Social Media Looks To Commerce For Revenue (Entrepreneur)
Out of $117.93 billion in revenue generated by Facebook, $114.93 billion came from advertising. Although advertising contributes majorly to revenue, social media platforms are diversifying their revenue streams.
Apple introduced a new tracking feature called ATT (App Tracking Transparency), allowing users to opt out of tracking, after which 96% of US users opted out of tracking. As a result, most companies can no longer track consumers and target users with ads.
Apple’s privacy changes will result in $10 billion in lost sales in 2022 says Mark Zuckerberg, the CEO of Meta. Hence Apple’s new tracking feature ATT has triggered diversification of revenue streams. Read the full story here.
Bikayi partners with WhatsApp (YourStory)
Ecommerce startup Bikayi launched a new marketing platform BIK.ai in partnership with WhatsApp. This AI-powered marketing tool aims to revolutionise how e-commerce brands target, re-engage and manage their customers on WhatsApp. BIK.ai Aims to reach over two billion WhatsApp users daily with its personalised messaging promising a 7% higher probability of customers making purchases. Read the full story here.
Udaan Joins The Race To Acquire Metro Cash & Carry (inc42)
B2B e-commerce unicorn Udaan has expressed interest in buying Metro AG’s India wholesale unit. Metro Cash & Carry has approached close to 10 companies to acquire its India operations for a price between $1.5 bn to $1.7 bn.
Although Financial details for FY21 and FY22 are not available, Metro Cash & Carry posted a loss of INR 23.33 Cr, against a turnover of INR 6,915.3 in FY20.TikTok has abandoned plans to expand its live e-commerce initiative in Europe and the US.
Udaan had raised $250 Mn from investors such as Microsoft, M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital six months ago. Read the full story here.
Tik Tok has abandoned plans to expand its live e-commerce initiative in Europe and the US (Financial Times)
They launched a live e-commerce initiative, TikTok Shop, last year in the UK. Although TikTok’s user base has grown by 123% in the past year, TikTok shop isn’t witnessing any tangible growth in its live e-commerce initiative TikTok shop. Despite providing subsidies and cash incentives to influencers, many creators have backed out from the programme.
Competitors like YouTube and Instagram have also jumped on the social e-commerce bandwagon, but failed to gain any traction with consumers. While social e-commerce is struggling to generate revenue, sources predict it could be the next big thing. How is TikTok planning to take over the social e-commerce space? Read the full story here
Customs Department Brings Simplified Regulatory Framework For E-commerce Jewellery (Zee Biz)
The Indian customs department might have given the best news to retailers and e-commerce businesses in India who sell jewellery. Selling jewellery overseas and accepting product returns as rejects requires a lot of customs approvals. The more people and paperwork involved leads to more delays. And delays are bad for the jewellery business. India’s finance ministry has stepped in and brought a simplified regulatory framework that eases a lot of these burdens and delays. Read the full story on Zee Biz here.
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