October 2023 E-Commerce Digest: Europe’s Online Cross-Border Turnover, Kuwait Finance House's Zaheb Debut, and the Enduring U.S. E-commerce Momentum
Welcome to Membrace’s E-commerce Digest: October Edition! In this recap of the hottest events of last month, we’ll dive deeper into Europe’s online cross-border turnover, Kuwait Finance House's Zaheb debut, the enduring U.S. e-commerce momentum, and everything significant in the industry. Stay informed, stay ahead – with our Monthly Digest.
E-commerce Platforms and Market Dynamics
- Marketplaces generate 63% of cross-border turnover
Last year, the total online cross-border market in Europe generated a turnover of 265 billion euros. At least 63 percent, 167 billion euros, was generated by marketplaces. These data include global cross-border sellers, such as Amazon and AliExpress.
- Drinks.com sells its wine website, focuses on e-commerce tech sales
The company sold its retail Wine Insiders e-commerce business, clearing the way for Drinks to sell its digital commerce technology platform to merchants eyeing a fast-growing online market for alcoholic beverages.
- Ahold Delhaize dominant in Dutch e-commerce
Bol holds a significant lead in the Twinkle100, the list of the largest online retailers in the Netherlands. The revenue of Bol, as the company is now simply called, is more than twice as high as that of the runner-up, which shares the same owner.
- Bol is still a dominant seller on its own platform
Based on turnover, many of the 30 biggest brands sold on Dutch marketplace Bol are brands that sell products in consumer electronics and domestic appliances. However, when looking at the amount of sales brands in toys and personal hygiene dominate the top-30. At the same time, brands that are sold by Bol itself have 64 percent share of the total turnover.
- Goodbye, hello: Buy Buy Baby preps to be born again
Just in time for the height of the 2023 holiday shopping season, the new owner of baby and maternal products retailer Buy Buy Baby says it will launch the chain’s new e-commerce site and open a handful of stores on Nov, 18.
- US e-commerce Q2 sales indicate permanent COVID-19 boost
U.S. e-commerce sales in the second quarter of 2023 reached $277.6 billion. That is a 7.7% increase compared with the year prior, according to a Digital Commerce 360 analysis of U.S. Department of Commerce figures.
- Amazon sales set company record in Q3
Amazon sales in Q3 grew 13% over $127.1 billion in 2022. In North America, Amazon sales increased 11% year over year to $87.9 billion. And internationally, Amazon sales grew 16% year over year to $32.1 billion. Sales from AWS, or Amazon Web Services, increased 12% year over year to $23.1 billion.
- Big Deal Days was Amazon's most successful fall sales event to date
Amazon says Prime members purchased hundreds of millions of products, with more than 150 million from third-party sellers.
- Belgians spent almost €8 billion online in H1
This is according to the latest Market Monitor from BeCommerce-SafeShops.be. In the first half of this year, 4 billion euros was spent online in Belgium on services. This is an increase of 20 percent compared to last year. Of all purchases in services, 59 percent were made online.
Regulatory Developments and Industry Initiatives in E-commerce
- ‘Only losers due to withdrawal button’
The European Parliament has approved a right of withdrawal for financial services contracts concluded online. A “completely irrelevant provision” has crept in regarding all distance selling contracts.
- TikTok halts e-commerce service in Indonesia following ban
The announcement comes after the Indonesian Ministry of Trade set a one-week deadline for TikTok to become a standalone app, without any e-commerce feature, or risk of being shut down.
- Monsha’at’s multi-city e-commerce tour attracts over 3,500 visitors so far
The e-commerce tour by SMEs General Authority (Monsha’at) has so far seen over 3,500 visitors, according to a senior official at the authority.
A group of experts and specialists in the e-commerce field is participating in the tour, organized in partnership with the Saudi E-Commerce Council.
- KFH launches Zaheb digital platform for e-payment solutions
Kuwait Finance House (KFH) has launched the Zaheb digital platform for merchants and owners of SMEs as part of its efforts to enhance technology, digital transformation and improve service level.