WebProNews

Category: Retail & eCommerce

eCommerce, Online Retail & Retail News

  • US Pressures Allies to Restrict Chip Exports to China

    US Pressures Allies to Restrict Chip Exports to China

    The US is ramping up pressure on China, asking its allies to restrict semiconductor exports to the country.

    The US has been trying to limit China’s access to advanced semiconductors, even using its recently passed CHIPS Act to force companies that accept funding not to provide China with their latest tech. According to Nikkei Asia, the US is trying to convince its allies to follow suit.

    “We were talking to our allies. No one was surprised when we did this, and they all know that we’re expecting them to cover likewise,” said Alan Estevez, undersecretary of commerce for industry and security.

    Japan is already considering similar measures, and is looking to see what action other countries may take. Should Japan move forward with restrictions, it will be a significant step given that it has an even larger share of the semiconductor market than the US. According to Nikkei, the US holds 12% and Japan holds 15%. Taiwan and South Korea each have roughly 20% of the market.

    Should Japan follow the US’ lead, experts believe it could result in much closer ties and trade between the two countries.

    “I expect of addressing a common concern about China, then that creates an opportunity for the Japan and the U.S. governments to reduce barriers on trade between Japan and the United States,” said Kevin Wolf, former assistant secretary of commerce for export administration under the Obama administration.

    “This will actually result in even better cooperation between Japan and the United States and fewer restrictions on joint development and production of advanced node items,” Wolf added.

  • Foxconn’s ‘iPhone City’ Area Locked Down Over COVID

    Foxconn’s ‘iPhone City’ Area Locked Down Over COVID

    The area around Foxconn’s “iPhone City” plant has been locked down as a result of an increase in COVID cases.

    Foxconn is Apple’s primary iPhone manufacturer and its plant in Zhengzhou is its main one, leading to the nickname “iPhone City.” China has a well-established reputation for aggressively locking down areas hit with COVID, and the country’s authorities are doing so with the Zhengzhou region, according to Bloomberg.

    The lockdown is scheduled to last seven days, until November 9…provided the outbreak doesn’t get worse.

    With Zhengzhou accounting for 80% of iPhone 14 capacity and 85% of the iPhone 14 Pro’s capacity, the lockdown is sure to impact iPhone 14 availability, although only time will tell how much.

  • Amazon’s Fourth-Quarter Guidance Disappoints

    Amazon’s Fourth-Quarter Guidance Disappoints

    Amazon’s third-quarter results met expectations, but its fourth-quarter guidance disappointed Wall Street.

    Amazon reported $127.1 billion in net sales for the quarter, a 15% increase over the year-ago quarter. The company’s net income came in at $2.9 billion, or $0.28 per diluted share. While this was a decrease from the year-ago quarter, it still beat expectations.

    Despite the results, the stock took a hit on weak fourth-quarter guidance. While analysts were expecting estimates of $155 billion, the company’s guidance came in at $140 to $148 billion.

    CEO Andy Jassy emphasized the company’s focus on lowering costs and improved Prime Member deals.

    “In the past four months, employees across our consumer businesses have worked relentlessly to put together compelling Prime Member Deal Events with our eighth annual Prime Day and the brand new Prime Early Access Sale in early October. The customer response to both events was quite positive, and it’s clear that particularly during these uncertain economic times, customers appreciate Amazon’s continued focus on value and convenience,” said Jassy. “We’re also encouraged by the steady progress we’re making on lowering costs in our stores fulfillment network, and have a set of initiatives that we’re methodically working through that we believe will yield a stronger cost structure for the business moving forward. There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets. What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”

    Despite Jassy’s optimism, Amazon’s stock dropped almost 20% following the report.

    According to GeekWire, CFO Brian Olsavsky warned there may be more bad news to come.

    “We are preparing for what could be a slower growth period.”

  • Thomson Reuters Data Leak Could Lead to Supply-Chain Attack

    Thomson Reuters Data Leak Could Lead to Supply-Chain Attack

    Thomson Reuters is the latest company to be hit with a data leak, one that exposed more than 3TB of data, including passwords.

    According to the Cybernews research team, Thomson Reuters left three databases exposed to the public. One of them included 3TB of ElasticSearch data, including passwords stored in plaintext.

    Cybernews researchers fear the data could ultimately be used in a supply-chain attack:

    The naming of ElasticSearch indices inside the Thomson Reuters server suggests that the open instance was used as a logging server to collect vast amounts of data gathered through user-client interaction. In other words, the company collected and exposed thousands of gigabytes of data that Cybernews researchers believe would be worth millions of dollars on underground criminal forums because of the potential access it could give to other systems.

    The threat is even more severe since the data is current, with some of it logged as recently as October 26.

    “ElasticSearch is a very common and widely used data storage and is prone to misconfigurations, which makes it accessible to anyone. This instance left sensitive data open and was already indexed via popular IoT [internet of things] search engines. This provides a large attack surface for malicious actors to exploit not only internal systems but a way for supply chain attacks to get through. A simple human error can lead to devastating attacks, from data exfiltration to ransomware,” said Mantas Sasnauskas, the Head of Security Research at Cybernews.

    Thomson Reuters addressed the issue immediately, but only time will tell what the long-term ramifications will be.

  • New Jersey Bill Would Ban Automotive Feature Subscriptions

    New Jersey Bill Would Ban Automotive Feature Subscriptions

    New Jersey lawmakers are taking aim at automakers that charge customers a subscription to unlock features.

    Feature subscriptions have become an increasingly popular tactic among automakers looking to nickel and dime their customers. New Jersey lawmakers are looking to ban the practice with a bill that has been introduced by Assemblymen Paul Moriarty and Joe Danielsen.

    Read more: Want to Use Your BMW’s Heated Seats? That Will Cost $18 Per Month.

    The bill specifically targets subscriptions to activate hardware that is already installed:

    This bill prohibits a motor vehicle dealer or manufacturer of motor vehicles sold in this State from offering to a consumer a subscription service for any motor vehicle feature that utilizes components and hardware already installed on the motor vehicle at the time of the vehicle’s purchase or lease; and would function after activation without ongoing expense to the dealer, manufacturer, or third-party service provider. The provisions of this bill do not apply to any third-party service provider that offers features such as satellite radio or in-car Wi-Fi.

    BMW is one of the worst offenders, charging users in some countries as much as $18 per month to have heated seats. To be clear, the cars ship with heated seats, but BMW charges customers the subscription for the “privilege” of accessing a feature they have already paid for.

    Hopefully, the bill will pass and inspire similar efforts throughout the US, sending a clear message to automakers to stop trying to rip off their customers.

  • Semiconductor Delivery Times Shrink by Four Days

    Semiconductor Delivery Times Shrink by Four Days

    The tech industry received some of the best news it’s had in years, with delivery times for semiconductors shrinking by four days in September.

    The tech industry, automotive industry, and countless others have been plagued by a shortage of semiconductors amid wider supply chain issues. According to Bloomberg, the shortage may finally be easing, with a four-day delivery time reduction that is the largest in years.

    In many ways, the semiconductor industry was a victim of its own success. As the pandemic forced record numbers of employees to work from home, the demand for computers, smartphones, and tablets skyrocketed at a time when production was experiencing slowdowns as a result of lockdowns.

    As the pandemic has eased, demand for electronics has dropped and a decrease in lockdowns has helped supply catch up. While there’s still a long way to go, a reduction of this size is the biggest reason for hope those in the industry have had for a long time.

  • FedEx Ends Its Robot Delivery Program

    FedEx Ends Its Robot Delivery Program

    FedEx is pulling the plug on its robot delivery efforts following a pilot program to test using robots instead of humans for last-mile delivery.

    FedEx is one of several companies that has been investigating the possibility of using robots for delivery. The company was running a pilot program in conjunction with DEKA Research and Development Corp. According to Robotics 24/7, the company is ending the program.

    “Although robotics and automation are key pillars of our innovation strategy, Roxo did not meet necessary near-term value requirements for DRIVE,” Sriram Krishnasam, chief transformation officer, wrote in an email to employees. “Although we are ending the research and development efforts, Roxo served a valuable purpose: to rapidly advance our understanding and use of robotic technology.”

    The company confirmed the news to Robotics 24/7, saying it was focusing on “several nearer-term opportunities.”

    It’s been a bad week for robotics, with The Verge reporting that Amazon has similarly canceled its robot delivery pilot program.

  • BMW Will Invest in $1.7 Billion US-Based EV Production

    BMW Will Invest in $1.7 Billion US-Based EV Production

    BMW announced a major commitment to US-based electric vehicle (EV) production, with plans for a $1.7 billion investment.

    The automotive industry is working to electrify its lineups amid increasing regulatory and consumer incentives. Despite not being a fan of EV-only strategies, BMW’s executives announced a $1.7 billion investment in US-based EV production.

    The investment will be split between $1 billion to produce EVs at its existing plant in Spartanburg, SC, and $700 million to build a new high-voltage battery plant in Woodruff, SC.

    “For decades, Plant Spartanburg has been a cornerstone of the global success of the BMW Group. It is the home of the BMW X models that are so popular all over the world. Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030. That means: The ‘Home of the X’ is also becoming the ‘Home of the Battery Electric Vehicle’,” said Oliver Zipse, BMW Group Chairman of the Board of Management. “In addition, we can showcase BMW Group’s ‘local for local’ principle: Our newly developed sixth generation battery cells, which were specifically designed for the next generation electric vehicles, will be sourced here in South Carolina – where X goes electric.”

    South Carolina Governor McMaster praised the company’s investment:

    “BMW’s sustained and impactful presence in South Carolina demonstrates the power of partnership and shared commitment to our state’s automotive industry success. With today’s announcement of a $1 billion expansion to Plant Spartanburg for manufacturing electric vehicles as well as $700 million for a new plant in Woodruff to assemble battery units, the road to the future is here. And I applaud BMW on helping lead the way.”

    Zipse has previously expressed his doubts about the industry’s move toward an EV-only future:

    “When you look at the technology coming out, the EV push, we must be careful because at the same time, you increase dependency on very few countries,” Zipse said.

    “If someone cannot buy an EV for some reason but needs a car, would you rather propose he continues to drive his old car forever? If you are not selling combustion engines anymore, someone else will,” he added.

    Whatever misgivings Zipse has, it’s clearly not stopping BMW from moving full speed ahead.

  • TikTok Is Planning to Build US Fulfillment Centers

    TikTok Is Planning to Build US Fulfillment Centers

    TikTok appears to be moving forward with its e-commerce plans, with it reportedly looking to build US fulfillment centers.

    TikTok is reportedly planning to expand its e-commerce ambitions, with a possible launch of TikTok Shop in the US in time for the holidays. According to Axios, the company is now planning to build fulfillment centers in the US.

    The discovery comes from various TikTok job postings, more than a dozen total, that describe an escalation of e-commerce plans.

    “By providing warehousing, delivery, and customer service returns, our mission is to help sellers improve their operational capability and efficiency, provide buyers a satisfying shopping experience and ensure fast and sustainable growth of TikTok Shop,” reads one job listing.

    Another Seattle-area job listing describes building fulfillment centers “from scratch.”

    It’s clear that TikTok is looking to significantly grow its e-commerce ambitions, although it remains to be seen what regulatory hurdles the company may encounter. Lawmakers are already leery of the company as a result of its ties to Beijing and its absolutely horrible reputation for privacy. It’s a safe bet the US will not be thrilled with the company becoming more intertwined with users’ lives and data.

  • Analyst: US Sanctions Have ‘Collapsed’ China’s Semiconductor Industry

    Analyst: US Sanctions Have ‘Collapsed’ China’s Semiconductor Industry

    The Biden Administration has been cracking down on China’s semiconductor industry, utterly crippling it, according to one analyst.

    The Biden Administration has largely kept and extended Trump-era measures to limit China’s access to advanced semiconductors, as well as limit their ability to make their own. The measures appear to be having a devastating effect, according to Jordan Schneider, an analyst at Rhodium Group.

    According to Schneider’s lengthy series of tweets, the Biden Administration gave Americans working in China’s semiconductor industry the choice between quitting or losing their American citizenship. The result was a mass walkout on the part of the engineers, leaving China’s industry reeling.

    Only time will tell if China will be able to recover, but Schneider believes there is “no chance of survival.”

  • Amazon Facing $1 Billion UK Lawsuit for Unfairly Promoting Its Own Products

    Amazon Facing $1 Billion UK Lawsuit for Unfairly Promoting Its Own Products

    Amazon is facing a massive lawsuit in the UK over claims it unfairly favors and promotes its own products.

    Gatekeeper companies that sell their own products and services, while also providing a means for competitors to do the same, are coming under increased scrutiny. Apple and Amazon are two such companies that have both been accused of unfairly favoring their own products over those of the other companies that sell via their platforms.

    According to Reuters, Amazon is facing a $1 billion lawsuit in the UK over such accusations. The case is being brought by consumer rights advocate Julie Hunter.

    “Far from being a recommendation based on price or quality, the Buy Box favours products sold by Amazon itself, or by retailers who pay Amazon for handling their logistics,” Hunter said in a statement. “Other sellers, however good their offers might be, are effectively shut out.”

    Amazon has disputed the merits of the case:

    “This claim is without merit and we’re confident that will become clear through the legal process,” a company spokesperson said.

  • Honda and LG Energy to Build $4.4 Billion EV Battery Plant in Ohio

    Honda and LG Energy to Build $4.4 Billion EV Battery Plant in Ohio

    Honda and LG Energy are partnering on an electric vehicle (EV) battery plant, with plans to build it in Ohio.

    Automakers are racing to speed up the transition to EVs, but that transition requires a massive increase in battery production. According to CNBC, Honda and LG Energy have formed a joint venture to build a $4.4 billion EV battery plant in Ohio.

    The two companies will begin construction in 2023, with plans for full-scale production in late 2025.

    Honda also plans to spend some $700 to retool some of its existing factories to produce EVs. The company plans to produce EVs in North America as early as 2026.

  • Netflix Is Back! Company Reports Subscriber Growth Once Again

    Netflix Is Back! Company Reports Subscriber Growth Once Again

    Netflix is one again reporting subscriber growth, putting investors at ease after the company reported a slump last quarter.

    Netflix has long been the darling of the streaming industry, with strong subscriber growth quarter after quarter. In its previous quarterly report, however, the company reported its first subscriber loss in nearly a decade.

    The company has once again returned to growth in its latest quarter, adding 2.4 million new subscribers, far more than the 1 million the company was projecting.

    “After a challenging first half, we believe we’re on a path to reaccelerate growth,” the company wrote in its letter to shareholders. “The key is pleasing members. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us.”

  • YouTube Introduces Handles to Make It Easier to Find Creators & Channels

    YouTube Introduces Handles to Make It Easier to Find Creators & Channels

    YouTube is making it easier to find channels and creators with unique handles that will identify them.

    YouTube is the leading video platform, but finding creators can sometimes be a challenge. The platform wants to address that by giving creators unique handles that will identify them and their channel:

    When a creator chooses their handle, we’ll also create a matching URL (ex: youtube.com/@handle) so creators can easily direct people to their content when they’re not on YouTube. If a channel already has a personalized URL, there’s no need to update links: they’ll automatically be redirected to the new, handle-based URL to create a better, more unified presence for creators on YouTube.

    The new handles will make it easier for users to mention creators in comments and help improve visibility. YouTube will begin rolling out the new feature over the next month:

    Over the next month, we will notify creators when they can choose a handle for their channel. In most cases, if a channel already has a personalized URL, that will automatically become their default handle, or they can opt to change the handle for their channel as soon as the notification in YouTube Studio comes through. Because handles must be unique and every channel on YouTube will have one, we’re rolling them out gradually. The timing of when a creator will get access to the handles selection process depends on a number of factors, including overall YouTube presence, subscriber count and whether the channel is active or inactive.

  • TikTok May Launch Live Shopping in the US for Holiday Season

    TikTok May Launch Live Shopping in the US for Holiday Season

    TikTok may be preparing for a major launch, reportedly bringing “TikTok Shop” to the US in time for the holiday shopping season.

    Already one of the biggest social media platforms, TikTok is looking to expand into shopping. According to The Financial Times, via Engadget, the company is planning to outsource technology to launch its TikTok Shop for the US market.

    According to the report, the company will work with “large brands,” using technology sourced from TalkShopLive. The format will be similar to Douyin, TikTok’s sister app in China.

    Read more: Hotel Marketers Are Turning to TikTok…and You Should Too

    When FT contacted TikTok for comment, the company neither confirmed nor denied the rumor.

    “When it comes to market expansion for TikTok Shop we are always guided by demand and are constantly exploring new and different options for how we can best serve our community, creators and merchants in markets around the world,” the company told the FT. “These efforts include exploring partnerships which further support a seamless ecommerce experience for merchants, which is an important part of our ecosystem.”

    One potential hurdle for the company is the privacy implications. TikTok is already under fire for sending user data to China, despite previous claims that US user data was handled by a US-based security team.

    It’s a safe bet legislators and regulators will not be thrilled with the idea of TikTok gaining access to users’ financial and shopping data.

  • FBI: Beware of Counterfeit Battery Scams

    FBI: Beware of Counterfeit Battery Scams

    The FBI is warning consumers to be on guard against counterfeit battery scams stemming from supply chain issues.

    Batteries are an inescapable part of modern life, powering everything from phones to vehicles. Unfortunately, as the supply chain struggles to keep up with demand, scammers are taking advantage of consumers with battery “deals” that are too good to be true.

    The FBI warns there can be a variety of issues with counterfeit batteries:

    Scammers are leveraging the vulnerabilities in the global supply chain, as well as the public’s continuing need for new batteries to sell a wide variety of counterfeits or unauthorized replicas online. Do not fall victim to online fraudsters or unauthorized dealers or manufacturers. Counterfeit batteries do not go through the same standardized testing as original equipment manufacturer (OEM) batteries and can adversely impact the safety and health of the consumer.

    The FBI says buyers should follow these steps for the best results:

    • Only buy from reputable sources, such as authorized dealers and distributors.
    • Avoid third-party and aftermarket batteries whenever possible.
    • Avoid batteries that are not properly packaged, don’t have proper labeling, or are missing manufacturer batch numbers.

    If consumers think they’ve been scammed, they should report the transaction at STOPfakes.gov or IPRCenter.gov.

  • Amazon to Hire 150,000 Workers for Holiday Season

    Amazon to Hire 150,000 Workers for Holiday Season

    Despite hiring freezes across the industry, Amazon is planning to hire 150,000 workers for the holiday season.

    Amazon has been freezing hiring for a number of departments, including corporate retail and its Global Corporate Affairs Group. The company has also let attrition reduce its headcount by some 100,000.

    With the holiday season approaching, however, Amazon is planning to hire an additional 150,000 workers.

    “We’re proud to offer a wide variety of roles for people of all backgrounds, with more than 150,000 roles available across the country. Whether someone is looking for some extra money for a few months or a long-term career, the holidays are a great time for people to join Amazon, and many of our seasonal employees return year-after-year or transition into full-time roles,” said John Felton, Amazon’s Senior Vice President of Worldwide Operations. “Those who choose to stay with us will find a lot of opportunities to grow their careers, whether they take advantage of our free college tuition programs or seek out promotions across our network—this year alone, more than 20,000 front-line employees received promotions.”

  • 6 Criteria to Choose The Right Payment Gateway For Your E-Commerce Business

    6 Criteria to Choose The Right Payment Gateway For Your E-Commerce Business

    It is just as crucial, if not more so, to choose the appropriate payment gateway for your online store as it is to design the site itself. Customers expect having a pleasant experience; thus, having a payment gateway that annoys them while they are trying to check out might cause a significant increase in the number of carts that are not completed.

    You aren’t sure how to choose the payment gateway, are you?

    How Does Payment Gateway Function?

    Payment gateways make it possible to make transactions even when a physical credit card is not available, which is why they are an essential component of any e-commerce platform. (Companies like Stripe, Square, and CardPointe are examples of those)

    When a customer enters their credit card information for online payments, the gateway immediately establishes a safe, encrypted connection with the card-issuing bank. After that, the bank does a verification check and verifies the purchase. The ideal situation is one in which customers simply see a straightforward checkout form.

    1. Security Capabilities of the Payment Gateway:

    Encryption of data occurs when a user’s web browser reads and displays the data. When this occurs, the transaction details are sent from the gateway to the payment processor that is used by the gaining bank for the seller. But the security dimension is critical for a payment gateway. Why you ask? Because it needs to fulfill all the steps below for a secure transaction.

    Responding To The Inquiry:

    The payment request that pertains to the merchant and the client is sent to the payment gateway for authorization by the processor. After the portal has received this answer, it will then send it to the site or interface that will handle the processing of the payment.

    Checking The Delivery Address:

    The payment gateways conduct a comparison between the delivery address provided at the payment gateway and the one listed in the database.

    Checks using the AVS system:

    These are carried out by the payment gateway in the event of transactions using virtual cards. Checks using the Address Verification Service (AVS) are used in the fight against online fraud. When a user’s billing address and bank address do not match, the Automatic Verification System (AVS) will not work properly.

    Analysis Of Velocity Patterns:

    It is a method for detecting fraudulent activity that is used by payment gateways. The recurring transaction patterns are reviewed within a set period as part of the Velocity pattern analysis. This is done to either prevent the same patterns from occurring again or, if they do, warn the card’s owner.

    Tracking Geolocation:

    It is another function of payment gateways that enables you to monitor locations of transactions and report any that seem to be erroneous.

    2. Payment Methods Accepted:

    Do you think it would be beneficial for your company to accept cryptocurrencies? What about currencies that are used all around the world? How many different types of credit and debit cards do you want your customers to use to pay for their purchases at your store? Do most of your clients use electronic checks as a method of payment? What about gift cards and certificates? If your company operates based on subscriptions, having reliable recurring billing capabilities is going to be very crucial to you.

    Finding out which kinds of payments are required can help you choose the payment gateway that is most suitable for your website.

    3. Technical Capabilities for Integrations

    Certain web platforms interface with certain payment gateways in a more frictionless manner than others. The vast majority of online merchants whose preferred platform is WordPress, for example, use WooCommerce as the foundation for their online shop. For the card processors that are conducting the transactions on your cards, WooCommerce enables an open source to be used. This gives you the ability to compete for the best prices on your online purchases by bidding with several merchants. It’s possible that your company already makes use of accounting software that may be easily integrated with a certain payment gateway.

    4. User Experience

    The majority of clients these days choose to use mobile applications rather than desktop software. Therefore, it is important to choose the e-commerce payment gateway that performs admirably across both the mobile and the online interfaces.

    5. Accepted Throughout The World:

    While countries capitalize on the benefits of the global market, you should make sure that the payment gateway you use is compatible with businesses in other countries. Your customers might come from any part of the world. Therefore, you ought to make universal payments possible.

    6. Costs:

    The fiscal repercussions of your decision should be given almost equal weight to its technical implications. Before making a final choice, it is important to investigate all the potential routes (multiple gateways and varied service plans provided by a single provider), as this will help you choose the best option.

    Check to see that there aren’t any hidden costs or limits to the plan that might require you to spend more than you intended. Commission or transaction fees are often charged by most online payment gateways. In addition to this, there is a possibility that some may want a set-up charge besides a monthly or yearly membership price.

    Conclusion:

    If you are familiar with the requirements of your company, selecting the payment gateway and putting it into action won’t be nearly as challenging or expensive as you would think. You can have an instant and excellent influence on your client’s knowledge, just as you can have an immediate and positive effect on your revenue and productivity if you do it properly. Before deciding on the best payment gateway, all you need to do is do thorough research and consider the factors that have already been covered.

  • Walmart Sets Up Shop in the Metaverse

    Walmart Sets Up Shop in the Metaverse

    Walmart is joining the metaverse, setting up a virtual store and play area on Roblox’s platform.

    Companies across industries are beginning to embrace the metaverse, leveraging it as a way to engage with customers, especially younger ones. Walmart is the latest to join this trend, setting up Walmart Land and Walmart’s Universe of Play.

    ”We’re showing up in a big way – creating community, content, entertainment and games through the launch of Walmart Land and Walmart’s Universe of Play,” said William White, chief marketing officer, Walmart U.S. “Roblox is one of the fastest growing and largest platforms in the metaverse, and we know our customers are spending loads of time there. So, we’re focusing on creating new and innovative experiences that excite them, something we’re already doing in the communities where they live, and now, the virtual worlds where they play.”

    Walmart Land will provide a way for users to acquire merchandise for their avatars, as well as unlock various tokens and badges that users can earn. The virtual world will include “a physics-defying Ferris wheel giving users a bird’s-eye glimpse of the world.”

    Walmart Land will also include music festival-inspired Electric Island, a House of Style virtual dressing room, and Electric Fest, with performances by Madison Beer, Kane Brown and YUNGBLUD.

    Walmart’s Universe of Play will include immersive games, rewards, and virtual adventures.

    Walmart joins the likes of JPMorgan and British bank HSBC in staking its claim on the metaverse.

  • YouTube Makes a Play to Poach TikTok Creators

    YouTube Makes a Play to Poach TikTok Creators

    YouTube is ponying up cash in an effort to convince TikTok creators to jump ship to its platform.

    TikTok has made countless careers, with creators capitalizing on the platform’s short-form videos to gain fame. Unfortunately, the platform is notorious for paying its creators a paltry amount, compared to competitors, less than a nickel per thousand views, according to the MIT Technology Review.

    YouTube clearly sees an opportunity and has announced plans to split revenue with creators for YouTube Shorts. Creators will receive 45%, while the record labels behind the music that is often featured in such videos will receive the remaining amount.

    “​​It’s a really big moment for creators,” Amjad Hanif, YouTube’s vice president of product management, told The Washington Post. “When we launched the partner program 15 years ago, it was the first of its kind and kicked off the creator economy. This brings all the goodness and benefits creators have felt from revenue sharing and brings it over to short form as well.”

    While the 45% revenue split is generating a ton of excitement within the creator community, YouTube has yet to reveal how much that will amount to.

  • We Finally Know When Amazon’s Second Prime Day Event Is

    We Finally Know When Amazon’s Second Prime Day Event Is

    Details have emerged about Amazon’s rumored secondary Prime Day event, called Prime Early Access Sale.

    Amazon has been rumored to be planning a second Prime Day event for months. The company reportedly sent out notices to retailers, asking them to submit promotional deals no later than September.

    According to The Verge, Amazon has finally revealed details about the event, calling it Prime Early Access Sale. The Verge linked to an Amazon page, but the link is currently dead. It’s unclear if Amazon accidentally leaked the details early or if there are still changes to be made.

    Before the page went down, there didn’t seem to be much different between the normal Amazon Prime Day and Prime Early Access Sale, other than the name. According to The Verge, the event will run from Tuesday, October 11th at 3AM ET / 12AM PT through Wednesday, October 12th.