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Keeping up with industry news and updates is one of the most important characteristics of a successful entrepreneur who constantly strives for development and growth.
So, we bring you a report with the most prominent news and updates that have occurred in the eCommerce market (and the world) just this last week. Maybe you’ll find a thing or two to make use of for your business. 😉
Amazon _ the e-commerce giant _ emerged on the scene this week, so in this report, we collected the most prominent news and updates that occurred in the e-commerce market and industry during the 30th week (July 25 – 31, 2021), as well as news related to the Amazon platform.
Check it out and find out how these updates can be used in your own business.
What’s New on Amazon in Week 30 (July 25 – 31, 2021)
1. Amazon Makes Updates to Its Review System
Amazon has made a series of new updates to the platform’s customer review system; To prevent fraudulent reviews and restrict sellers who buy reviews, attractive offers, and benefits to customers in order to place 5-star product reviews.
Amazon also announced strict policies for dealing with sellers who provide fraudulent reviews and get unfair reviews on their products, the most important of which is the suspension of the product or the permanent suspension of the seller’s account.
Marketplace Pulse said in a report that Amazon had already removed hundreds of China-based sellers who were manipulating customer feedback, even though these sellers generate annual sales of $1 billion or more.
While she confirmed that in the year 2020 alone, Amazon suspended over 200 million suspected fake comments before they were published.
For more details, you can visit this link.
2. Amazon Transformation: From Egypt Souq.com Platform to Amazon
The Amazon e-commerce company announced plans to change the name of its Souq.com store in the Arab Republic of Egypt to become Amazon.eg after the company took similar measures in both the Kingdom of Saudi Arabia and the United Arab Emirates.
Amazon showed that marketers or sales partners who previously registered for its Souq.com affiliate program can easily access their accounts with the Amazon Seller Center to prepare for selling their products on the Amazon Egypt website upon launch.
It is noteworthy that in 2017, Amazon gained the Middle East Souq.com website from its owner, Syrian entrepreneur Ronaldo Meshwar.
3. Amazon Launches an Egyptian Website for Egyptian Sellers And Merchants
Amazon announced the launch of a new e-commerce website in the Arab Republic of Egypt called “Amazon. eg”.
Amazon revealed that its new store targets sellers and merchants in Egypt; To help them start professional e-commerce through this site.
She indicated that the store has opened the registration door through the “Amazon Seller Central” link, noting that merchants selling on Souq.com can also be registered to enjoy the features of the new site.
See details here.
4. Amazon Releases “Q2 Earnings Report”
E-commerce giant Amazon last week released its second-quarter 2021 earnings report. The report revealed an increase in the company’s net profit by 48.4% in the second quarter compared to the same period last year, while the total revenue increased by 27.2%.
Global revenue was $113.08 billion, up 27.2% from $88.91 billion in the previous year. The report is the first quarterly earnings report since Andy succeeded Gacy Bezos as CEO on July 5.
View the full report here.
Amazon Is to Accept Bitcoin Payments
A financial expert has stated that Amazon will probably allow Bitcoin payments to be traded by the end of 2021. That prediction came after Amazon announced a job opportunity for someone with experience in cryptocurrency and blockchain.
Find out full details here.
Other Notable E-Commerce Events
1. 500+ Million Digital Shoppers in Europe by End of 2021
According to a TradingPlatforms report, it isn’t long until Europe reaches over 500 million e-commerce users across the continent by the end of 2021.
The report also emphasized that the continent’s penetration rate is expected to reach nearly 60%.
In the same report, TradingPlatforms cited the number of e-commerce users in Europe in 2020 to be 480.9 million – amid great expectations that this number will rise to 506.9 million by the end of this year.
For more details, you can head here.
“Tanger” Receives $6.4 Million Seed Funding
Egyptian e-commerce startup Taager has secured a $6.4 million investment in a seed funding round, TechCrunch reports.
TechCrunch also reports that African-centric 4DX Ventures led the round and included Raed Ventures,s here.
“Taager” platform is one of the most prominent dropshipping platforms in Egypt. It is a B2B platform that connects online merchants and suppliers and provides e-store owners with storage, shipping, and payment collection services as well. The platform has up to over 5,000 merchants.
These were the most prominent and noteworthy e-commerce news and updates from the previous week. Wait till next week’s report to see what’s new in the industry and how you may use it in your business. ✌️