"Hold on, let me shop this Tok" [Nick David/Stone via GettyImages]
Remember when the public was asked to help name a new research ship, and the internet chose "Boaty McBoatface"? The meme lives on: Boaty McBoatface is now an NFT.
The tech-heavy Nasdaq index crossed 15K for the first time yesterday, as investors reacted to strong corporate earnings.
Bought it on Insta... The ads know you so well. Two big developments dropped this week in the world of "social commerce" — aka: shopping through social media. TikTok is testing "TikTok Shopping" tabs in North America and the UK through an expanded partnership with ecomm platform Shopify. Meanwhile, Instagram is launching advertising on its Shop feature globally.
"Link in bio"... So 2020. US social commerce sales are expected to exceed $35B this year, up 36% from 2020. New shopping features from TikTok and Insta are fuel for the creator economy, which relies on affiliate sponsorships. TikTok Shopping will give Shopify merchants — and their influencer partners — the ability to tag products in their videos. Instead of just posing next to a bottle of protein powder, you can also link it.
Social commerce = the friction-killer... from discovery to checkout. Our purchasing decisions are often influenced by social media — remove the friction, and ads become even more effective. You spot pleather boots in a post and buy them directly through Insta, instead of entering a Google rabbit hole. That seamlessness is extra-valuable for advertisers, which means social giants can charge even more for ads. That's why Twitter, Pinterest, and Snap are also doubling down on shopping features – think: branded makeup filters on Snap.
Hold on to your cupcakes and car mufflers… There’s a new last-mile delivery service in town. Walmart is opening up its delivery network to outside retailers with a new program called GoLocal. The deets:
Racing for the last mile... The same-day delivery market is expected to triple between 2020 and 2026. Amazon set the standard: Prime same- and one-day shipping was available for 72% of Americans in 2019. But Walmart has invested heavily in its same-day Express Delivery in the past three years. It now covers 70% of the US population. Here’s how the mega retailers compare:
“Un-branding” can be big business... Corporate giants can use their massive footprints to help other businesses scale — and profit in the process. With its white-labeled delivery service, Walmart — the second biggest US ecomm retailer — will have a new revenue stream. Other big businesses also sell unbranded services B2B: Target sells delivery tools to 120 retailers, Zoom sells its video-conferencing tech to other apps, and DoorDash sells its backend platform to stores that want delivery services.
Our pod hosts will be back at their mics on Tuesday, September 7 with a fresh TBOY.
While Nick and Jack take some vacay to rest the pipes, catch up on some of our past snackable 15-minute episodes (still tasty).
Authors of this Snacks own shares of: Shopify, Walmart, Amazon, Uber, Snap, and Twitter