£2bn spent on throwaway items, Feds block Facebook’s Financial takeover & Prime time for sales | The Scurri eCommerce weekly top 3​

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The Scurri eCommerce weekly top 3

Each week we gather the top three ecommerce news items of the week. Here’s what stood out for us this week!

New research has found that Brits will spend an estimated £2.7 billion this summer on over 50 million summer outfits that will be worn only once, underlining fast fashion movement’s sustainability issues.

 

Consumers will spend over £700 million on 11 million items bought for a holiday, while wedding guests spend an average of £79.76 on a new outfit of which 10 million will be worn just once, according to research.

 

Shoppers have been urged to consider purchasing second-hand retail by charity Barnado’s – who also conducted the research – as concerns have grown over the impact of throwaway fashion. Read the full article here.

Facebook’s plans to build a digital currency called Libra may be put on hold after US Federal Reserve chairman Jerome Powell on Wednesday said “serious concerns” would need to be addressed before launching.

 

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said during his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee.

 

In June Facebook announced that Libra would launch next year, in a move it has billed as “potentially transformative” for the global finance sector.

 

The social media giant said it plans to make Libra available to its 2.4 billion monthly users in the first half of 2020. Read the full article here.

As Amazon gears up for two days of heavy discounts for its Prime members, rival retailers are also jumping on the bandwagon with separate promotions designed to lure customers elsewhere.

 

Last year marked the third in a row that Amazon managed to surpass its previous sales records, despite the 36-hour event being dogged by technical glitches due to the extreme levels of site traffic, thought to have cost it between $90 million (£69.18 million) and $99 million (£76.1 million).

 

In 2019, Amazon will launch its “Lightning Deals”, offering deals on items in limited quantities, alongside new exclusive entertainment and product launches from big brands and top talent. However compelling Amazon’s artificial holiday may have become for consumers, rival retailers are also preparing to capture the promotional spirit this year. Read the full article here.

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