Social Commerce news and archive

QVC cuts 900 jobs as it pivots from TV shopping to digital platforms

QVC Group, the home shopping conglomerate behind QVC and HSN, has announced plans to cut approximately 900 jobs as part of a comprehensive reorganisation effort. This workforce reduction follows a concerning financial performance revealed in March, when the company reported a 6 per cent revenue decline for both the fourth quarter and full year...

Fashion

UK shoppers buying luxury fashion directly through social media

Over a quarter of UK shoppers buy luxury fashion and beauty items directly through social media, even though the luxury goods sector is traditionally associated with exclusive, in-person retail experiences. According to the WPP survey of 2,000 consumers conducted by YouGov, 27 percent of UK fashion and beauty shoppers who follow influencers have...

Fashion

Millennials outshop Gen Z on social media

New data from the Retail Technology Show (RTS) shows that Millennials now outshop Gen Z on social media, becoming the fastest-growing demographic for social media purchases. Despite Gen Z often being stereotyped as the TikTok generation, Millennials now outshop their younger consumer counterparts across TikTok, Instagram and Facebook, according...

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Business

TikTok Shop launches '£1 Million Club' to grow brands on platform

Social commerce marketplace TikTok Shop has launched a new initiative in the UK to help new businesses “thrive” and hit 1 million pounds in revenue on the platform. The '£1 Million Club,' aims to help new merchants grow on the social media platform through a series of special incentives and support at no extra cost for new sellers onboarded from...

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Business

TikTok to pause European e-commerce push to focus on US market

European brands and retailers who rely on social commerce to sell their collections will be disappointed to hear TikTok is pausing its European shopping platform as it focuses on the growth of its US market. The shortform video parent ByteDance has been under intense scrutiny in the US, where government officials oppose TikTok because of its...

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Business

Xcel Brands invests in new social commerce marketplace Orme

Media and consumer products company Xcel Brands, which specialises in livestream shopping and social commerce, has co-founded a new short-form video marketplace with KonnectBio, Inc., called Orme, taking a 30 percent stake in the platform. Robert W. D’Loren, chairman and chief executive officer of Xcel, said in a statement: “Orme is an...

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Business

Maka raises 2.65 million US dollars to simplify buying fashion in Africa

Africa’s leading fashion and beauty e-commerce platform Maka has raised a 2.65 million US dollar pre-seed round, co-led by venture capital firms 4DX Ventures and Janngo Capital, as it looks to simplify buying fashion and beauty products in Africa. The social media commerce platform, founded by chief executive Diana Owusu-Kyereko in 2021, said...

Fashion

Social media drives Gen Z shopping habits

LTK, the creator-guided shopping platform, has revealed that influencers are driving the majority of Gen Z’s shopping decisions, with 79 percent stating that their shopping originates from social media. According to LTK’s latest ‘Gen Z Shopping Study,’ social commerce has a major impact on Gen Z shopping behaviours, both online and in-store,...

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Retail

Will 2023 be the year of social e-commerce?

Long the norm in China, social e-commerce, shopping via platforms such as TikTok, YouTube and Amazon Live, may soon see similar success in the West. Social shopping and online sharing are blending and live social networking is finding audiences outside of China, writes Reuters. “ByteDance-owned TikTok introduced the concept in the United States...

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Business

Amazon rolls out social commerce feature, not unlike TikTok

Amazon on Thursday launched a feature allowing shoppers to buy products from a customised feed of photos and videos, not dissimilar to ByteDance’s TikTok network. The experimental feature will roll-0ut in the U.S. after a trial of selected customers in its launch phase, where users can select their interests and receive the most relevant feeds....

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Business

TikTok Shop will focus on UK, Southeast Asia for now

Last year, Chinese platform TikTok launched TikTok Shop, a livestream shopping option in the UK, its strongest market outside of Asia. This option was supposed to be introduced in strong European markets like Germany, France, Spain and Italy too, but this has not happened so far. Contrary to earlier reports, however, TikTok has not abandoned to...

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Business

Social commerce soars in the US but security and trust still a concern

The Covid-19 pandemic has accelerated consumer adoption of online shopping, including shopping on social media, with more than a third (39 percent) of US shoppers stating that they have made a purchase on social media and would do so again. New research from Mintel reveals that 61 percent of 25-34-year-olds buy on social media, while 81 percent...