Amazon triples operating profit in Q1 2024

News: Amazon

Amazon triples operating profit in Q1 2024

Amazon publishes its results for the first quarter of 2024, providing insights into the company’s continued dominance in e-commerce. Here are the highlights:

• Q1 revenue was $143.3 billion, up 12.5% year over year. Of this, 1.2% is attributable to the leap day at the end of February.
• Operating profit more than tripled from USD 4.8 billion to USD 15.3 billion.

More Amazon News:

• Amazon has added nearly 5 million sellers since 2018
• Prime delivery speed is faster than ever before in 2024

News: E-Commerce

Shein is now also a ‘very large online platform’ under the DSA

The Chinese online fashion platform Shein is confronted with stricter EU regulations from the DSA, which primarily targets very large online platforms.

• Among other things, the fast fashion giant must now take tougher action against counterfeit products.
• To this end, the company must submit an annual risk assessment report in which it sets out the impact of its activities on the health and safety of its customers.

More E-Commerce News:

• 15 million sellers worldwide on TikTok Shop
• Shopify powers 10 % of American online shops

News: AI in Online Retail

How Babor increased its e-commerce conversions by 82% with AI

Babor, a leading provider of skincare products, has achieved an impressive increase in online conversion rates with AI-powered personalisation.

• The focus is on a skin type consultation called ‘Skin Advisor’, which provides AI-supported recommendations based on age, customer input and geolocation, and the ‘Skin Coach’, which can be used to monitor the desired skincare goals.
• In the fourth quarter, customers who tried the Skin Coach achieved an 82% higher conversion rate and a 19% higher order value.
• According to Glossy.co, the conversion rate for customers who used both tools was 442% higher than for customers who used neither.

More AI News:

• X offers AI targeting for ads
• How L’Oréal is changing its marketing with generative AI

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(Source: Remazing Amazon Shopper Report 2023 by Remazing & Appinio)