Wednesday, September 27

#1 - 🟦 Square expands e-comm offerings

📰 TL;DR - Some exciting changes have been announced for those of you who use Square as your e-commerce platform of choice. In time for the holiday season, Square has added new pre-built e-commerce design templates. There are 19 in total. As well, they now have a tool to use generative AI to create product descriptions. The descriptions are meant to evolve and become trained to be the best use for each business that uses them. There are also some new retail-centric updates.

💡 Insight - With Shopify introducing its own AI helper, it was only a matter of time before other platforms added their own. AI tools is now the new normal. It’s also smart of Square to introduce these templates. The hardest part of getting a new e-commerce site up and running is wading through the design and tech stack, so it’s not surprising to see them trying to offer out-of-the-box solutions. Whether this is enough to lure anyone away from Shopify is another question.

➡️ You can read the article here...

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#3 - 👩🏼‍⚖️ The Amazon lawsuit is here

📰 TL;DR - The FTC’s Amazon lawsuit is here! We knew it was coming but reporters are now combing through the language. The summary is that Amazon is being accused of anti-competitive behavior and running a monopoly. The piece I’m linking in particular pulls out some of the juiciest lines from the suit, including allegations that Amazon would scour the web to see if sellers were offering lower prices elsewhere, and punish them if they did. Basically, they’re accused of doing anything in their power to maintain their reputation of offering the best deals. As well, it alleges Amazon hammered vendors with fees and used a pay-to-play scheme.

💡 Insight - If you’re an e-commerce business owner, you probably have your own opinions about Amazon. For some, it’s a necessary evil, or something to avoid at all costs, or maybe even a great platform. What’s undeniable is that Amazon and its policies have a huge influence on the e-commerce industry in the US. You don’t even have to be an Amazon seller to feel its effects. It’s too soon to say whether this lawsuit will change any of the behavior alleged, but you can bet all your money that Amazon is going to fight this tooth and nail.

➡️ You can read the article here...

#4 - 🛠️ Things worth checking out

😎 BRANDING - Check out this guide on the differences between brand recognition and brand awareness.

🤖 CHATGPT - Here are some ChatGPT prompts for social media marketing.

📈 RACE TO THE BOTTOM - The cheap goods and e-comm brands coming out of China are putting pressure on everyone. Read more here.

🛒 CS - Here’s a piece on why exceptional customer service matters and how to develop a CS strategy.

🎄 HOLIDAYS - It turns out millennials are the biggest holiday spenders. Read more here.

#5 - 💬 Are chatbots worth it?

📰 TL;DR - Here’s a pretty in-depth piece from Jungle Scout on chatbots and how they can benefit your business — as well as their risks. These days, chatbots tend to be powered by AI for more personalized conversations, as well as prompts to help customers access help on their own. This goes over some key benefits, like having 24/7 support, upselling with personalized recommendations, handling FAQs, and reducing abandoned carts. Some of the risks include over-automation, the limitations when queries are complex, and a lack of that human emotional touch.

💡 Insight - I’d say most e-commerce brands worth their salt are now using an AI chatbot, but I can’t say they’re all using them as effectively as possible. It’s not enough to just switch one one, you need to delve into what it can really offer. Some of the best uses I’ve seen include self-service buttons, such as for tracking your order or initiating a return. The more sophisticated ones even have the capability to act as a personal shopper, gathering information and offering personalized recommendations. Do your research and pick one that can handle your most common inquiries and pressing needs, like upselling, which is how a chatbot can actually make itself worth it.

➡️ You can read the article here...