eCommerce Revenues Continue to Surge as Consumers Limit In-Store Purchases
November 08, 2022 at 08:30 AM EST
Palm Beach, FL – November 8, 2022 – FinancialNewsMedia.com News Commentary – eCommerce sales for businesses have been steadily increasing for years, and with the migration of virtually all transactions to digital due to the COVID Pandemic, worldwide sales through ecommerce sales channels such as websites and online marketplaces increased overall, beginning in 2020 and continuing to the present day… and beyond. Retail consumer goods ecommerce is by far the most dynamic. It had an 18% share of the total global retail sales in recent years and is forecast to have over a 1% annual growth rate, achieving a nearly 22% share of total global retail sales by 2024. The proliferation of electronic commerce and the resulting rise in the number of online buyers, especially in emerging economies is anticipated to fuel market growth. E-commerce businesses significantly depend upon the warehousing and shipping capabilities to get products transported from manufacturing units/retailers to end-users in a shorter lead time. With consumers shunning in-store purchases, during COVID and preferring to shop online, the surge in online orders did put an unprecedented strain on the logistics and transportation services of online merchants and distributors… but the pandemic actually opened a new long-term growth avenue for e-commerce and service contentment companies. To better fulfill the growing number of online sale orders, e-commerce companies increasingly prefer outsourcing fulfillment services to providers that are increasingly focusing on improving their internal operational efficiency and a strong distribution network. Active companies in the markets this week include Safe-T Group Ltd. (NASDAQ: SFET), PayPal Holdings, Inc. (NASDAQ: PYPL), Shopify Inc. (NYSE: SHOP), Etsy, Inc. (NASDAQ: ETSY), eBay Inc. (NASDAQ: EBAY).
A report from Grand View projected that the global e-commerce fulfillment services market size was valued at USD 86,449.97 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030. The report said: “Fulfillment service centers enable online merchants to outsource services including bundling, warehousing, shipping, and other value-added services, such as return management and urgent parcel service. A fulfillment center is ideal for merchants that do not have robust warehousing capabilities to manage inventory directly and do not want to invest additional efforts in shipping.”
Safe-T Group Ltd. (NASDAQ: SFET) BREAKING NEWS: E-commerce Customers Recognize Safe-T Group’s Enterprise Privacy Unit, NetNut, in Time for November Shopping Events – Safe-T Group Ltd. (TASE: SFET) (“Safe-T” or the “Company”), a global provider of cybersecurity and privacy solutions to consumers and enterprises, today announced that its enterprise privacy unit, NetNut Ltd. (a wholly owned subsidiary of Safe-T), is successfully gaining increased traction among E-commerce customers in preparation for November shopping events. NetNut is a provider of proxy solutions to some of the world’s most renown platforms and brands, as well as of many providers of E-commerce solutions.
“One of the most undeniable online trends is the rise of shopping through E-commerce platforms during the month of November and the coming holidays. Most E-commerce platforms rely on vast amounts of data in real-time to constantly analyze competitors’ products, prices, and shipping costs,” commented Shachar Daniel, Chief Executive Officer of Safe-T. “The ability to gather such important competitive information is made possible with the use of NetNut’s solutions and its advanced worldwide proxy network.”
Michael Abrams, Chief Executive Officer and Founder of Crystal Ball Systems Inc., NetNut’s customer, said, “NetNut has become a major infrastructure provider for us at Crystalball Systems Inc. Its speed and performance allow us to provide our thousands of clients with real-time accurate E-commerce data. We are excited to work with NetNut towards the very busy and successful shopping month of November”. CONTINUED… Read the Safe-T Group full press release by going to: https://safetgroup.com/press-releases/
Additional recent developments in the markets this week include:
PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced it is adding passkeys as an easy and secure log in method for PayPal accounts. Passkeys are a new industry standard created by the FIDO Alliance and the World Wide Web Consortium that replace passwords with cryptographic key pairs, offering customers a simple and secure way to log in to PayPal based on technology that is resistant to phishing and designed so that there is no shared passkey data between platforms. The new PayPal log in option will first be available to iPhone, iPad, or Mac users on PayPal.com and will expand to additional platforms as those platforms add support for passkeys.
A founding member of the FIDO Alliance, PayPal is one of the first financial services companies to make passkeys widely available to its users. This cutting-edge security standard is significant as passkeys address one of the biggest security problems on the web, which is the weakness of password authentication. Over 2.6 billion records were hacked in 2017 and of these hacks, 81% are estimated to have been caused by password stealing and guessing. Many consumers recycle passwords across online services, which can not only be cumbersome but can also lead consumers to reuse the same, potentially vulnerable passwords across services. Passkeys are designed to replace passwords for an even more seamless and secure login experience with PayPal.
Shopify Inc. (NYSE: SHOP), a provider of essential internet infrastructure for commerce, recently announced financial results for the quarter ended September 30, 2022. “Shopify is the central nervous system that powers millions of businesses around the world. During Q3, merchants continued to recognize Shopify’s exceptional value and increased their adoption of our essential tools and innovative solutions. Our merchant solutions revenue as a percentage of GMV – or Merchant Solutions attach rate – climbed to 2.14%, the highest level in Shopify’s history,” said Harley Finkelstein, Shopify’s President. “We’re preparing our merchants for what’s ahead. The simplicity of our technology and the extraordinary consumer experience it offers are part of our merchants’ superpowers as they gear up for the busiest shopping season of the year.”
“In Q3, we delivered another solid quarter of GMV, revenue, and gross profit dollar growth against the high inflationary environment. From an operational perspective, we recalibrated our organizational structure, successfully rolled out a new compensation framework, and began integrating Deliverr into Shopify,” said Amy Shapero, Shopify’s CFO. “Looking ahead, the flexibility of our platform, breadth of solutions, pace of innovation, and disciplined investment approach position Shopify well to realize the enormous opportunity ahead.”
Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, recently announced results for its third quarter ended September 30, 2022.
“We are pleased that Etsy’s business has remained strong in a volatile environment and we believe our sustained performance is a testament to Etsy’s unique position in e-commerce where, in a world of mass commodities supplied by companies obsessed with speed and scale, Etsy is the antidote,” said Josh Silverman, Etsy, Inc. Chief Executive Officer. “Our aspiration is for the Etsy marketplace to be the place for those who value human creativity, community, and feeling special. We’ve continued to invest to bring even more joy to the very human experiences of selling and buying on Etsy and have a lot of conviction that not only is e-commerce poised for meaningful growth over the medium-term, but each of the four Etsy marketplaces has a unique reason to succeed and win.”
eBay Inc. (NASDAQ: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, recently announced it has completed its acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts, for a total deal value of up to approximately $295 million.
This acquisition complements eBay’s focus category strategy and builds on its offerings to bring even more selection to enthusiasts. By combining eBay’s 26 years of experience and commitment to the trading cards category with TCGplayer’s expansive ecommerce platform and strategic omnichannel capabilities like order fulfillment and cart optimization, eBay and TCGplayer will enhance the overall collecting experience for customers. Sellers will be able to bring physical supply online and create customizable webstores, and with TCGplayer, they can rapidly upload, sort and identify large catalogs.
“By joining forces with TCGplayer, eBay has even more ways to connect brick-and-mortar hobbyists and sellers with passionate collectors around the world,” said Dawn Block, VP of Collectibles at eBay. “Our two companies share similar values and a deep commitment to the collectibles community, and together we will continue delivering best-in-class experiences for our customers.”
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