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Latest News: Amazon, Elon Musk, Rise of Social Commerce
The line between commerce and tech giants is becoming increasingly thinner every day, which is why leading silicon valley giants like Google, Amazon, and Facebook dominate the big commerce trends, and this month is no exception. Here is the latest news in big commerce.
Amazon Profit Increases, In Contrast to the Slowing Down in Sales Growth
After seeing a massive growth in sales during the pre-vaccine pandemic era, Amazon is naturally experiencing a slow-down in its sales growth, and the company says this is only the beginning. Amazon’s revenue surged 44% in the first quarter of 2021, followed by a massive drop to 27%, and for the third quarter, the company expects the rise to only 16%. Well, it may look like bad news on paper, but a growth is still a growth, and looking at Amazon’s profit in Q2, we see an incredible yearly rise with a whopping 48%, making the company’s second profits jump as high as $7.8 billion.
Silicon Valley After Social Commerce
E-commerce has long become mainstream. Today, there’s a new kid in the block, and it is growing even more quickly than its predecessor. Like anything else in the digital world, social media is transforming the way shoppers interact with brands, and according to eMarketer, the social commerce market is expected to rise as high as $50 billion annually by 2023 from $36 billion today.
Expectedly, Facebook and Google are leading the transformation, but apparently, TikTok and Snapchat are joining the game with attempts of their own social commerce models. Of course, this is all targeted to the end-user, and thankfully for the B2B industry, there’s no alarming situation to change strategies.
Elon Musk in Trouble After Claims of Mobbing
A book penned by Wall Street Journal reporter Tim Higgins, ‘Power Play: Tesla, Elon Musk and the Bet of the Century’ placed Musk in mobbing allegations. The story goes as back as 2016, based on an argument over time-off for overworked employees between Musk and Tesla vice president Josh Ensign. The book tells the story with the following words by Elon Musk: “I can be on my own private island with naked supermodels, drinking mai tais, but I’m not. I’m in the factory working my a** off, so I don’t want to hear about how hard everyone else in the factory works,” which kindled an outburst in social media. Musk answered the allegations with a diss to the book, saying the book is “false and boring,” like the name of his company.
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