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E-Commerce Agreement Signed by Over 90 Countries
Xbox 360 Online Store Closes
Large-Scale Protest Hits Temu
Digital Wallets Surpass Traditional Cards in Popularity
Pinterest Collaborates with Publishers to Boost Ad Sales
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ECOMMERCE NEWS
Landmark E-Commerce Agreement Signed by Over 90 Countries
Over 90 countries have signed a groundbreaking e-commerce agreement to mutually recognize electronic documents and e-signatures, reducing reliance on paper forms.
Led by Japan, Australia, and Singapore, the World Trade Organization (WTO) agreement mandates frameworks for electronic transactions, authentication, e-signatures, contracts, invoicing, paperless trading, data submission “single windows,” and electronic payments. It also permanently bans customs duties on digital content, enhances online consumer protection, and fosters cybersecurity collaboration.
Digital trade, growing faster than traditional trade, is valued at around £4 trillion.
However, the U.S. opted out, citing concerns over security provisions. Several countries, including Brazil and Türkiye, have reservations about scrapping import duties on digital products.
The agreement, requiring consensus among all WTO members, will be incorporated into the WTO legal framework and regularly reviewed. Future negotiations will address unresolved issues.
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ECOMMERCE MICROSOFT
Xbox 360 Online Store Closes, Marking End of an Era
In August 2023, Microsoft announced the closure of the Xbox 360 online store in July 2024. That day has come, ending the Xbox 360 era. This closure means digital Xbox 360 games, films, and TV series are no longer purchasable or playable on the console.
Released on November 22, 2005, the Xbox 360 became highly popular, producing iconic titles like Halo 3 and Gears of War 2. Replaced by the Xbox One in 2013, the Xbox 360 was discontinued in 2016. Today marks the end of its online store.
While new downloads are impossible, existing games remain playable. Multiplayer functions may continue if servers are active. Game saves can be transferred to other consoles, though this feature’s longevity is uncertain.
Interestingly, Xbox 360 games, like Tomb Raider and Call of Duty, surged in value before the store’s closure, with average prices rising 14%.
Microsoft now focuses on digital offerings like Xbox Game Pass, providing economical access to AAA games, though physical copies are less emphasized.
ECOMMERCE NEWS
Large-Scale Protest Hits Temu Owner PDD Holdings
This week, PDD Holdings faced a significant protest at its southern China offices as smaller partners campaigned against escalating penalties. Hundreds of merchants gathered to oppose Temu’s increasing fines and withheld payments for unmet customer expectations.
Small businesses selling Chinese goods to Western consumers through Temu protested outside the Guangzhou office with placards and slogans. Some protestors entered the building but left without meeting senior executives.
Merchants accused PDD of sharply increasing fines for issues like missed delivery deadlines and incorrect product listings. These penalties have reportedly surged without clear explanations.
PDD stated, “These merchants have declined to resolve the disputes through the normal arbitration and legal channels stated in the seller agreements. The situation is stable, and the company is actively working with the merchants to find a solution.”
The protests occur as PDD expands Temu globally, including high-profile advertising and entering new markets like Thailand.
ECOMMERCE DIGITAL PAYMENTS
Digital Wallets Surpass Traditional Cards in Popularity
Traditional credit and debit cards are increasingly being replaced with digital payment options, according to recent reports. Paysafe’s report, ‘Inside the Wallet: How consumers are spending and saving in 2024,’ highlights that while debit cards remain the top payment method, bank transfers and digital wallets are gaining popularity.
Recent statistics show that PayPal (78%) is the most popular e-commerce payment method in the U.S., followed by Apple Pay (38%), Venmo (37%), and Google Pay (31%).
Statista reports that traditional cards will remain popular for in-store purchases, but digital wallets are now leading for online transactions.
Security is a critical factor for more than half (54%) of online shoppers, according to Paysafe. The report also notes the growing acceptance of AI in payments, with over one-third (36%) of 18-43-year-olds comfortable with AI enhancing payment processes. However, 33% of those aged 60 and over are uncomfortable with AI in online purchases.
For more information, view the full report here.
ECOMMERCE SOCIAL ADS
Pinterest Collaborates with Publishers to Boost Ad Sales
Pinterest is enlisting news outlets and publishers to enhance its ad sales. The platform is testing a program that uses an ad auction system for selling ads on Pinterest pages, reports Seeking Alpha, citing The Information.
Publishers would share ad revenue with Pinterest, leveraging their advertiser relationships for larger deals, according to Jeremy Jankowski, Pinterest’s head of publishing for North America.
TikTok is also in talks with digital media companies to sell custom video content to advertisers. LinkedIn’s Wire Program lets outlets sell ads in front of videos, with publishers handling their own ad sales. The program is now in beta testing.
PYMNTS highlighted social media platforms driving revenue through in-person retail pop-ups. Pinterest partnered with Anthropologie for a holiday pop-up and TikTok hosted live events with Rare Beauty and emerging artists.
Social media apps are increasingly intertwined with retail, particularly among younger generations, as noted in PYMNTS’ report, “Tracking the Digital Payments Takeover: Monetizing Social Media.”
Signing off,
The Merchant @CartHustle