Any Other Business: 17 June 2022

This week’s AOB looks at the latest e-commerce news from around the world, including Amazon’s augmented reality feature for sneakerheads, and why your business’ name matters more than you think.

There’s good news for retailers with both online and bricks-and-mortar outlets. A PYMNTS survey¹ of US shoppers found that 47% who go to pick up their online orders in-store “sometimes,” “often” or “always” buy extra items once there. Furthermore, 28% of consumers used their smartphones the last time they shopped in a physical store, “underscoring local shoppers’ increasing desire to integrate digital elements into their bricks-and-mortar retail journeys.”

The report noted “hybrid” shopping like curbside pickup grew during the pandemic, and has now stayed as consumers discovered its convenience and speed. So, how can your e-commerce business tap into the full sales opportunity of omnichannel retail? Find out with our dedicated guide.

What’s in a name? A lot, it turns out. A UK-based survey by SME insurer Simply Business² found that 64% of people are more likely to notice a small or local business that has a funny or witty name – whilst 28% said it would increase their likelihood of shopping there.  

"It’s incredible the impact a business name can have on your business – not only are you more memorable but it shows your personality and sense of humor," says Simply Business’ CEO, Alan Thomas. The company has launched a competition to find Britain’s best small business names, with Brewed Awakening and Wam Bam Campervan making the shortlist.

Looking to stand out from competitors? Our guide will help you choose the best name for your business.

E-commerce giant Amazon is tapping into the augmented reality space with a new feature that lets online shoppers try on shoes virtually before buying them.

To use “Virtual Try-On for Shoes”, Amazon customers can tap the “virtual try-on” button on a footwear product, then point their smartphone at their feet for an AR version of the shoes to appear. They can view the shoes from multiple angles, swap colors, and save images to their device for future review or to share on social media.

“Amazon Fashion’s goal is to create innovative experiences that make shopping for fashion online easier and more delightful for customers,” said its president, Muge Erdirik Dogan³. “We’re excited to introduce [the feature] so customers can virtually try on thousands of styles from brands they know and love at their convenience, wherever they are. We look forward to listening and learning from customer feedback as we continue to enhance the experience and expand to more brands and styles.”

Virtual Try-On for Shoes will initially launch in the Amazon shopping app on iOS in the US and Canada.

A new survey by the Connected Commerce Council⁴ has dived into the appeal of online marketplaces.

Perhaps unsurprisingly, the most popular marketplace amongst small businesses is Amazon (used by 83%), followed by eBay (59%) and Walmart Marketplace (36%). Of the small sellers using Amazon, 82% also sell on at least one other additional online marketplace.

“SMB sellers tend to sell in as many places as they can connect with buyers, with the typical seller using five sales channels, both online and offline,” says the report.

The research also explored small sellers’ motivations for using online marketplaces. 59% said they allow them to access new markets, reduce inventory and warehousing costs. The ability to scale fast (47%) and lower barriers to connecting with new customers (46%) were also mentioned factors.

E-commerce investor Clearco⁵ has launched in Germany, pledging 500 million euros to local online businesses to help them grow.

The Canadian-based platform leverages a data-driven algorithm that approves funding purely based on business performance. Germany has become the seventh market in which it operates – joining the likes of the UK, the US and Australia – an obvious move when considering the country’s thriving e-commerce landscape. 

“Germany has one of Europe’s fastest-growing economies and a dynamic start-up sector,” Clearco’s CEO, Michele Romanow, explains⁶. “We are confident that we will have a meaningful impact on the German e-commerce economy and allow founders to grow and scale quickly without giving up their hard-earned equity.”

To date, Clearco has distributed 3.2 billion dollars of fast, revenue-based capital to more than 7000 businesses across the world, with plans to expand further in Europe in 2022.