“TikTok Influences Gen Z Shopping Trends
A recent report by KPMG underscores the significant influence of social media platforms like TikTok on Gen Z’s shopping behaviors. With a preference for online shopping driven by trends, idols, and influencers, Gen Z favors social commerce (63%) and live commerce (57%) for their shopping experiences. TikTok, particularly strong in Asia, has become instrumental for retail companies leveraging influencers and key opinion leaders to promote products. The hashtag “TikTok Made Me Buy It” garnered over 8.4 billion views in 2022, highlighting the platform’s profound impact on consumer behavior. The study further reveals that 85% of Gen Z respondents are influenced by social media in their purchasing decisions, with TikTok and Instagram leading the charge.
Threads Expands Amid Engagement Challenges
Meta’s Threads has achieved 175 million monthly active users since its launch in July 2023, yet faces challenges with declining daily usage and session lengths. The platform’s growth has been buoyed by Instagram promotions, with plans to integrate across interoperable social networks and introduce an API. Meta is exploring potential ad placements on Threads by 2025, potentially attracting advertisers seeking a safer alternative to X (formerly Twitter).
eBay Struggles Amidst Competitive Pressures
eBay continues to lose market share to rivals such as Amazon, Walmart, Shein, and Temu, resulting in a decline in active users from 138 million in Q1 2022 to 131 million. The company has undergone multiple rounds of layoffs, notably in Israel, where it once held a significant presence. Analysts attribute eBay’s struggles to its challenges in integrating acquisitions effectively and maintaining a focused product strategy. Despite these setbacks, eBay’s stock has seen an 18% increase since early 2024.
Shopee Thrives with Local Products in Indonesia
Shopee’s “Choose Local” initiative has resonated with over 29 million Indonesian consumers in the first half of 2024, showcasing the popularity of local products. Regions like Klaten, Pandeglang, and Mojokerto have experienced substantial transaction growth from local SMEs and brands. Fashion items, specialty foods, and beauty products lead local product preferences, while Shopee’s robust export services have enabled over 26 million local products to access global markets, doubling transaction volumes from the previous year.
Alibaba Launches B2B Initiative for Korean Products
Alibaba International Station plans to debut a dedicated platform for Korean products to meet rising demand from B2B buyers. This exclusive site will enable Korean SMEs to showcase and sell their products, with an annual membership trial program costing approximately $199. Popular Korean exports include automotive parts, instant noodles, skincare products, masks, red ginseng, and industrial components. Alibaba aims to support high-quality Korean goods in expanding their international sales channels and gaining global market access.
About You Innovates with Direct Factory Shipping
About You has announced plans to ship products directly from factories, enhancing efficiency and reducing delivery times. This strategy aims to streamline inventory management and logistics costs, ultimately improving the customer experience. Initially rolled out in specific regions, this approach positions About You competitively in the dynamic e-commerce landscape.
Amazon’s Strong Performance in Spain
Amazon has reported a robust revenue of 7.1 billion euros in Spain, underscoring its dominance and consumer appeal in the market. The e-commerce giant’s success reflects its expansive product offerings, competitive pricing, and efficient delivery services. Amazon continues to invest in logistical infrastructure to support its growth trajectory in Spain, aligning with its global strategy to expand and lead in e-commerce.
Vietnam’s Digital Economy Thrives
Vietnam’s digital economy has surged, contributing 16.5% to the country’s GDP last year with an annual growth rate exceeding 20%. Projected to lead ASEAN in digital economy growth by 2025, Vietnam focuses on IT products and services, e-commerce, digital content, and financial services. Rapid adoption of digital payments is expected to rise by 19% from 2022 to 2023. Vietnam’s digital economy is poised to reach a GMV of $43 billion by 2025, driven by robust growth in e-commerce and online travel sectors. Despite challenges, Vietnam presents significant opportunities for economic advancement in ASEAN.
AI-Powered Satellite Enhances Earth Monitoring
A new AI-powered satellite has launched to enhance real-time Earth monitoring capabilities. Utilizing advanced AI algorithms, the satellite provides precise data on environmental changes to improve disaster response, climate research, and resource management. This innovation marks a major stride in Earth observation and environmental monitoring, leveraging AI to process large datasets rapidly for scientists and policymakers.
Digi-Key Explores AI in Smart Cities
Digi-Key has introduced a video series exploring AI’s role in developing smart cities, focusing on integrating AI technologies into urban infrastructure. Topics include smart traffic management, energy optimization, and public safety enhancements. This educational initiative aims to inform stakeholders about AI’s potential benefits in urban environments, highlighting its growing relevance in shaping future cities worldwide.
China Leads in Generative AI Patents
China has emerged as the global leader in generative AI patent filings, underscoring its substantial investments and advancements in AI technology. With the highest number of patents in this field, China’s dominance reflects its strategic emphasis on AI innovation and development. The surge in patent filings signifies robust research and development efforts within Chinese institutions and enterprises, positioning China as a pivotal player in driving technological progress and collaborations in the AI sector.”
