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- Today's business and finance round up 9th December 2021
Today's business and finance round up 9th December 2021
đź‘—TikTok launches ecommerce in the UK
9th December 2021
Good morning Yesterday marked the first anniversary since Margaret Keenan became the first person in the UK, and indeed world, to receive a Covid-19 vaccine. One year on and England is heading back into more restrictions thanks to the emergence of the Omicron variant which incidentally we have been mispronouncing (OH-mee-kraan) amongst other words this year.
Today's stories
TikTok launches ecommerce in the UK
Monzo raises $500m
SOCIAL MEDIATikTok launches ecommerce in the UK
What’s going on?Yesterday TikTok introduced its first live shopping and entertainment event where users could buy products straight from the platform.
Why is this important?
Shopping with the help of social media, so called social shopping, is a fast-growing trend. China gives an insight into how lucrative it can be. In October, an internet celebrity known as “The Lipstick King” sold an incredible $1.7bn of beauty products during a 12-hour livestream on a Chinese video app.Facebook and Instagram have been allowing consumers to buy products on their platforms for years and now TikTok wants in on the action.The short video sharing app has taken the world by storm since launching five years ago, hitting 1bn users in record time.TikTok’s first shopping event featured offers and discounts by beauty and tech brands like Charlotte Tilbury, L’Oréal and Nutri Bullet as well as entertainment from creators and musicians.TakeawaySocial shopping is set to be a huge feature of ecommerce taking the traditional format of QVC to a new audience online. With the prize so big, the field is crowded with Facebook, Snapchat and YouTube all launching livestream products and providing further competition for high street retailers.
FINTECHMonzo raises $500m
Yesterday Monzo announced that it has raised $500m, taking its valuation to $4.5bn. It’s now Europe’s third most valuable digital bank, behind Revolut ($33bn) and N26 ($9bn). Since launching in 2015 the app-based challenger bank has amassed 5m UK users to become the largest digital banking provider in the country.The cash injection will fund the roll out of new products including a buy-now-pay-later service and a trading platform.The news caps off what has been a difficult year for the bank.It issued two warnings about its ability to survive as a business after reporting a £115m loss in the past year.It is under investigation by financial regulators for its money-laundering measures after failing to spot nearly £10m in customer fraud.Then in October it announced that it had pulled out of applying for a US banking license almost two years after starting the process.
Stat of the day
Last year the top 10% of income earners earned 52% of global income and the wealthiest 10% own 76% of global wealth
Other stories to keep you in the loop
UK to phase out 2G and 3G mobile services by 2033
Tesco depot staff suspend pre-Christmas pay strikes
Cycle lanes blamed as London becomes world’s most congested city
Tui hopes summer travel will fly back to pre-Covid levels
Nestlé sells $10bn of L’Oréal shares back to beauty giant
Visa launches crypto consulting services in push for mainstream adoption
Better.com boss apologises for firing 900 staff on Zoom call
Interesting links from around the web
Bill Gates' reflection on his difficult year
5 tips to help you stop being so late
Can you ever beat an internal candidate for a job?
