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Category: Retail & eCommerce

eCommerce, Online Retail & Retail News

  • Ecommerce Exploded When Everybody Got Their Stimulus Checks

    Ecommerce Exploded When Everybody Got Their Stimulus Checks

    “Ecommerce exploded when everybody got their stimulus checks,” says marketing superstar Gary Vaynerchuk. “It reminded me how much of a materialistic capitalistic country we are. The numbers are through the roof on food and beverage and things of that nature. Obviously, apparel has been hit in certain ways also. But net-net this is a capitalistic materialistic country and people want to buy things so you’re seeing a ton of activity.”

    Gary Vaynerchuk, CEO of VaynerMedia and host of his own “GaryVee” channel on YouTube with 2.6 million subscribers, discusses how ecommerce is booming in spite of the current pandemic:

    Ecommerce Exploded With The Stimulus Checks

    Ecommerce exploded when everybody got their stimulus checks. It reminded me how much of a materialistic capitalistic country we are. A lot of my businesses are in ecommerce and I was “micro happy.” But I was macro disappointed because I’m hoping that people learn how to save money during this time. With VaynerMedia, my marketing firm, we sit with a lot of Fortune 500 companies that have consumer brands and we’re very involved in a lot of their e-commerce businesses. 

    The numbers are through the roof on food and beverage and things of that nature. Obviously, apparel has been hit in certain ways also. But net-net this is a capitalistic materialistic country and people want to buy things so you’re seeing a ton of activity. Sports cards are a space I pay attention to. I can’t believe how well it’s doing. 

    People Still Think Another Stimulus Check Is Coming

    I actually think the macro conversation is the way this is all playing out. It’s disguising some of the economic vulnerabilities because we’re still in this cocoon. People still think there may be another stimulus check coming for me. As soon as this is over I’m gonna get a job.

    I think the most interesting part of this from a kind of thoughtful economic standpoint it’s kind of that first month to three months or four months after it gets back to normal-ish. I’m really eyeing February, March, and April of next year where I think that you could see a dip because people will say wait a minute we’re in something bad. Right now I think it’s fake to some people.

    Ecommerce Exploded When Everybody Got Their Stimulus Checks
  • In Silicon Valley, the Entire Conversation Is Why Am I Here?

    In Silicon Valley, the Entire Conversation Is Why Am I Here?

    Tech visionary Jason Calacanis, in an interview on CNBC, says that California and Silicon Valley are doing everything they can to get rid of great companies like Telsa:

    It seems like they’re singling Elon Musk out for some reason which is a really stupid mistake on the part of California. Elon Musk is a once-in-a-generation entrepreneur and the products he makes are second to none. They’re the category killers and category redefiners. At the end of the day what we do in investing in companies here in Silicon Valley and what you do in making bets on the public markets is about world-class products and services. This is the world-class product in the automotive space and it’s better than anything the incumbents have.

    California is doing every they can everything they can in terms of taxes and in terms of regulation to get great companies out of here. In Silicon Valley right now the entire conversation is why am I here? Why am I paying these prices? Why am I dealing with dysfunctional government on the local level and on the state level? People are looking at Texas, Nevada, Florida, and Tokyo. People want out of this town. This a very real trend.

  • If People Can Ride the Subway We Can Open Factories, Says Jason Calacanis

    If People Can Ride the Subway We Can Open Factories, Says Jason Calacanis

    “If people can ride the subway and if people can go to Trader Joe’s and pack into all these different places we can start to open factories,” says legendary tech entrepreneur Jason Calacanis during an interview on CNBC:

    When we look at the issues around reopening it’s very confusing for people running businesses today and I think for Americans generally. We’re not allowed to go to the beach and we’re not allowed to play golf but we can take the subway. This is the incredible failure of our government from the federal level down to the local level to not be able to give basic instructions and to have a clear voice.

    Somehow this has turned into a political issue which is the worst of all outcomes. You’re a Republican right-wing person if you want to go back to work. On the left if you let people go back to work you’re committing murder. It’s ridiculous. We have to take a much more measured thoughtful approach to let people go back to work who want to. I understand people are scared people and they can opt-out of this.

    We’ve got a lot of people who work behind keyboards, some of them in the media, who really want to tell people they can’t go back to work when they have a six-figure job clicking keys on a keyboard. It’s not very realistic. Certainly, if people can ride the subway and if people can go to Trader Joe’s and pack into all these different places we can start to open factories.

    If People Can Ride the Subway We Can Open Factories, Says Jason Calacanis
  • TSMC Will Build $12 Billion Semiconductor Factory in US

    TSMC Will Build $12 Billion Semiconductor Factory in US

    Following reports the Trump administration was in talks with chip makers to build US factories, TSMC has announced plans to do just that.

    TSMC is the primary provider of chips for Apple’s iPhones and iPads, as well as a variety of other smartphone makers. The news is a big win for the Trump administration, as well as the tech industry in general.

    As the coronavirus pandemic has disrupted manufacturing and supply chains, the tech industry has been grappling with the fallout of not being able to keep up with demand. The situation has shone a light on the downsides of relying solely on overseas factories for mission-critical components.

    The Trump administration opened discussions with both Intel and TSMC, in an effort to persuade both companies to open factories in the US. Sources said the administration was also talking with Samsung to see what could be done to help the company expand its existing semiconductor facilities in the US.

    TSMC plans on beginning construction in 2021 in Arizona, with production scheduled to begin in 2024.

  • Microsoft AI Virtual Summit Scheduled For June 2

    Microsoft AI Virtual Summit Scheduled For June 2

    Microsoft has announced a virtual AI summit with company executives and industry leaders, scheduled for June 2.

    Artificial intelligence has become one of the most important developing technologies, with companies large and small looking to make their mark. AI is seen as one of the pivotal pieces necessary for a number of industries to take shape, or to evolve to the next level. Multiple companies are working on AI-powered, self-driving vehicles that can make the kind of life-and-death decisions human drivers have been making for decades.

    In day-to-day businesses, AI is playing an increasingly important role in online moderation, search interpretation, content curation, supply chains and much more. AI is taking steps toward content creation and learning to display empathy and personality. In recent months, AI has even played a significant role in combatting the coronavirus pandemic, helping authorities monitor citizens and enforce social distancing.

    With AI playing such an important role in so many industries, Microsoft’s summit will focus on discussing how companies can navigate the challenges that come with developing AI.

    “Join Microsoft and industry leaders for a summit dedicated to thinking big about the critical role of artificial intelligence to help us navigate through these unprecedented times,” reads the announcement. “Every day, AI is proving its value in addressing massive change, disruption and unpredictability as well as enabling business continuity, greater agility and efficiencies. And there’s never been a better time to put AI into action in your organization. We’ll share timely and relevant examples of how customers are using AI to respond and recover from recent challenges and move forward with game-changing solutions to pressing business, government, education, civic, social and health issues.

    “This interactive gathering brings together prominent leaders to discuss the extraordinary possibilities of AI and practical steps to drive lasting impact.”

    Interested parties are encouraged to register for the summit now.

  • Beat The Corona Slump By Acquiring These 9 Freelancing Skills

    Beat The Corona Slump By Acquiring These 9 Freelancing Skills

    Learning new skills during the corona crisis is essential to put you ahead of the curve both during the pandemic and in its aftermath.

    Economically, this is a trying time. If we believe the experts, the world could soon plunge into the worst recession since the Great Depression.

    Most freelancers have already seen a drop in gigs. The stock markets are under heavy pressure. Unemployment numbers in the US alone have skyrocketed to 26 million. 

    There is not much anyone can do about that right now. 

    What you can do is improvise, adapt, and overcome. 

    There are many ways for freelancers to steer their businesses through the crisis with a steady hand. One of them is to invest in personal growth, in adding new abilities to your skillset. 

    Research says that learning a new skill takes 20 hours. That’s an amount you can scrape together during the lockdown. 

    But this is not about mastering sourdough bread or new yoga poses. 

    Some project a surge in freelance work in the wake of the crisis. By taking advantage of the current lull, you can extend your capabilities to boost your freelance business and career prospects post-corona. 

    But where to focus? 

    Here are 9 fields in which to pick up highly sought-after skills that increase your business efficiency and visibility.

    1 – AI and Machine Learning

    Artificial intelligence, machine learning, and big data are three essential components of modern business. In a report released in January 2020, the World Economic Forum identified AI literacy as the number one data skill of the future. 

    Companies use AI and machine learning for data management, predicting consumer behavior, and detecting fraud. They can personalize marketing, and improve customer service with chatbots or interactive voice response for calls. 

    Mastering any of these aspects will give you an edge on the freelance market and increase the efficiency of your own business besides. 

    Even basic fluency in AI fundamentals will go a long way towards a better understanding of modern business practices. 

    2 – Analytics and Big Data

    Data is important. Big data even more so.

    Businesses rely on data to gain market insights, boost conversion rates, manage risk, design new products, drive innovations, and manage their supply chains. 

    In a Forbes interview with CEOs on in-demand freelance skills during COVID-19, the majority listed mining and analyzing a variety of data.

    You won’t become a high-profile data scientist during coronavirus lockdown. But a certain degree of data literacy and an understanding of how to harness big data for business purposes will raise you a mile above most of the competition.

    3 – Cybersecurity

    During the corona crisis, a multitude of businesses has undergone a digital transformation. They have – often abruptly – shifted a large part of their operations online and suddenly work in remote teams. 

    Security considerations have often been neglected in the rush. 

    Unsurprisingly, hackers are seizing the opportunities right now. Since the beginning of the pandemic, there has been a sharp uptick in the number of cyberattacks. 

    Consequently, freelancers who are knowledgeable about cybersecurity are in high demand. 

    4 – Web Development and Web Design

    With a huge part of business shifting online, web development and design are seeing significant demand. 

    Now more than ever, company websites need to be flawless and unique to stand out from the competition. 

    That means now is the time to step up your WordPress game, get to know the newest trends and plugins, and learn how to build a truly stunning website. Going further, learning the foundations of writing markup and coding, or extending your knowledge on the subject, will go a long way towards raising your profile.

    5 – Content Creation

    Vast numbers of people are stuck at home right now, and they’re hungry for content.

    Learning how to write impactful texts for a variety of purposes – blog posts, video scripts, press releases, newsletter campaigns, website copy – is a valuable and marketable addition to your skillset. 

    The same holds for design and video editing. Visuals are a huge part of marketing, and video is a key trend in marketing in 2020, with platforms like TikTok on the rise. 

    Whether you hone these skills to expand your own online presence or reach the level at which you can provide services to others, content creation is an essential skill. 

    6 – SEO

    Search engines are the largest source of traffic to business websites. 

    As a consequence, Search Engine Optimization is crucial to drive organic traffic to your website, increase your visibility, and ensure business success. 

    Providing high-value content is a major factor in SEO, but building your SEO skills can go much further. Optimizing content, local SEO, and technical SEO all play critical roles in improving your website’s search engine rankings and gaining visibility.

    Ultimately, brushing up on your SEO skills won’t just leave you with a much stronger online presence, but also with abilities that are coveted in the job market. 

    7- Digital and Social Media Marketing

    With the corona-induced shift to life online, digital and social media marketing have become critical. Digital marketing experts are highly sought after. 

    Doing research on crucial digital marketing trends in 2020, and developing your skills accordingly, will put you ahead of the curve. Which are the most prominent (social) media channels in your industry? What are the best strategies to gain an audience there? What sort of content is needed? 

    Answering these questions can give you the focus and knowledge you need to promote your own business and develop highly marketable skills. 

    8 – Critical Thinking and Problem Solving

    It’s not all about marketing and technology. 2019’s State of the Workplace Report by the Society of Human Resource Management found that almost 40% of employers found the problem solving and critical thinking abilities of candidates to be sub-par. 

    Creative problem solving is an essential skill for succeeding in the workplace – whether you’re a full-time freelancer running your own business, or working remotely. 

    Luckily, these skills don’t depend on innate abilities but can be trained and honed through exercises and courses, together with other valuable soft skills. 

    9 – Emotional Intelligence

    Another critical soft skill in high demand on the job market is emotional intelligence. Emotional intelligence (EQ) is the ability to be aware of your own emotions, express them appropriately, and control them when necessary. It includes awareness of the emotions of others. 

    Connecting to people on an emotional level, and establishing rapport is essential in any business relationship. Whether you’re leading a team, interacting with customers, or expanding your network. 

    Investing time in developing your EQ will show returns in your own business life, and represents a valuable addition to your CV. 

    Final Thoughts

    Your time is valuable. And using it well, especially during the corona crisis, is essential.

    Acquiring skills that are valuable to your business, and that complement your freelance profile, will help you adapt to the post-corona market. 

    Whatever you choose to learn, online resources like  Skillshare, edX, Coursera, Codecademy, or Udemy provide the learning materials you need to succeed. 

    At the end of the day, though, committing to continually expanding your skillset, and adapting to new situations, is the most valuable skill you could possess. 

  • The Rise of American Semiconductor Business: Government and Corporations Look to Manufacture Chips Stateside

    The Rise of American Semiconductor Business: Government and Corporations Look to Manufacture Chips Stateside

    After years of exporting semiconductor manufacturing overseas, the Trump administration, Intel and TSMC are in talks to open chip factories in the US.

    For years companies have relied on Asian semiconductor factories for the most critical components powering computers, phones, tablets and more. In addition to the cheaper cost associated with oversees manufacturing, there has also been the benefit of scale. With entire industries located in concentrated areas of Asia, companies are able to tap into a vast pool of talent, expertise and supplies.

    Recent events, however, have shown the inherent dangers of relying solely on foreign manufacturing. As the coronavirus pandemic first hit China, factories that American businesses relied on were shuttered, causing problems for a wide range of companies. For example, the supply chain issues resulted in Apple facing product shortages, delayed launch dates for new products and even impacted the company’s ability to provide support and give replacement devices to customers.

    The impact has not been lost on the government, or chip makers. According to The Wall Street Journal, (WSJ) officials have been talking with Intel and TSMC about building factories in the US.

    “We think it’s a good opportunity,” said Greg Slater, Intel’s vice president of policy and technical affairs. “The timing is better and the demand for this is greater than it has been in the past, even from the commercial side.”

    Likewise, TSMC is reportedly talking to US officials as well as Apple, one of its biggest customers, about building a factory in the US. The WSJ’s sources say officials are also interested in helping Samsung expand its existing chipmaking facilities in the US.

    If the talks result in concrete action, it should go a long way toward insulating the American tech industry and help protect it from future global disasters.

  • ViacomCBS Channels Coming to YouTube TV

    ViacomCBS Channels Coming to YouTube TV

    ViacomCBS has struck a deal with YouTube TV to bring 14 of its channels to the popular streaming service.

    YouTube TV is one of the newer TV streaming services, joining Sling TV, fuboTV, Hulu With Live TV and others. The service has quickly become a favorite with a well-rounded combination of channels, features and price. One glaring omission was some of the ViacomCBS stations, such as Comedy Central, MTV, CMT, Paramount Network and more. With today’s announcement, that omission has finally been fixed.

    BET, CMT, Comedy Central, MTV, Nickelodeon, Paramount Network, TV Land and VH1 will be available this summer, with BET Her, MTV2, MTV Classic, Nick Jr., NickToons and TeenNick coming on at a later date.

    “We are thrilled to have reached an expanded agreement with YouTube TV that recognizes the full power of our newly combined portfolio as ViacomCBS,” said Ray Hopkins, President, U.S. Networks Distribution, ViacomCBS. “Google has been an excellent partner, and we look forward to bringing even more of our entertainment networks to YouTube TV subscribers for the first time.”

    “We’re excited to launch ViacomCBS’ portfolio on YouTube TV this summer, ” said Lori Conkling, Global Head of Partnerships at YouTube TV. “Our expanded partnership delivers on our promise to offer a premium portfolio of content to our YouTube TV subscribers, as well as across the YouTube platforms.”

    The announcement is good news for current YouTube TV subscribers and will likely help the service gain even more.

  • We Are An Experience-Driven Company, Says Chewy CEO

    We Are An Experience-Driven Company, Says Chewy CEO

    “Last year we sent about 50,000 pet portraits to our customers,” says Chew CEO Sumit Singh.  “We’re an experience-driven company. This is not a cost. This is an engagement mechanism. We’ve partnered with about a thousand local artists across the country. We think of this as an experience building. We have 90 percent re-ups (of our subscriptions). Our customers love engaging with us.”

    Sumit Singh, CEO of Chewy, discusses their IPO (launched today) and how customer engagement has driven their phenomenal growth in an interview on CNBC:

    We Are An Experience-Driven Company

    Last year we sent about 50,000 pet portraits to our customers. We’re an experience-driven company. This is not a cost. This is an engagement mechanism. We’ve partnered with about a thousand local artists across the country. They show up to your doorstep unannounced. It’s a total surprise. You can’t buy them. When they do (the paintings) they create memories. People talk about them. They drive dinner table conversations. They show up on social media. It’s just an emotive category.

    We think of this as an experience building. We have this because we want it, not because we need it in some way. Once we get out there and once this shows up on your doorstep the engagement that it creates generates the loyalty, the repeat purchase rate. In fact, our cohorts just keep growing from $330 to $500, $600, and $700 as they go from year five, six, and into year seven. This is what does it. Pets is the only category where a consumer refers to themselves as a pet parent. The only other category where consumers do that is kids.

    “Jackson loves his Chewy portrait!” notes Chewy customer Eri Anne

    Our Customers Love Engaging With Us

    Pet ownership is underrepresented in the growth of e-commerce. First of all today in the United States we’re only about 14 percent penetrated from an online point of view. Chewy, if you look at it, is a $70 billion dollar industry. We’re penetrated in about roughly 10 percent of the households. We have 11 million customers. We’re growing fast and we’re engaging them hard.

    They stay with us. It’s the two flywheels, the engagement, and the acquisition. It just spins really well. Our investors love that. Our customers love that. We like it. We have 90 percent re-ups (of our subscriptions). Two-thirds of our revenue comes from Autoship and our subscription program. Our customers love engaging with us.

    We Have An Incredible Amount of Data

    Our shipping (cost) is built into our gross margins. What you’ve seen is as we’ve gotten big fast, we’ve also gotten fit fast. Our gross margin has expanded over 500 basis points over the last three years. We have a dense network. We have the predictability of Autoship. We can plan supply plan tighter and baseload build a lot tighter and get it to our customers fast and in a reliable manner. That’s how we make it work.

    We have a ton of data. When you contact us you’re giving us (information). Pet profiles is an amazing way for us to engage with you. Customers are leaning in. We talked to you via customer service. At this point, we have 11 million customers but we manage over 27 million relationships between pets and pet parents. That is an incredible amount of data and facts to have on base.

    Pets.com Was 20 Years Ago

    The company (Pets.com) was 20 years ago. Look at the way the e-commerce has built out, the inputs are changing. Look at our stickiness. Look at the number of customers that we’re attracting. The fact that we’re servicing greater than 95 percent of US households in less than two days and the fact that customers keep coming back to us. Also, the necessity and desire to continue to engage and seek information via the high-touch high-class customer service that we provide. We just closed the loop better than anybody else out there.

    We Are An Experience-Driven Company, Says Chewy CEO Sumit Singh
  • Walmart Introduces Express Delivery In Nearly 1,000 Stores

    Walmart Introduces Express Delivery In Nearly 1,000 Stores

    Walmart has announced it is rolling out its Express Delivery service in nearly 1,000 stores.

    Walmart has been piloting Express Delivery in 100 stores since mid-April, but has accelerated the development of the program in an effort to meet customers’ needs in the midst of the pandemic. Express Delivery will let customers order some 160,000 items from stores and have them delivered to their doorstep within two hours.

    “We know our customers’ lives have changed during this pandemic, and so has the way they shop,” said Janey Whiteside, chief customer officer, Walmart. “We also know when we come out of this, customers will be busier than ever, and sometimes that will call for needing supplies in a hurry. COVID-19 has prompted us to launch Express Delivery even faster so that we’re here for our customers today and in the future.”

    The service will debut in nearly 1,000 stores in early May, reaching nearly 2,000 stores in the coming weeks. This is good news for shoppers around the country, as they endeavor to stay safe during the pandemic.

  • Apple Delivers Quarterly Results, Shattering Expectations

    Apple Delivers Quarterly Results, Shattering Expectations

    Apple has reported its second quarter earnings, shattering analysts’ expectations, aided by its services business.

    It’s no secret that Apple, like many companies, has had a difficult quarter. Since much of the company’s production is in China, it was hit particularly hard as its supply chain experienced major delays as a result of the coronavirus pandemic. As a result, analysts did not expect the company to see any growth this quarter, and actually predicted a 5% year-over-year decline in revenue.

    Instead, Apple reported $58.3 billion in revenue, which was a 1% increase year-over-year. Similarly, the company reported earnings per share of $2.55, up 4% year-over-year, as opposed to the 10.8% decrease analysts were expecting.

    “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”

    Despite the positive results, Apple did not provide guidance on the upcoming quarter, as has been the case with a number of tech companies. It’s likely the full impacts of the pandemic have yet to be fully realized, and Apple seems hesitant to provide any further guidance until the situation is better understood.

    Still, this quarter’s results were a big win for the company and will no doubt help assuage analysts’ concerns long-term.

  • How Amperity Uses Machine Learning To Unlock Data and Supercharge Marketing

    How Amperity Uses Machine Learning To Unlock Data and Supercharge Marketing

    “Nobody was using machine learning to point at the underlying consumer data to help make sense of it and bring it together,” says Matthew Biboud-Lubeck of Amperity. “We put together cloud computing that was scalable with better economics alongside a machine learning algorithm that we were pointing at the data to help make sense of it. We realized that what we had was a pretty scalable solution to help brands get to that nirvana of a single view of the customer.”

    Matthew Biboud-Lubeck, VP of Strategic Services at Amperity, discusses how their platform helps brands create a complete view of their customers in an interview on the B2B Growth podcast:

    Helping Brands Create a Single View of Their Customers

    We are a CDP (customer data platform) based in Seattle that is helping brands create a single view of their customers and to unlock personalized experiences from that data. If you look back to the founding of Amperity about three years ago our founders were canvassing the marketplace. What you saw was a marketplace using a lot of buzzwords but having a lot of trouble executing them. You heard about personalization, customer 360, and a 360 view of the customer. Marketers across major consumer brands were super frustrated.

    They spent a fortune trying to cobble some view of their customer. They invested in technology to help them send better emails, to make their media more targeted, and to unveil better analytics. All of those tools that they have invested in talked about the notion of a single view of the customer because they fundamentally needed that to operate. The reality was that nobody was getting to the solution. We came in to say maybe there is a better way.

    Machine Learning Helps Brands Get To Nirvana

    There were two things that changed in the marketplace that we capitalized on. First of all, it was that cloud computing got a lot cheaper. It used to be that if you were a big brand and got hundreds of millions of customer interactions, it’s just a lot of data. Part of the reason that no one was able to create an easy solution to putting that all together was because it was cost prohibitive.

    The second really interesting evolution in the market is that machine learning has become much more mature. What we found was that everyone in the marketplace was using machine learning to make that last mile to the marketer a little bit better. It was used to decide which products to show a customer or to decide which offer to show a customer or to create a customer care solution that’s automated. You go online and type toward a solution and some bot talks back to you. Nobody was using machine learning to point at the underlying consumer data to help make sense of it and bring it together.

    We put together cloud computing that was scalable with better economics alongside a machine learning algorithm that we were pointing at the data to help make sense of it. We realized that what we had was a pretty scalable solution to help brands get to that nirvana of a single view of the customer. That’s how we were born. What’s interesting is that the customer data platform space is a little bit confusing. You have a lot of companies that started as something else that rebranded as a CDP. We were purpose-built from the ground up as a customer data platform designed to bring all of a brands data, reconcile that data to create a notion of identity on it and then to unleash that data back to the brand anywhere that they want to use that data.

    >>> Listen to the full B2B Growth podcast here.

  • Google Still The King of Driving Ecommerce Sales

    Google Still The King of Driving Ecommerce Sales

    Facebook and Instagram may be the darlings of many advertisers, but data shows Google is still the king of driving ecommerce traffic.

    Analytics firm Oribi conducted an extensive study of shopping trends in 2019 and the results show that Facebook and Instagram still have a long way to go. According to the study, direct traffic in the form of mobile apps, email marketing and direct input accounts for nearly half of all traffic at 48.9%.

    Behind that, however, is Google organic search at 20.6%. Rounding out the top three is Google paid search at 14.1%, while Facebook and Instagram came in at 9.6% and 1.5% respectively.

    “Everyone seems to talk about Facebook’s shopping potential, but Google is, by far, the second traffic driver for online stores,” said Iris Shoor, Founder and CEO of Oribi. “And, despite Instagram’s rise, it’s responsible for less than 2% of traffic, even across the fashion stores we analyzed.”

    When it comes to conversions, the news doesn’t look much better for either Facebook or Instagram. Google paid search provides 2.7% conversion rates, while Google organic search results in 2.5%. Facebook and Instagram, both paid and organic, only result in 1.5% and 0.8% respectively.

    The study also showed a relatively clear distinction in the type of shopping the different platforms drive. Social media drives cheaper purchases, the digital equivalent of window shopping. In contrast, Google performs better for larger purchases where an individual is looking for, researching and buying something specific.

    One thing is clear from Oribi’s study: Facebook and Instagram will need to work hard if they have any hope of challenging Google’s dominance in the ecommerce realm.

  • Without AI, Real-Time Personalization Would Not Be Possible

    Without AI, Real-Time Personalization Would Not Be Possible

    “How do we shorten the space between a signal that we get, say in behavioral data that we see show up either in an app or on a website, and then churn through all of the possibilities of what we could present, apply algorithms to determine what is the next best offer and next best experience?” asks Adam Justis, Director of Marketing at Adobe Experience Cloud. “Then how do we present that in a way that actually feels if not real-time pretty close to it? That would not be possible without artificial intelligence.”

    Adam Justis, Director of Marketing at Adobe Experience Cloud, discusses how AI and machine learning are enabling near real-time shopping personalization in an interview with theCUBE at Adobe Imagine 2019 in Las Vegas:

    Role of AI in Offering a Personalized Shopping Experience is Core

    You definitely have the data piece and then the content piece. I would also add how the complexity of all that has certainly exceeded the capacity to manage this in a singular sort of engagement with a customer, let alone at scale millions of times a day. So the role of artificial intelligence and machine learning now is so core. It’s sort of the gearbox that’s turning at the center of the data on one hand and the content and elements, the assets, the offers, on the other that allows for ultimately the coalescing of those things and then the delivery of an experience worth having.

    That’s the component pieces that we’re seeing at play and Adobe’s motivation in going into that space. At Adobe when we announced our intent to acquire Magento, we were talking about how does Adobe facilitate or help every experience become shoppable and every moment personal? Really that was a claim we couldn’t make without the Magento piece. It is absolutely a hand in glove relationship especially as we’ve all evolved as consumers.

    Advancements in AI Are Going From the Absurd to the Very Real

    To imagine that we would be subscribing to socks or that we could one-click purchase just about anything, you need the technology that can keep pace with the expectations. That’s what it’s all about. So many of those experiences that Adobe is intent on enabling our customers to present culminate in a transaction of some sort. Magento is absolutely not only the icing on the cake but it’s also so integral. It’s becoming a fundamental or elemental part of what we’re trying to accomplish.

    That (personalized experience) is one of the things that I absolutely love about customer experience management or CXM. In a way I kind of love the absurdity of it. When you think of the scale, to say something like we’re going to make every experience shoppable and every moment personal, to imagine that that’s possible is almost absurd. But when you introduce the advancements that we’re seeing in artificial intelligence and machine learning now it’s literally going from the absurd or the realm of science fiction into very real. That’s what Adobe is looking at.

    Without AI Real-Time Personalization Would Not Be Possible

    How can we literally take some sort of statement like we’re going to personalize experiences across the customer journey and we’re going to do it at scale and in real-time? Really, unless you’re considering how we’re going to meet the needs of the customer in the moment that they’re expressing that need then it’s really moot. It is absolutely artificial intelligence and machine learning that we’re seeing expressed now across the Adobe Experience Cloud that is making that happen in multiple ways. One of the ways would be simply by shortening that span between the latent genius that marketers are walking around in their heads and actual execution. How can we take some of the friction out of the workflows that allow them to translate their ideas into offers?

    How do we shorten the space between a signal that we get, say in behavioral data that we see show up either in an app or on a website, and then churn through all of the possibilities of what we could present, apply algorithms to determine what is the next best offer and next best experience? Then how do we present that in a way that actually feels if not real-time pretty close to it? That would not be possible without artificial intelligence. At Adobe we do that through a product called Adobe Sensei.

    Adobe: Without AI Real-Time Personalization Would Not Be Possible
  • TrafficGuard Launches Free PPC Fraud Protection

    TrafficGuard Launches Free PPC Fraud Protection

    Advertising fraud protection firm TrafficGuard has announced the launch of free PPC fraud protection, as well as a pay-as-you-go Pro option.

    According to founder and COO Luke Taylor, the company sees “ad fraud draining almost 30% of every new clients’ advertising spend.” Unfortunately, in times past, advertising fraud protection was outside the means of many small startups. TrafficGuard is working to change that.

    “Our mission is to drive trust and transparency in the digital advertising ecosystem,” continues Tayler. “A reflection of this mission is our effort to democratise transparency. With our free PPC protection, transparency isn’t just the purview of big brand advertisers and agencies – Businesses of all sizes can get the visibility they need to fight ad fraud.

    “We believe that if every business takes steps to protect their own ad spend from fraud, the cumulative effect is a strengthened industry and less funds flowing through to the perpetrators of ad fraud. Most fraud prevention tools are aimed at the big advertisers. By offering a free version of TrafficGuard, small and medium businesses also have the tools they need to protect their own spend.”

    TrafficGuard’s announcement is good news for companies looking to maximize their advertising budget.

  • We’re Offering Technology-Driven Virtual Banking, Says WeLab CEO

    We’re Offering Technology-Driven Virtual Banking, Says WeLab CEO

    “We got our virtual banking license in April,” says WeLab CEO Simon Loong. “These are very exciting times. We’re busy building a bank, hiring, recruitment, that’s our core focus. What we’re working on right now is rebuilding the core functions of the bank but with a more innovative and more tech-driven approach. Traditional banks have their own way of doing things, but what we’re looking at is how do we look at offering technology-driven banking through innovation and technology?”

    Simon Loong, co-founder and CEO at WeLab, discusses building a virtual bank in Hong Kong and how that will revolutionize banking in favor of the customers in an interview on Bloomberg at the Rise Conference in Hong Kong:

    We’re Offering Technology-Driven Virtual Banking 

    We got our virtual banking license in April. These are very exciting times. We’re busy building a bank, hiring, recruitment, that’s our core focus. We’re looking at how do we launch a bank within this year and we’re still on track for that. What we’re working on right now is rebuilding the core functions of the bank but with a more innovative and more tech-driven approach. Traditional banks have their own way of doing things, but what we’re looking at is how do we look at offering technology-driven banking through innovation and technology?

    We look at three I’s. How do we offer financial services instantly to consumers? The second is intelligence. How do we actually use data to predict what customers need and offer them the right set of products? The third is interactive. How do we interact with our customers? Marketing does not talk to people with a phone anymore, it’s completely through mobile apps.

    Virtual Banking Is An Emerging Trend For Hong Kong

    Competitiveness in the market is a very interesting thing that we’re seeing. Even now, before the launch, in just the last couple of weeks, four of the major banks in Hong Kong started reducing the minimum account balance in anticipation of the virtual banks launching this year. Existing banks have to change the way they work and we’re seeing that right now. Going forward, what we think will happen is initially people will have a second virtual bank account. They will enjoy it, use it, and it will increasingly become their core bank account. 

    For the younger generation who will come on to banking for the very first time in their lives maybe this will be their primary bank account going forward. Our internal projection is that this is going to be the emerging trend for Hong Kong. Virtual banks will offer better choices and more choices for consumers. In the end, consumers will be the beneficiaries of it. We haven’t looked at pricing yet but what we’re looking at is how an innovative customer experience allows us to attract customers. We look at the younger millennial tech-savvy set and what they look at is actually a better customer experience rather than an incremental few basis points on their savings. 

    Virtual Banks Have a Competitive Advantage

    We as bankers have been trying to do (virtual banking) in the past in traditional banks as well. What we always found the difficulty in was the legacy systems, traditional management layers, and layers of (obstacles) that were built over the years. How do we unwind them? Starting afresh definitely has its own benefit. Also, if you look at traditional retail banking, it was built as a branch distribution model. You have branches, telephones, and stuff like that. Then you finally added onto it a layer of core internet and mobile. 

    Legal and compliance are an extremely important part of this and virtual banks are subject to the same regulations as a normal bank. But I think virtual banks do have a competitive advantage. Number one is when you start afresh you don’t have layers and layers of manual processes that you’ve built in the past. You start with the latest and most dynamic kind of regulatory regime in mind. The second thing is that virtual banks will initially offer simpler financial products where you have actually fewer compacts and compliance infrastructure to monitor. traditional banks typically have a wide array of products that you need to monitor. That allows virtual banks to be more specific and more nimble.

    Adding a multi-only-channel approach becomes increasingly more complex for it to break down. If we start afresh where we only have mobile-only or online-only, that simplifies things and allows you to have a much faster time to market. That is very important in this very competitive world. 

    Focused On Building a Fantastic Virtual Bank

    What we are going to look at is how do we build a bank with good economics and also provide customer lifetime value? In the past, we looked at products and their profitability. But what we look at right now is a whole relationship and a customer lifetime value by cohort and how they actually become profitable over the years. Bringing a customer on board today may not be profitable because of acquisition costs. Over time, when they become more and more loyal to us, when we have more products and services, and when they become more engaged with us (they will be profitable). It will be a new way of looking at the whole P&L, managing it on a customer lifetime value on a cohort basis.

    We are massively hiring. I think this is an exciting time for virtual banks right now. We are looking at very specific talents, for example, in areas like products, technology, and compliance. These are areas that we are hiring for. I think for us we learned as a homegrown fintech champion in Hong Kong our benefit is that we already have an existing team in Hong Kong versus the rest of the virtual banks. We have around 80 to 100 people in Hong Kong today. What we need to do is just fill certain skillset gaps that we don’t have. What we’re looking for specifically is bankers with an open mind and intellectual curiosity who wants to do something different and build a bank that they love.

    What we’re focusing on is building the bank now to make it a fantastic virtual bank in Hong Kong launching by the end of this year.

    We’re Offering Technology-Driven Virtual Banking, Says WeLab CEO Simon Loong
  • Google Preparing Debit Card to Compete With the Apple Card

    Google Preparing Debit Card to Compete With the Apple Card

    Following the success of the Apple Card, Google is preparing its own debit card.

    According to TechCrunch, Google is developing both a virtual and physical debit card. Unlike the Apple Card, which is a credit card backed exclusively by Goldman Sachs, Google’s debit card will work with an array of banks.

    TechCrunch’s source said the card will be linked to a Google app, providing an easy way to monitor balances, purchases and more. It could also substantially beef up Google Pay, which is currently restricted to online and peer-to-peer payments. TechCrunch’s source provided photos, as well as proof they came from Google.

    If true, the news is the latest example of a major tech company moving into the financial market. Tech companies are eager to offer financial services, and tie-ins to their core products, in an effort to keep customers firmly rooted in their ecosystems.

    Given Google’s past privacy issues, however, the company may have its work cut out convincing individuals their data and privacy will be respected.

    Image Source: TechCrunch

  • You’ve Got To Bail Everyone Out, Says Barry Diller

    You’ve Got To Bail Everyone Out, Says Barry Diller

    “You’ve got to bail everyone out,” says Expedia and IAC Chairman Barry Diller. “This is like when you’re picking losers and winners. Everybody is in the same position which is the world stopped for commerce. You see this when you drive down streets and you see big cities and small cities and you see nothing is open. They’re ghost towns. The damage that is being done every day is enormous. Everybody needs to be bailed out of this one-time thing and we’ll worry about paying the bills later.”

    Barry Diller, media mogul and Chairman of IAC and Expedia, says that every business in the United States must be bailed out in an interview on CNBC:

    You’ve Got To Bail Everyone Out

    What we’re doing at Expedia is using the time to do a lot of the things that we were not able to do when we were running a hundred miles an hour to keep up with our growth. You can think of it as a small business writ large. And then one day the door closes. And if you’ve got a small business with nobody coming in you have no revenue. Well, travel-related companies have no revenue. Expedia, like many large travel companies, has a very very large cost base so we haven’t yet dealt with that specifically. The real planning inside the company is to come out of this stronger than when we went into it.

    The bailouts of the airlines are necessary. Full stop. You’ve got to bail everyone out. This is like when you’re picking losers and winners. Everybody is in the same position which is the world stopped for commerce. You see this when you drive down streets and you see big cities and small cities and you see nothing is open. They’re ghost towns. The damage that is being done every day is enormous. Everybody needs to be bailed out of this one-time thing and we’ll worry about paying the bills later. 

    What has to happen is the fear has to decline

    What has to happen is the fear has to decline. The fear of associating with other people. There are plenty of friends of mine who say I’m not going to go to the theater or I’m not going to do this because I’m afraid. Actually, now people are saying, even though you’ve been isolating for three weeks you can’t come over to my house, which is kind of nuts. Fear is the next thing that’s going to thaw. Until that happens, whether you test people on the way in or whatever you do, at some point everybody’s going to have to be comfortable being a foot away from other people. If that fundamentally changes then a huge amount of our infrastructure disappears, which I don’t think will happen.

    You kind of have to get over it (the fear). You go into a theater and you’re sitting literally within inches of people, you go in thinking that no one is going come in with enormous toxicity. No one is going to come in who has got some terrible communicable disease and sneeze on you. You kind of just trust in that. We’re all too frightened right now. We’re gonna have to get over it or everything will change.

    One Way Or the Other This Is Going To Be Over or We’re Over

    When we see the damage that is being done everywhere we’ll really see in the second quarter (what’s happening). How can you get fair value? I absolutely believe that in a year or two from now this will be over. One way or the other this is going to be over or we’re over. But how can you value that today? I don’t think you can do it? 

    II think the streaming will be impacted by (the crisis) also. You go a few more months and while people say (that Netflix) and other subscriptions to entertainment) will be the last things they’ll cut because people feel they desperately need it to just get through the day but that is eventually going to take its toll. People truly will not have the discretionary income to afford it. 

    Cornoavirus Doesn’t Change the Dynamics of Anything

    But it doesn’t change the dynamics of anything. You’ve got the competitors. Streaming has taken over the world. Hollywood is irrelevant. The only companies that have a true path, an absolute clear business model path forward, have nothing to do with the entertainment business. Amazon and Netflix. Everybody else, good luck to them. They may be able to build subscription services that may be profitable but that world has changed forever. I think this pandemic has nothing to do with it other than earnings that are going to be much less for a while. 

    Of course, there are opportunities (to invest in) you just have to have a very long view or sure-footed look at things as not only they are but as you think they will be. We’re looking at some very large potential acquisitions for IAC. This is the environment where if you are acquisitive you’re going to do the thing that for many years everybody’s asked for. Oh my God, everything’s over-inflated and prices are crazy. You can’t buy things for this or that without these new premiums. Well, you know what, that’s all gone. If you’ve got capital what could be a better time than to exploit what is a terrible downfall for many companies.

    You’ve Got To Bail Everyone Out, Says Barry Diller
  • Jeff Bezos: Protecting Employees Might Involve ‘Regular Testing’

    Jeff Bezos: Protecting Employees Might Involve ‘Regular Testing’

    In a letter to shareholders, Amazon CEO Jeff Bezos said regular testing may be a critical component in protecting Amazonians.

    As the coronavirus pandemic continues to take its toll, Amazon has become a critical lifeline for many individuals and organizations. The company recently hired an additional 100,000 warehouse workers, only to announce it would hire an additional 75,000 more to help keep up with demand.

    At the same time, the company is facing challenges keeping its workers safe. As workers become infected, there is an ever increasing threat of the virus spreading and shutting down entire warehouses and distribution centers, threatening the entire supply chain. To help reduce the risk, Amazon already has a team working on building out incremental testing capacity.

    “A next step in protecting our employees might be regular testing of all Amazonians, including those showing no symptoms,” writes Bezos. “Regular testing on a global scale, across all industries, would both help keep people safe and help get the economy back up and running. For this to work, we as a society would need vastly more testing capacity than is currently available. If every person could be tested regularly, it would make a huge difference in how we fight this virus. Those who test positive could be quarantined and cared for, and everyone who tests negative could re-enter the economy with confidence.

    “We’ve begun the work of building incremental testing capacity. A team of Amazonians—from research scientists and program managers to procurement specialists and software engineers—moved from their normal day jobs onto a dedicated team to work on this initiative. We have begun assembling the equipment we need to build our first lab and hope to start testing small numbers of our frontline employees soon. We are not sure how far we will get in the relevant timeframe, but we think it’s worth trying, and we stand ready to share anything we learn.”

    Bezos’ announcement is good news and will hopefully help ensure Amazon is able to keep its employees safe, and keep the supply chain running.

  • Barry Diller: I See the Landscape As Cataclysmic

    Barry Diller: I See the Landscape As Cataclysmic

    Expedia and IAC Chairman Barry Diller said that the economic and business landscape caused by the coronavirus and the political actions to fight it have been cataclysmic. Diller does not see a return to normal anytime soon. He believes that people will first have get over being scared and that won’t be easy.

    Barry Diller, Chairman of Expedia and IAC discusses our current “cataclysmic landscape in an interview on CNBC:

    I See the Landscape As Cataclysmic

    I see the landscape as cataclysmic,” says Diller. “We’re in something that it’s very hard to be objective about because we’re in the eye of it and we’re inside of it. We can’t really see it for what it is. Everybody says the same thing there’s been nothing like it before and while we know some things we really know nothing. We know nothing about what happened and when we’re going to get out of it. “

    What will we be doing and will our habits change? Will this result in some really profound difference in people’s lives in the future? So I see it as everybody is scared. The fact that we have so much media and so much information with all it telling us that we’ve got to be quite scared about cohabitating with anyone. That ain’t good. 

    A Quick Return To Normalcy Will Not Happen

    No, (I don’t believe that we will go back to normal on the other side of this as we did after 9/11). What I said then was that if there’s life there’s travel. I still do believe that but this is not going to be what happened then which was a very very quick return to normalcy. That is not going to happen. At best, we’ll have kind of a rolling way out.

    As far as travel is concerned, while I’m absolutely optimistic that it will happen at some point, I don’t think it will be soon. It will probably be September, October, November, or December to really get life back. And in order to travel, you have got to have that. So they’re totally different conditions. This is not analogous. I don’t think this is analogous to anything and is certainly not analogous to 9/11 and to the financial crisis in 2008.

    Barry Diller: I See the Landscape As Cataclysmic
  • Google Launches Emergency Relief Fund to Support Local News

    Google Launches Emergency Relief Fund to Support Local News

    Google is launching the Journalism Emergency Relief Fund in an effort to help support local journalists and news outlets amid the coronavirus pandemic.

    In a blog post, Google News VP Richard Gingras said that “local news is a vital resource for keeping people and communities connected in the best of times. Today, it plays an even greater function in reporting on local lockdowns or shelter at home orders, school and park closures, and data about how COVID-19 is affecting daily life.”

    After highlighting the challenges local news outlets are facing during the economic downturn, Gingras said the Journalism Emergency Relief Fund will focus on helping small, medium and hyper-local news publishers. The amount of the relief will range from low thousands to low tens of thousands, depending on the size of the newsroom.

    “Starting today, publishers everywhere can apply for funds via a simple application form,” Gingras continued. “We’ve made this as streamlined as possible to ensure we get help to eligible publishers all over the world. Applications will close on Wednesday April 29, 2020 at 11:59 p.m. Pacific Time. At the end of the process, we’ll announce who has received funding and how publishers are spending the money.”

    Google’s announcement is good news for small newsrooms and will hopefully help publishers keep delivering news at time when it’s more important than ever.