Now Facebook is taking a step forward to make social commerce more accessible further by expanding Shops and experimenting with AR and AI tools on Instagram and WhatsApp. As per the company, the social platform’s Shops feature has more than 1.2 million monthly active users and more than 300 million monthly Shops visitors. From June 2022, the company is waiving fees for business sellers to support economic recovery. The company has announced that WhatsApp merchants in the U.S will be integrating their shop products into the marketplace. As per the 2020 report from Poshmark, it is revealed that 58% of buyers prefer to purchase items through social media platforms instead of a company’s website.
eMarketers predict that US upfront TV ad spending for 2021–2022 would rise by 7.6% YOY to $19.90 billion. For the first time, the portion of upfront digital video ad spending goes to the connected TV (CTV), which would pull up by almost 50% this year to $4.51 billion. In the U.S it is forecasted that the linear addressable TV ad spending in 2021 is raised to 33.1% of $2.85 billion. It is estimated that in 2021, US adults would spend 2 hours and 29 minutes per day viewing a digital video — that’s 9 minutes high from the prior year. US upfront CTV video ad spending would rose by 49.5% this year to $4.51 billion.
Shopify, the eCommerce platform has announced that they are reducing the share of revenue it collects from developers who publish apps on its app store. From Aug. 1 the developers can hold 100% of their revenue from the first $1 million they make on Shopify’s app store. Shopify President Harley Finkelstein said that they also cutting its commission rates for developers who make more than $1 million annually to 15% from 20% and as well as 0% revenue sharing model would be applied to the developers on Shopify’s Theme Store.
As per the inaugural user forecast, in 2021 about 45 million U.S people aged 14 and older use buy now, pay later (BNPL) services. That is high 81.2% over 2020, and the age range of BNPL users will be widened over the coming years. 80% of BNPL users are millennials or Gen Zers 14 and over, this figure will drop to 73.2% this year, though younger consumers are still more willing than most try for alternative payment options. By 2025 it is predicted that millennials would continue to make the largest share of the user’s base. By the end of 2022, 44.1% of Gen Z digital buyers ages 14 and older will be using BNPL services at least once, compared with only 37.2% of millennial digital buyers.
Doritos has taken an initiative to boost the voices and provide support for black creators. So as a part of this support Dorito will invest more than $5 million to strengthen black innovators and creators. Each creator will be receiving $50,000 to support their work, which will be showcased across Doritos’ website with a dedicated landing page, social League (NUL), media, packaging and TV advertising. Doritos is also committed to providing $100,000 to the National Urban League (NUL).