Exploring the Latest Marketplace Updates: February 2024

Keeping up with the ever-evolving landscape of online marketplaces is crucial for both sellers and consumers. This February, prominent players like Amazon and TikTok have announced significant updates that could reshape the e-commerce experience. Let's delve into these announcements and understand how they might impact the world of online shopping.

Amazon continues to enhance its 'Buy with Prime' feature, this time integrating it with Salesforce Commerce Cloud. Merchants using this platform can now offer their customers the convenience of searching and filtering for Amazon Prime-eligible items directly on their websites. The integration aims to streamline the checkout process for Amazon Prime members, allowing them to purchase both Prime-eligible and other items in a single transaction. This move is expected to boost shopper conversion rates, with Amazon claiming a 25% increase on average. The feature will be gradually available to all US-based merchants through the Salesforce AppExchange.

Read more about it here.

TikTok is set to revamp its TikTok Shop US business, targeting a substantial $17.5 billion valuation. To support this growth, the platform will implement a phased increase in referral fees. Currently at 2%, the fees will gradually rise to 6% by July 1, 2024, and eventually settle at 8%. While TikTok asserts that the adjustment is in line with industry standards, some shoppers fear the end of remarkable bargains on the platform. The move aligns with TikTok's aim to provide better value to customers while maintaining its commitment to sellers.

Read more about it right here.

During an earnings call, Amazon CEO Andy Jassy unveiled Rufus, a generative AI tool set to transform the shopping experience on Amazon. Rufus utilizes Amazon's extensive product catalog, community Q&As, and customer reviews, along with web data, to offer a unique shopping assistant. Jassy emphasized that Rufus is just one of several generative AI applications employed by Amazon. The tool, currently in beta on Amazon's mobile app, provides advice, facilitates purpose buying, and offers seamless integration into the shopping experience, potentially reducing the need for shoppers to turn to external sources for information.

Read more about this update here!

Amazon is set to change its policy regarding product images on detail pages. Starting January 31, 2024, if required images are missing, Amazon will supplement them with images from multiple selling partners or Amazon itself. While this aims to fill gaps in product visuals, some sellers express concerns about potential inaccuracies and the violation of brand agreements. Sellers can report incorrect images, but the shift to a multi-contributor model has sparked debates about potential issues such as ASIN hijacking.

Read more here.