This is our regularly GoodsFox weekly news about ecommerce market,here are the most noticeable events happening this week !
01.AI is giving Santa a boost this holiday season
The rise of generative AI — and the use of ChatGPT — has inspired more retailers and holiday shoppers to experiment with the technology this holiday season. But for now, most of the technology’s influence will come in ways consumers won’t see.
Source:CNBC
Here are three major ways that AI is showing up this peak shopping season — and how it may preview the future:
A time-saving and efficiency tool
This season, AI is helping retailers in some major ways behind the scenes. Think of those mundane but critical tasks like ordering the right inventory, crafting more relevant marketing emails or writing detailed product descriptions for a website.
A personal shopper
One of the biggest game changers that generative AI could bring to shopping is to create a personal assistant that can select the perfect holiday gift, put together an eye-catching outfit or take on other tasks that make life simpler.
A high-tech product
AI could drive sales for some retailers — if it inspires customers to buy or upgrade consumer electronics.
Best Buy, for example, has products on shelves this holiday season with AI features. Those include the Google Pixel 8 and Pixel 8 Pro smartphones and Google Chromebook Plus, which allow people to use AI editing to cut background noise out of a video or merge photos into group photos.
02 BNPL Platform Tamara Becomes Saudi Arabia’s First FinTech Unicorn
Riyadh, Saudi Arabia - 18 December 2023 – Tamara, the leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity funding round.
Source:PYMNTS
This round was co-led by SNB Capital, the leading regional financial institution, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Coatue, Endeavor Catalyst and Checkout.com. It is also among the largest investments in a fintech company in the region.
03. Retailers are in for a 'tsunami' of holiday returns this year: Salesforce
Retailers are preparing for a spike in holiday returns following a record-breaking Cyber 5, from Thanksgiving through Cyber Monday. Software vendor Salesforce predicts a “returns tsunami” for the second year in a row as consumers are choosier about what to keep from their holiday shopping sprees. The firm’s predictions are based on analysis of activity from 1.5 billion consumers in 64 countries.
Source:NewYork times
Holiday returns predictions
Salesforce says the rate of online purchases that were returned doubled the week following Cyber 5 and has remained high ever since. The software company and data vendor predicts more than $131 billion in holiday purchases will be returned.
That figure encompasses returns of purchases made globally in November and December 2023. It is based on returns patterns in dollars and percentages from the 2022 holidays and the rest of 2023, Salesforce says.
04 Fewer consumers to shop on Super Saturday this year
Super Saturday might be slightly quieter this year than in 2022, according to a prediction from The National Retail Federation (NRF). The retail trade organization forecasts 141.9 million American consumers will shop on Dec. 23, the last Saturday before Christmas.
That’s down from the 158.5 million consumers who shopped on Super Saturday in 2022, when it fell on Dec. 17. 2022 was a record year for Super Saturday shoppers since the NRF started tracking the date in 2016.
Source:CNN
However,a record 200.4 million U.S. consumers shopped between Thanksgiving and Cyber Monday, beating last year’s record of 196.7 million, per the NRF. The results surpassed the NRF’s prediction of 182 million shoppers by more than 18 million.
Conclusion
The above is the content of GoodsFox weekly.Whether you are looking for a new product to start your online business or a great product to add to your existing store, you can find inspiration from these products. You can also use Goodsfox to track the sales trends and ad creatives of these products and others. By doing so, you can stay ahead of the competition and catch the wave of the market demand.
