acquisition marks a significant step in LG’s commitment to advancing smart home technology.
OpenAI Failed to Report 2023 Hack, No Customer Data Taken
OpenAI did not report a hack that occurred in 2023, although no customer data was compromised. The breach involved an internal system, and OpenAI has since addressed the vulnerabilities. The company emphasizes that customer data remains secure and that measures have been taken to prevent future incidents. This incident highlights the importance of transparency and robust security protocols in AI development. OpenAI continues to focus on strengthening its security measures to protect user data.
xAI Confirms Ended Talks with Oracle Over AI Chips Agreement
Elon Musk’s xAI has confirmed the end of discussions with Oracle to expand their existing agreement on renting Nvidia chips. The decision comes as xAI focuses on building a powerful training cluster in Memphis, Tennessee. Musk’s announcement on social media highlighted xAI’s ambition to develop the world’s most advanced training infrastructure. This strategic shift reflects xAI’s commitment to enhancing its AI capabilities independently. The termination of talks with Oracle marks a significant change in xAI’s operational strategy.
