June 2023 E-Commerce Digest: New AI-Powered Products, Regulations, and Growth of the Regional Sector

We continue our series of e-commerce news digests, bringing you the latest updates and trends from around the world. This edition highlights the importance of positive customer experiences for retail success, significant funding raised by top B2B marketplaces, Meta and Google’s advancements in AI-powered ad products, and more. 

We also explore regional developments, including the European Commission’s import duty plans and the growth of the Saudi e-commerce sector. 

Global E-Com Trends

• Harris Poll/Retail Brew survey reveals that 65% of respondents would stop shopping at a store after a negative experience, while 82% would gladly revisit stores where they had positive experiences.
  
  
• 25 top B2B marketplaces have raised a combined total of more than $2.1 billion in funding
  
  
• Meta & Google announce new AI-powered ad products: “creative standard enhancements” automatically apply small changes like ’text variation,’ ’background generation,’ and ’image outcropping’
  
  
• Google’s new AI lets you preview clothes on different models

Europe and Americas:‍

• The European Commission plans to impose import duties on goods valued up to €150, while FTC’s proposed ’click to cancel’ rule could affect e-commerce subscription businesses

• Temu has become the most downloaded app on Google and Apple while coping with the scandal around selling products linked to forced labor in China

• Asos raised 75 million pounds from institutional investors, overcoming the sales drop of 8%
  
  
• Despite a 10% decrease in e-commerce sales, Costco’s overall net sales increased by 1.9%
  
  
• SellerX has acquired Elevate Brands, its American industry peer
  
  
• Amazon tops a new list of 150 leading marketplaces in Europe. The company implemented AI to detect damaged items and summarize product reviews and brought its online marketplace to video games and mobile apps
  

• Alibaba will launch local versions of its China e-commerce site in Europe
  
  
• Partners of Bol.com, the leading marketplace in the Netherlands and Belgium, make up 65% of trading volume with a gross merchandise volume of 1.3 billion euros in Q1
  
  
• Reddit is launching Contextual Keyword Targeting to help marketers reach a wider audience with their ads
  
  
• Meta is testing a feature called ’Promotional ads’ that will make it easier for shoppers to take advantage of seasonal sales, first-time purchase discounts, and special deals

• Worldline and VTEX partner to help LATAM e-commerce players enter untapped markets

• Nocnoc, a company facilitating cross-border e-commerce between Latin American merchants and global sellers, raised $14 million in Series A funding

MENA:

• Saudi e-commerce sector grows by 32%, with 4,093 commercial registers issued compared to 3,499 in Q1 2022

• WEE Marketplace, a new online platform with an invite-only model and fast non-grocery delivery, has launched its operations in Dubai

• Amazon expands in Saudi Arabia with a massive storage facility in Riyadh

• Aladdin Super App, the biggest job platform in MENA, launches a digital franchise in Egypt