🌀 Asian Marketplaces Boom, Rest Struggles🌺

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Asian Marketplaces Boom, Rest Struggles🌺

The targets set by Asian juggernauts are nothing short of breathtaking

• Temu aims for a jaw-dropping +233% growth, soaring to $60 billion worldwide.

• TikTok Shop sets its sights on a phenomenal +150% leap, eyeing a $50 billion GMV, up from $20 billion. More on tik tok Shop plans here

• Alibaba Overseas isn't sitting idly, they're doubling down to reach $85-90 billion with AliExpress and Lazada.

• Shein isn't holding back either, gunning for a robust +40% surge to reach $63 billion.

• Shoppee is expected to grow from $79B to over $90B.

Meanwhile, in the realm of European and American marketplaces, it's a different narrative

• Etsy, Ebay, Zalando foresee stable or modest 5% growth, echoing last year's performance. More on Zalando strategy here

• Allegro in Poland, already deeply entrenched, rides the international wave for expansion .

• Only Walmart and Amazon defy the odds, showing growth trajectories that are set to continue. 📈

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EU Cross-Border GMV Soars 32%; Ikea Top Cross-Border Retail📈

Last week, Cbcommerce published 6th Edition of the “TOP 500 B2C Cross-Border Retail Europe”

Below Key Insights:

Market Overview 📊

• EU cross-border market hit €237B in 2023, up 32% YoY.

• European webshops achieved €107B in cross-border turnover.

Key Challenges 🛑

• TOP 500 turnover fell 18% to €50B in 2023.

• Challenges include macroeconomic instability and competition.

Key Players 🌟

• TOP 10 Elite European etailers generate EUR 4-5M.

• IKEA, Zalando, and H&M lead the pack.

Market Trends 📉

• Shift towards brand manufacturers' direct-to-consumer channels.

• Fashion dominates market sectors.

• Aggressive expansion of Chinese marketplaces.

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▶  🇺🇸 Amazon Cuts Delivery Time, Sets New Record. Amazon boosts same/next-day delivery to nearly 60% for Prime users in major US cities, aims for more with new facilities.

▶🇺🇸 Amazon's Q1 profits soar, driven by AI and ads. Amazon's Q1 2024 revenue reached $143.3B, driven by AI and advertising. AWS revenue hit $25B, with net income tripling to $10.4B. CEO Andy Jassy sees huge potential in AI and plans to increase capex for AWS growth.

▶🇺🇸 ByteDance Refutes Sale Rumors: TikTok Stays. ByteDance stated on Toutiao that rumors of selling TikTok are false. The US law requires sale or ban, but TikTok plans to challenge this. CEO Shou Zi Chew assures users, "We aren't going anywhere."

▶🇸🇬 Shopee upgrades for $140B Gen Z market by 2030. Shopee enhances customer engagement and service options as Gen Z's spending power grows. Changes include flexible payments and improved return processes, aiming to increase market share in e-commerce.

▶🇰🇷 Temu and AliExpress Expose Kids to Toxins. 38 children's products on Temu and AliExpress contained dangerous chemicals, up to 3,026 times over Korean safety limits. Phthalates, cadmium, and lead were among the substances detected. The Korea Customs Service vows tougher import controls to safeguard consumer health.

▶🇺🇸 Walmart Retreats from Health Care Expansion. Walmart to shut down 51 health clinics and its telehealth service due to unsustainable costs and a challenging reimbursement environment, impacting operations in 5 states.

▶🇬🇧 Frasers acquires Matches IP. Frasers Group has bought the intellectual property, including the brand name and database, and licensed it back to the administrators, aiming to continue its operations and potentially sell off assets.

▶🇺🇸 Nordstrom Debuts Marketplace. Nordstrom launched a new digital marketplace to enhance customer satisfaction with more brands and personalized services. Key features include user-friendly navigation and tailored product recommendations.

▶🇬🇧 Shein Expands into Skincare and Toys, leveraging brand partnerships to enhance its market position ahead of a planned IPO.

▶🇱🇹 Vinted Profits Amid Expansion and Sector Growth, reports first profits with a 61% sales jump to $643M, driven by expansion in Europe and a push into luxury markets.

▶🇬🇧 Ted Baker to Shut Stores in Netherlands, Belgium.

▶🇺🇸 Shein Introduces Easy Returns at Forever 21. Shein and Forever 21 enhance their partnership with a new returns program, leveraging Happy Returns technology. This service, available across over 300 U.S. stores, facilitates easy, box-free returns.

▶🇬🇧 Superdrug Expands, Adds Nurse Services! Superdrug expands its Lakeside store to 7,669 sq. ft. Adds nurse services, luxury fragrances, and a Beauty Studio.

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▶🇹🇷 Getir Ends Global Presence, Focuses on Turkey. Getir, valued at $12B, is closing its international operations in the U.S., U.K., and Europe, affecting over 6,000 jobs to focus on Turkey, representing just 7% of its revenue.

▶🇬🇭 Glovo to exit Ghana after $3.7M investment. Glovo, the food delivery platform, will exit Ghana on May 10, 2024, after investing $3.7M, citing unprofitability. The company will focus on other African markets, while Jumia Food also shut down in Nigeria.

▶🇺🇸 DoorDash Hits New Records, Expands Offerings. DoorDash achieved new highs in orders, revenue, and total order value in Q1, as it expanded into home improvement, beauty, and pets.

▶🇺🇸 Instacart Expands Tech in California Grocers. Instacart partners with Save Mart to deploy AI-powered smart carts and new e-commerce tools, boosting tech use in stores and aiming for better customer service.

▶🇺🇸 Sam's Club AI Exit Tech Hits 20% of Stores. Sam's Club's new AI exit tech, launched in January, is now in 120 U.S. stores. This tech speeds up customer exits by 23% and reduces staff at checkouts. Full rollout planned for 2024.

▶🇺🇸 Walmart Launches $5 Chef-Driven Foods. Walmart introduces Bettergoods, a new grocery brand offering trendy, chef-driven foods under $5. Designed to attract younger, affluent shoppers

▶🇬🇧 Deliveroo, Just Eat, Uber Eats Enhance Security, following discussions with UK government officials, are ramping up security checks to prevent illegal workers from exploiting their platforms.

▶🇺🇸 Rite Aid & Uber Eats Expand Alcohol Delivery. Rite Aid collaborates with Uber Eats to offer alcohol delivery in California, Idaho, Michigan, New York, Ohio, Oregon, Virginia, and Washington. This service is accessible through the Uber Eats app and website, further enhancing the consumer shopping experience.

▶🇺🇸 Etsy's Stock Drops 15% Amid Fierce Rivals. Facing fierce competition from Temu and Shein, Etsy's gross merchandise sales fell by 3.7%, down to $2.99B from an expected $3.03B.

▶🇨🇳 Alibaba Launches 200+ AI Agents on DingTalk. The AI Assistant now handles images, videos, and 500-page texts. 2.2M companies used DingTalk AI, benefiting SaaS businesses and developers.

▶🇪🇺 Meta Faces EU Scrutiny Ahead of Elections. EU Commission investigates Meta for not adhering to EU laws, amid concerns of disinformation campaigns influencing the upcoming EU election.

▶🇩🇪 MediaMarktSaturn Unveils Sustainability Store. MediaMarktSaturn introduces a sustainable pop-up store in Tübingen on May 2, 2024. This store blends technology with sustainability, offering products like refurbished electronics and advising on eco-friendly initiatives.

▶🇺🇸 Wayfair slashes losses, gains customer growth. Despite a slight drop in sales, Wayfair impresses with a $107M cut in losses and a 3% rise in customer numbers, indicating strong resilience and strategic staffing reductions.

▶🇺🇸 Airbnb Unveils New 'Icons' Experience Series. Airbnb launched 'Icons', offering exclusive experiences like a tequila tasting with Kevin Hart and a living room performance by Doja Cat. These unique events tap into the intersection of travel and pop culture, promising unforgettable memories.

▶🇺🇸 HubSpot Unveils New Hubs, Boosting SMB Growth. On April 24, 2024, in Boston, HubSpot introduced Spotlight, featuring new Service Hub and AI tools, making it easier for SMBs to manage and grow customer interactions. These tools promise rapid innovation and support.

▶🇺🇸 Stripe Unveils $1 Trillion Payments Upgrade. At the 2024 Stripe Sessions in San Francisco, Stripe introduced 50+ new features to enhance payments processing and fight fraud, having processed over $1 trillion last year.

▶🌎 Swap Raises $9M for Global Expansion. Swap secures $9M to launch Swap Global, aiming to streamline operations for DTC brands with enhanced shipping, tax solutions, and express customs. Expansion targets include the UK, Europe, and the USA.

▶🇪🇺 Bolt Closes €220M Credit Facility, Eyes IPO. Bolt, the shared mobility giant, has raised €220M in a new credit facility, signaling its preparation for an IPO. With a customer base over 150M in 45 countries, the company continues to expand its diverse mobility services.

▶🇺🇸 Ansa Secures $14M Led by Female Investors. San Francisco-based Ansa raises $14M in Series A funding for virtual wallets, with female investors leading. Total raised hits $20M. Key markets include coffee and QSR.

▶🇺🇸 Monocle Secures $7.5M for Smart Ads. Monocle's recent $7.5M funding boosts its AI platform, offering real-time personalized promotions, improving customer engagement and significantly lifting revenue by 30%.

That’s all. See you next week in the 🌀Maze!

Your guide through the maze

Artur Stańczuk Chief Strategy Officer at Packhelp, the leading European packaging marketplace. Previously worked ~8 yrs at Bain & Co. In the past, Digital Transformation Director at the leading Polish convenience chain Żabka and Entrepreneur that co-launched 3 startups