Wednesday, July 24

🌟 Today’s Highlights:

• Meta launches new Llama 3.1 AI model

• Adobe rolled out new genAI tools for Illustrator & Photoshop

• Meta AI can generate your own imagined, stylized selfies

• 📊 Stat of the Day: Telegram has reached 950 million active users. (Source: Telegram)

• 💡 Today’s Insight: Comparing TikTok’s Deals For You Days & Amazon’s Prime Day

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💡 Today’s Insight 💡

How TikTok’s summer sale stacked up against Amazon’s Prime Day

🗞 TL;DR - Many popular retailers tried to take on Amazon’s Prime Day with competitive summer deals. TikTok’s version, Deals For You Days, wasn’t even really in the running as competition. Data from Salesforce shows that gross merchandise volume growth in the U.S. for non-Amazon retailers rose 3% YoY. TikTok gross merchandise growth was actually down 6% during the Deals for You Days event.

💡 Insight - So, why did TikTok’s sales event bomb so much? Well, it may be that they didn’t offer sharp enough discounts. The average discount on TikTok was 18% compared to Amazon’s average Prime Day discount, 22%. TikTok helped subsidize discounts for select brands for its Deals For You Days.

According to Salesforce analysts, “Ultimately, neither retailers nor consumers participated heavily in TikTok’s version of Prime Day this year.” One consulting executive said that clients’ Amazon sales versus their TikTok revenues was like comparing apples and oranges – many people find success on one platform, but not the other.

While many brands may have found success on Amazon’s Prime Day, TikTok Shop reigns supreme in promotions with TikTok’s massive user base and dominance in content. Amazon has tried to replicate TikTok’s live-shopping elements, but an industry survey shows brands were unlikely to spend money on Amazon Live during Prime Day.

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🥥 TODAY’S MEME - Have you seen a lot of ‘coconut tree’ memes lately? Here’s what they mean, what’s behind the Kamala Harris tag line, and how brands are using it to their advantage.

⚡️ Today’s Headlines ⚡️

🦙 Meta debuted the latest Llama AI model, Llama 3.1

😎 Meta AI can now create imagined, stylized selfies

🔫 X quietly redesigned the water pistol emoji back to a firearm

🖌️ Adobe rolled out more generative AI features to Illustrator & Photoshop

🗣️ Meta AI is now available in Spanish, French, Portuguese & more