Amazon triples operating profit in Q1 2024
We take a look at Amazon’s remarkable quarterly results for the first quarter of this year. The European Commission has also made a decision: Shein will be subject to the regulations for very large online platforms under the DSA in the future. And, we report on an exciting AI use case that shows how Barbor was able to achieve an impressive increase in conversion rates using AI. Find out what this looks like and more below.
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.
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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.
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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.