Facebook Beats Amazon

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Facebook winning the marketplace war? 

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MARKETPLACE WARS

📈 Mark Zuckerberg’s Shopping Empire: Facebook Marketplace Surpasses Amazon in Users
^{Insights from Yahoo Finance}

Ethan Gaskill, a 29-year-old content creator, begins his day by checking Facebook Marketplace for unique second-hand items. His Los Angeles home boasts treasures like a thousand-dollar Herman Miller light for $400 and a $5,000 designer bed at 20% of its original price. With 220,000 TikTok followers captivated by his finds, Facebook Marketplace has become a reliable source for hidden gems.

A person poses in a photo shoot set made of items sourced from Facebook Marketplace during the "Facebook IRL" event, in New York

The Scoop:

• Marketplace Growth: Facebook Marketplace has reached 1.2 billion active users shopping monthly, a significant portion of Facebook’s 3.07 billion monthly active users. This growth positions Marketplace as a major contender against established e-commerce giants.
  

• Competitive Edge: Meta’s second-hand market platform has surpassed Craigslist’s user base and rivals Amazon, which had 310 million monthly users in 2023. Marketplace is second only to eBay for second-hand purchases, with predictions suggesting it may soon overtake eBay.
  

• User Trust and Ease: The platform’s success is attributed to its user-friendly interface and integration with Facebook Messenger, enhancing communication and transactions. The trust factor associated with Facebook further boosts its appeal.
  

• Potential Impact: Charles Lindsey, a marketing professor at the University at Buffalo, sees Marketplace’s potential to dominate the second-hand market within the next few years. With its extensive user base and seamless functionality, it could reshape online shopping dynamics.

Mark Zuckerberg’s Facebook Marketplace is rapidly evolving from an online garage sale to a formidable e-commerce giant. As it continues to grow, businesses and consumers alike should recognize its increasing influence in the digital marketplace.

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MICROSOFT ADS

🎥 June Microsoft Advertising Updates: Video Ads, AI Tools, and More!
^{Insights from Microsoft}

Welcome to the June edition of the Microsoft Advertising product roundup! This month, we have exciting new features to help advertisers achieve better results with less effort.

The Scoop:

Video and Connected TV Ads in Editor:

• Bulk Management: Manage Video and Connected TV ads in bulk using Microsoft Advertising Editor.
  

• Campaign Creation: Create campaigns and upload video creatives directly in the Editor.
  

• Device Targeting: Update to the latest version and select “get changes” for device targeting based on the campaign type.

Netflix Inventory for Connected TV Ads:

• Global Access: Access Netflix inventory for Connected TV campaigns in the U.S., Canada, Brazil, Mexico, UK, France, Germany, Italy, Spain, and Australia.
  

• Compliance: Accept the Netflix inventory policy in your ad group settings and ensure video quality meets Netflix’s standards.
  

• Ad Tracking: Track ad placements using the Website URL publisher report.

Generative AI for Banner Asset Creation:

• AI-Driven Creation: Copilot in Microsoft Advertising now supports creating and customizing banner assets for display ads using generative AI.
  

• Asset Recommendations: Available for Performance Max, Responsive Search, Native, and Display ads, it recommends image and copy assets based on your landing page URL.
  

• Upcoming Features: AI-recommended assets for Video ads will be available soon.

Upgrading Smart Shopping Campaigns to Performance Max:

• Transition: Smart Shopping campaigns will transition to Performance Max with a 1-2 week learning period.
  

• Continuity: Setup, reporting, and performance history remain unchanged.
  

• Early Upgrade: Opt to upgrade earlier by selecting Edit Upgrade to Performance Max.

New Language Support:

• Expanded Accessibility: The platform now supports Thai, Turkish, Korean, Russian, Dutch, and Filipino.
  

• Language Settings: Change your language in Settings > My settings, select your preferred language next to Display language, and hit Save.

Summer Games 2024 Audience Opportunities:

• Targeted Campaigns: Utilize the Summer Games 2024 in-market audience to target users interested in sports news.
  

• Engagement: Promote your products to this engaged audience across search, native, display, and video campaigns.

Stay tuned for more updates after the U.S. holiday on July 9!

AI COSTS

📈 Escalating Training Costs of AI Models
^{Insights from Visual Capitalist}

The Scoop:

Training sophisticated AI models such as OpenAI’s ChatGPT and Google’s Gemini Ultra demands millions of dollars, with costs rising sharply. As computational needs grow, the expenses for the necessary computing power are skyrocketing. Consequently, AI companies are re-evaluating their training methods for generative AI systems, often implementing strategies to mitigate computational costs amid current growth trends.

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📱U.S. consumers, just 4% of the global population, account for nearly 25% of the $2.3 trillion global media spend. In 2023, they spent $1,552 per capita vs. $387 globally. Mobile media led at $544.48 billion while wireless data led at $283.75 billion. 

📽️ YouTube introduces new AI tools for content creators in the revamped “Inspiration” tab, offering AI-driven video ideas based on trends and successful videos from similar channels.

That’s all for today! While we curate another Viral Scoop for tomorrow, let us know how you felt about today! And share this with someone who’d love it.🥰