Buy-now-pay-later is going mainstream
Square has just announced the acquisition of Afterpay, the dominant player in the buy-now-pay-later (BNPL) game, for $29 billion. Yes, that’s a B.
Square is already into e-commerce: The company already has payment processing tools for online stores. In addition, Square has a rudimentary, niche buy-now-pay-later (BNPL) feature. It appears that they now want to take things to the next level, and they have $29 billion to accomplish just that.
What could happen next (and why you should care): Adding a buy-now-pay-later option to your website can boost your conversion rate. There are numerous studies to back this up.
The (current) issue is: Adding a BNPL “feature” to your site is too damn hard. Legal documents, vetting procedures, oh my…
Plus, customers need to get approved to use BNPL by using services like PayPal.
Square is putting a lot of money on the line here, and our guess is one of the main reasons they’re doing it is to be “the first BNPL provider who isn’t a pain in the (you know what).”
If you’ve always wanted to add a BNPL feature to your site but found it too difficult, keep an eye on this space. Things are about to get interesting.
Google: Give us accurate manufacturer part numbers or get out
Google is angry. The reason: You’re giving them false product data.
The company has announced that starting in August 2021, they will begin warning you if you enter incorrect manufacturer part numbers (MPNs) in your Merchant Center account.
In September 2021, Google will take things up a notch and disprove all products that have received warnings.
The (probable) reason why Google is angry: Product identifiers are a shady business, particularly on Amazon.
It appears that Google is experiencing a similar problem, with many sellers wanting their products to appear more unique than they are.
Being honest helps with marketing too: Listing a valid MPN not only keeps you on the right side of ethics, but it also helps with discoverability as well.
By the way, this is not our opinion, it comes straight from the horse’s mouth: “Shoppers might search specifically for an MPN, so providing the MPN can help ensure that your product is shown in relevant situations.”
For every problem holding back your business growth, there’s a marketer that already fixed it
And within a 3-minute talk with that marketer, you could get rid of every bottleneck stopping your business from making the money you wish.
This is why Utopia was created by @wizofecom, a community of 2200+ advanced marketers, some of them rolling 9 figures per year. And you can join it for the price of a large pizza.
E-commerce, agency, paid media, conversion rate, SEO, email marketing. There’s a question you have about those?
Turn to Utopia, and get an expert to answer it. Seriously.
Don’t be the marketer that tries to start a fire with 2 sticks. That’s what you’re doing if you rely on Google search results polluted with shallow knowledge.
If you’re just starting out, you can get a roadmap from a person that years ago was exactly where you are now.
And there’s way more in Utopia:
- 3333+ battlefield tested strategies. You can copy/paste them right away to start getting sales.
- 33+ courses on mastering any marketing skill. If you wanted to buy these courses singularly, you’d have to shell out thousands of dollars.
- Bi-weekly live calls with 7,8,9 figure brand owners.
Validating an e-commerce product without dropshipping or surveys
We’ll get straight to the point: Charles Ngo shared a framework to test e-commerce products in a cheap and fast way, so listen up.
Product and niche selection
1) Is your product part of a growing trend? Prime example: Working out at home now is a growing trend (fewer eyes, more sweat). Capitalize on that. You can use tools like Google Trends, Trends.co, or JungleScout to identify what’s “hot” at the moment.
2) What are the problems with the current products on the market? If you can create a product without these problems, you have a competitive advantage.
3) Do your math: Yeah, we hate it too. But you must be able to sell your product high enough to make a profit. When figuring out your price, factor in the cost of goods, fulfillment, taxes, shipping, etc. Rule of thumb: Sell the product for 4 times the cost.
How to validate the idea:
1) Resell Alibaba products: If you find a product that reflects your idea on Alibaba, sell it for the initial test. A great story and fancy packaging can take you far in the beginning. Then, once you gain traction, work with the manufacturer to make customizations.
2) Create products from scratch: If your product doesn’t exist, Charles suggests creating a 3D rendering of your product. Test the response to the product using a landing page.
Leaner fulfillment: Securing product inventory can be expensive. Another option is to:
- Fulfill from Amazon: If you are interested in a product on AliExpress, chances are that someone is already selling it on Amazon. Sell the item with paid traffic. When you get an order, buy the product on Amazon, repackage it and ship it to your customer.
How to know if your product is validated:
A -30% ROI is a good start (considering that you haven’t optimized anything yet). Your future profit will come from:
- Selling more products.
- Economies of scale.
- Paid traffic optimization.
- Landing page optimization.
E-COMMERCE: Can you do it without Facebook Ads? Maybe… Huckberry is one of the outstanding content-powered e-commerce businesses out there. Check out how they sell between $5M and $20M (estimated) per year worth of products by focusing on content. Read preview.*
AMAZON: We reported yesterday on Amazon’s rise in the advertising world. This person thinks this is just the beginning.
FACEBOOK: When it comes to bad news, Facebook (unfortunately) is pretty quiet. Not us though: It appears that Facebook’s Advanced Mobile Measurement program ended on Friday.
ADVERTISING: Goodbye, standalone applications. Hello, platform-specific apps! Thank Apple’s ATT for starting the trend.
SEO: It’s official: Google is removing generic rich results from Search Console. This is good news because we already have more specific data points.
BUSINESS: WordPress, Drupal, and Adobe Experience Manager. What do these three have in common? They take the top spots for CMS platforms used by the world’s top 10,000 websites.
E-COMMERCE: Shopify joined the NFT bandwagon last week. Will this increase the popularity of non-fungible tokens? This person believes so.
SEO: If you target international keywords, you know managing them can be a pain. This is a handy, free Google Sheets template that will cause you fewer headaches.
* This is a sponsored post
Two boxers are in a match scheduled for 12 rounds. (Pure boxing only. There are no kicking or takedowns). One of the boxers gets knocked out after only six rounds, yet no man throws a punch. How is this possible?
You can find the solution here.
Cool tech, (funny) business, lifestyle and all the other things marketers like to chat about while sipping cocktails by the pool.
Robots are taking over the Tokyo Olympics
…but not in a bad way. More in a cute and useful way.
Meet the Field Support robot. Its job is to play fetch during track and field throwing events. If an athlete throws a hammer or a javelin, this cute robot will figure out the optimal path and catch the object.
Also, say hello to the official Tokyo Olympics mascots. Their job is also to fetch…a warm feeling from your heart by shaking hands and waving.
All of these robots are a part of the Tokyo 2020 Robot Project. “The Tokyo 2020 Games are a unique opportunity for us to display Japanese robot technology,” according to Hirohisa Hirukawa, leader of the project.
With the way things are going, we wouldn’t be surprised to see Japan organizing the first robo-Olympic games in history as well. Also, are we going to see the first-ever robo Closing Ceremony?