Amazon requires new attributes for listings starting August 16
Amazon announced that starting August 16, sellers must provide information on 274 product attributes across 200 categories before listing new products on its US marketplace. According to Amazon, adding these attributes will help customers make informed buying decisions and increase seller sales. Sellers who fail to meet the new requirements risk having their products rejected. The mandate comes as Amazon aims to improve the customer experience and catalogs.
Walmart opens 10th annual event for small businesses to pitch products
Walmart started accepting applications for its 10th annual Open Call slated for October 24-25, an event where small businesses can pitch products to be sold through Walmart. In particular, Walmart seeks U.S.-made products from diverse suppliers. The pitch event includes mentoring sessions and one-on-one meetings with Walmart buyers. Successful products may be sold on Walmart.com, in stores, or through other channels.
Shopify Q2 revenue jumps 31% despite slowing e-commerce growth
Canadian company Shopify posted better-than-expected Q2 2023 results, with revenues up 31% year-over-year to $1.7 billion. Shopify’s gross merchandise volume also grew 17% versus last year, reaching $55 billion, indicating resilience despite inflationary pressures on consumer spending. The growth was underpinned by more merchants using Shopify and the company’s growing share of payments.
Wish Q2 revenue drops 42% due to tough macroeconomic conditions
E-commerce platform Wish reported Q2 revenue fell 42% year-over-year to $78 million due to an increasingly difficult macroeconomic and competitive landscape. In response, Wish aims to improve customer experience and merchant relationships by cutting costs and boosting operational efficiency. The company expects the challenging environment to persist.
TikTok develops new ad targeting system to balance privacy and relevance
TikTok is reportedly testing a new ad product called PrivacyGo that matches user interests with advertiser data to improve targeting without sharing underlying data. PrivacyGo uses privacy-preserving techniques like differential privacy to find overlaps between datasets securely. The product could help TikTok court advertisers while addressing growing data privacy concerns, though its data practices remain under scrutiny.
Wayfair Q2 loss narrows as Part of plan to reach profitability
Wayfair reduced its net loss to $46 million in Q2 2022 from $378 million a year ago, aided by $985 million in quarterly gross profit and progress on its cost-cutting plan. However, the home goods retailer faces strong competition from Ikea, Overstock, and other chains expanding e-commerce. Wayfair aims to strengthen operations and loyalty while moving towards sustainable profitability. But some analysts say substantial progress will take time due to past losses.