Any Other Business: 25 March 2022

This week’s AOB looks at e-commerce news from around the world including the latest Amazon Prime Day predictions, and the feature most likely to drive brand loyalty amongst consumers.

It’s the biggest sales day of the year for many online sellers, and those in the know have unveiled their predictions for the exact date of this year’s Amazon Prime Day.

When is Amazon Prime Day 2022? Speaking to Digital Commerce 360¹, several industry analysts have tipped July 11 or July 18 as the most likely dates, avoiding a clash with American Independence Day which falls on July 4.

Bradley Sutton, chief e-commerce strategist at Helium 10 – which creates tools for Amazon merchants – warns sellers on the online marketplace to prepare now, due to disruptions caused by China’s recent Covid-19 lockdowns.  

“Sellers must get their inventory ordered now. Especially if you’re ordering from China, it’s important to place orders immediately since shipments are taking two or more months to arrive,” he said. “If sellers don’t have their orders placed soon, they might not make the June 20th deadline. Sellers who are importing from China should order their inventory by early April at the latest so that there is enough time to clear customs.”

It's not just Amazon sellers who enjoy increased sales on the big day (which is, in fact, held over two days). Data² shows that many online shoppers check out other retailers too – presenting the perfect opportunity for e-commerce businesses to cash in on the “Amazon Prime Day buzz” with their own sales campaigns. 

Thinking of selling on an online marketplace (or several)? Then you may be interested in a tech start-up promising to help retailers do just that. Netherlands-based ChannelEngine³ is a one-stop solution which integrates seamlessly with online brands’ existing order systems to connect them with the biggest international marketplaces.

The platform’s tool keeps product information and stock levels synchronized and up to date across marketplaces, whilst pushing orders back to retailers’ own systems. It allows retailers to adjust pricing and discount deals per channel, meaning they can sell across several marketplaces with product listings customized for the audience shopping there – ultimately boosting conversions. It automates currency conversions, too.

Currently, ChannelEngine manages distribution for around 6 million products from 8,100 brands across more than 200 sales channels.

“As the use of e-commerce continues to accelerate, retailers and brands have to meet consumers where and how they shop. ChannelEngine has built out a complete, tech-first platform that’s both robust and global,” a statement from investor General Catalyst said⁴.

Amidst booming global e-commerce rates, leading ROS platform Brightpearl⁵ has relaunched its search for the “Lightning 50”. The competition – now in its second year – aims to compile a league table of the UK and US’s fastest-growing e-commerce businesses from the last twelve months.

“It’s truly the Hyper-Scalable Era of e-commerce” said Brightpearl’s CMO, Sara Arthrell⁶. “There has been a big shift to online shopping since the onset of the pandemic, and online deliveries have been one of the consistent highlights for people, even as Covid-restrictions have ebbed and flowed. We want to use the Lightning 50 to celebrate and shine a light on some of the incredible work online firms have been doing throughout the pandemic.”

“The Lightning 50 only takes into account one metric when scoring businesses – growth. We encourage any high growth brand to enter so they can get the recognition they deserve.”

The competition comes as research from the company revealed that nearly four in ten (39%) American consumers will only shop online in the next five years⁷. Entries close on Friday 12th August, with finalists revealed in September. It’s free to enter and open to e-commerce businesses with a turnover of at least US$1 million.

It’s the million-dollar question for businesses operating in the fiercely competitive e-commerce space: what makes consumers loyal to one brand? According to Yotpo’s annual State of Global Brand Loyalty⁸ survey, the answer lies in shared values.

The e-commerce marketing company surveyed 3,800 people from the UK, France, Germany, Australia and the US, and found that 84% are more inclined to buy from a brand whose values align with their own. This figure jumped to over 90% for the Gen Z respondents.

Business practices most likely to discourage loyalty include “supply chain partnerships with factories that mistreat employees” (48% of global respondents) and “an affiliation with a big polluter” (22%).

“Emotional connections and shared values, especially regarding shoppers’ brand loyalty, go hand in hand,” the report said. “As consumers face growing concern around climate change, social justice issues, and more, they realize their dollars count.”

With the average cart abandonment rate for e-commerce currently at a whopping 69.8%, they’re a headache for almost every online retailer. Statista has recently published data showing the most impacted categories: in 2021, “automotive” had the highest online cart abandonment rate worldwide at 89.1%, followed by “airlines” (88.8%), “fashion” (88.5%), “luxury” (87.7%) and “travel” (85.2%).

Despite these figures, all is not lost – there are measures e-commerce businesses can take to reduce the likelihood of shoppers abandoning their purchases and convert more sales. Discover what these steps are with our free and exclusive guide on how to avoid the dreaded cart abandonment.