Marketers, brace yourselves: global ecommerce sales are predicted to drop for the first time ever.
Global ecommerce sales are expected to drop for the first time in history this year, according to a new report.
According to the Statista Digital Market Outlook, global macro-economic factors have caused a revenue drop in the ecommerce industry for the first time ever. The report showed that as of July, the global eCommerce revenue projection had slipped from $4.22 trillion to $3.74 trillion.
This news may come as a shock to many marketers who have long considered ecommerce to be one of the most resilient industries in the face of economic upheaval. However, the current global situation is unprecedented, and it’s important to adjust your expectations accordingly.
Read the full article here.
This week's updates
Google's September 2022 core update.
As of September 20, 2022, Google has completed the rollout of their product review update. This update is designed to improve the accuracy and quality of product reviews in search results.
To do this, Google has made a number of changes to their algorithms, including:
- Improving how they identify product reviews
- Better understanding the context of product reviews
- Evaluating the quality of product reviews
These changes should improve the quality of product reviews in Google search results, making it easier for users to find helpful and accurate information about products.
More details on this update could be found here.
Unleashing the Power of Data and Digital Ecosystems
According to MIT Sloan Management Review, Professor Subramaniam, outlined a model for competition where revenue comes not from products, but from data. In this new model, businesses are organized around digital platforms instead of value chains. And offerings aren't amplified and advanced by industry structures, but rather by digital ecosystems.
While this transformative approach has been embraced by digital titans like Amazon and Google, it isn't exclusive to new-era companies. Legacy firms can also harness the power of data and digital ecosystems with the help of modern digital technologies like artificial intelligence, sensors, and the Internet of Things. Said Subramaniam, "This is the future of competitive strategy for a whole host of legacy firms."
This is pretty interesting. Basically, what use to be a data that supported products, going forward, products support data. This shift in how we think about creating products will drastically change.
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