Amazon: Streamlining returns and refunds
Revolutionizing returns with Return Go: Amazon is enhancing its return and refund process for third-party sellers by partnering with Return Go. This integration with Amazon’s Multi-Channel Fulfillment (MCF) service is set to automate returns, addressing a long-standing challenge for sellers who previously faced time-consuming processes. This automation includes creating return authorizations and prepaid return labels, significantly boosting efficiency in handling returns.
Temu: Aggressive global expansion
Doubling down on GMV targets for 2024: Temu, having launched in the US in September last year, has set an ambitious target of $30 billion in GMV for 2024, more than doubling this year’s forecast of $14 billion. The platform has expanded globally, setting up in numerous countries across Europe, Asia-Pacific, and Latin America, and has ranked impressively in e-commerce platforms in France and other European countries, showing rapid growth in order volume and value.
TikTok Shop: Black Friday phenomenon
TikTok Shop’s record-breaking Black Friday in the US: During the critical Black Friday period, TikTok Shop in the US witnessed a staggering 131% growth in GMV, reaching $61.2 million. This performance marks the platform’s most significant achievement in the US market to date. The Black Friday event, which spanned from October 27 to November 30, focused on live-stream sales and substantial discounts across multiple countries, including the US, UK, and Saudi Arabia.
Retail forecasts: Surging holiday shopping trends
NRF anticipates historic shopping numbers: According to the NRF, an estimated 182 million people plan to shop from Thanksgiving to Cyber Monday, a significant increase from last year’s figures. Black Friday is expected to remain the most popular shopping day, with 72% (approximately 130.7 million) planning to shop, highlighting an increase in consumer interest in discounts and the continuation of traditional shopping habits. This forecast suggests a robust and thriving retail environment during the holiday season.