Dec 2, 2020
3 Things that Caught My Eye: #2
Every week I try to highlight three exciting things/products/news items that grab my attention. Here are the top three items that caught my eye this week:
#1 Snapchat introduces a TikTok rival called Spotlight: Snapchat is one of the most original, blue flame innovators in the market. Instagram Stories was “inspired” by Snapchat’s version of vanishing Snaps that last up to 24 hours before disappearing. But now, there’s a new kid on the block getting all the attention: TikTok. To compete against TikTok, Snapchat has built and launched a new product called Spotlight, which features short vertical videos. Before you look for this on your app store, please understand that it’s not a new application. It’s a new feature within the existing app. The overall look & feel is very familiar to IG Reels and TikTok, with a couple of exceptions. It has the same vertical scrolling motion as its competitors, but there’s no comment section available. Also, unlike TikTok, the soundtrack option isn’t available. As a result, you can’t see all the videos made with the same soundbite or snippet. If I am honest, I am a big fan of that feature on TikTok.
Unlike IG Reels, Snapchat is trying to incentivize creators to build fresh content for the platform by offering the community $1 million a day. To be clear, it’s not like everyone who creates content will get a million-dollar paycheck. It’s just a pool of money shared among the creators with highly engaging videos. We will wait to see how this monetary incentive attracts a more creative set of content creators to the platform. Unlike IG Reels, I have noticed that videos in the Spotlight section are different and have not been lifted directly from TikTok. TikTok’s secret sauce is their algorithm, which can suggest videos with great precision to keep you on the endless loop of entertaining videos. Let’s see if Snapchat can crack the code and develop a similar, if not a more precise video suggestion algorithm.
#2 Pinterest is working on classes for the community: According to the article published on TechCrunch, Pinterest is testing a feature that would allow users to sign up for Zoom classes offered by the creators. You can read the full article here. Why do we care about this? In my personal opinion, this could be their move to build something similar to Airbnb Experiences. Airbnb Experiences are unique activities organized by the locals in your community. For example, if you visit Rome and want to learn how to make fantastic pasta, you can look for pre-vetted instructors on Airbnb Experiences and book a class with them. Similar to Airbnb, I believe that there’s a sense of community on Pinterest as well. Imagine building these virtual online experiences where pre-vetted creators could offer classes/experiences on the platform’s popular topics. I don’t think it’s a very farfetched idea for Pinterest to leverage the existing data to find niche categories and offer virtual classes or experiences around them.
#3 Shopify sets a new record for Black Friday sales on the platform: Shopify witnessed an increase of 75% from last year, resulting in $2.4 billion in sales from brands and businesses on the e-commerce platform. According to the press release on Business Wire, the average cart price was $90.70, an increase of 11% from LY. So, why do these figures matter? For one, it’s great to see people support and show a vote of confidence for local, independent sellers. In many cases, the pandemic has made it difficult for small retailers to survive as people move onto Amazon and other big banner retailers. However, thanks to the platform’s power, independent businesses have more tools and resources to find their niche among the giants. The spirit of entrepreneurship and creativity is not lost.
In addition to these record-breaking numbers, Shopify also built this landing page to help the merchants prepare for Black Friday sales. The page features tools that the store owners can use to enhance their page, including a complete Black Friday checklist and tutorials. This page is a perfect example of understanding and anticipating the needs of your customers. Shopify understands that not every business on their platform is a super-seller. Many small, independent first-time sellers will need all the help they can get to take advantage of Black Friday. By taking care of their merchants, they are taking care of their own business. Respect!
