Acenda Summit 2024 - Sharing updates
It was great participating in the Acenda Summit in San Diego. This was Acenda's second Summit, and there was a successful turnout. 🥳🎉
We encountered sellers from Europe, Asia, and Canada who flew in to attend.
Acenda is establishing itself as a leader in Omnichannel due to the increasing demand for a single data source > Think Omni-data.
I'll keep the update short and sweet🍬 starting with Target+.
🏆 Target+ Market Palce (Curated Marketplace)
In Q2, Target+ experienced sales growth and increased traffic. This is a good sign for manufacturers and Private Brands to pursue a relationship with Target+.
Keep in mind 👉 Target is a curated marketplace.
Target has a curated marketplace called Target Plus, an invite-only, digital third-party market offering products from trusted brands.
- If you are a reseller of multiple brands or online arbitrage, you will not get approved ❌
- If you are a brand or manufacturer with a medium or large catalog ⬆️, this will increase your chances of getting approved.
- If your price point is higher than $30 ⬆️ then you increase your chances of getting accepted.
- Target wasn't explicit on which categories they're focusing on for 2025.
Target's TikTok profile has 3 million followers and over 20 million likes. By constantly being open to opportunities and spending funds to optimize, Target Retail can promote sales and events throughout the year without spending large amounts of funds on traditional media.
Retail Ready / Ready to Seller / Etc
Anyone launching on Target or any other online platform must invest in content, imagery, video, product titles and descriptions, and reviews. This increases your chances of success!
As a seller, you must be constantly open to opportunities and spending funds to optimize.
Target+ and Yotpo are now working together! 🎉
You can now syndicate your Shopify reviews to Target+. See the link below.
🏆 Tiktok Shop
Tiktok Shop has been the hottest marketplace of 2024!
- 4 out of 10 sellers have huge success.
- 3 out of 10 have had moderate success
- 3 out of 10 have failed to drive sales
The difference between clients who are successful, clients who fail, and clients that sell a few hundred dollars a week is the amount of content that they're producing to drive discovery and traffic.
📈 One example of a success story is a brand that made 5 million dollars in sales on TikTok Shop. Here is the catch: This brand produces 10,000 videos using in-house and creators' videos.
The following pictures illustrate the different placements within the Tiktok Platform where users can find your products. 👇
During the presentation, it was reconfirmed that live shopping drives better results than shop video, page, and tab placement.
Live stream seems to be the key ingredient moving into Q4 for driving sales.
🏆 Macy‘s (Curated Marketplace)
Not much has changed for Macy’s. It is still a gated, curated marketplace, but the connection with Mirakl has opened it up a little.
Macy’s is still very selective, focusing on particular categories, which we didn't learn much about during the presentation.
The takeaway is that Macy’s is still growing online. There is a lot of potential. I don't see Macy’s going anywhere anytime soon.
🚚 Ware2go / UPS Company
The following company, Ware2go, got the David Ricardo team's attention. They are a UPS company focused on 3PL and warehousing.
If you are a seller shipping more than three pounds and need better distribution within the United States, then it's worth checking out Ware2go.
We got excited about Ware2go and the opportunity it can provide to our clients.
They didn't share any shipping costs with UPS. After the presentation, we met with Matt Burroughs, who confirmed that they offer the lowest UPS rates when clients use Ware2go.
We'll be looking at Ware2go in Q1 2025 for some of our clients with high 3PL and shipping costs.
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