💻 [OBO DIGEST] Zuckerberg’s Hoodies

Paypal might be buying Pinterest, people are quitting their jobs at a record pace, and breaking supply chains mean huge holiday shipping delays…

Written by: Online Business Owner • October 25, 2021

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News + Happenings

PayPal? Buying? Pinterest?

The deal isn’t set in stone and no one’s dotting i’s or crossing t’s yet; but, PayPal is exploring the purchase of Pinterest for $45 billion (what would be the biggest tech deal of the year and much larger than PayPal’s $4 billion acquisition of the price-comparison app Honey in early-2020).

PayPal is working hard these days to become more of an all-in-one platform for shopping and product discovery -- that means Pinterest would be a powerful tool in their payment processing toolbelt.

And while PayPal experienced record sales over the pandemic due to increased online shopping and Pinterest had a major boost in traffic and usage during the height of Covid lockdowns, some aren’t convinced the deal makes long-term sense for either tech brand. It harkens back to the days of PayPal and eBay as one company -- which had to split up six years ago as PayPal worked to expand their services to other shopping platforms (Forbes).

What it means for online business owners

Whether or not the acquisition happens, Pinterest is here to stay and continuing to gain attention from major players 11+ years after its founding. This is huge when you pair it with Pinterest’s newly announced features designed for sales (keep reading the digest for a rundown in our Social Media Updates section). And we have to call out that PayPal’s interest in Pinterest (along with other platforms and features they’re launching in the years ahead) is further proof of the power of e-commerce in the modern world.

Reshuffling Work, Quitting Jobs, and Its Impacts on Online Business

In case you hadn’t heard, people are quitting their jobs at a record pace. Nearly 13 million Americans left their profession between June and August (The average monthly pace pre-Covid for folks quitting a job? About 3.5 million.).

The reason? Many individuals have simply reached “...a tipping point where the job that they had became much more emotionally and, sometimes, physically taxing.” (Buzzfeed)

Why this matters for online business

Whatever the reason, as people leave their careers and change jobs, the online business industry is seeing an explosion of new freelancers and entrepreneurs looking for ways to monetize their knowledge and skills. For some, it’s just a stop on their way to their next gig. For others, the flexibility of entrepreneurship is a better fit for their lifestyle. And, for many, taking a pay cut and living a bit more frugally is well worth the freedom from the job they left. If you’re in the business of helping others as they start and grow their business, this is a great time to be of service to those who are new to entrepreneurship!

Breaking Supply Chains & Holiday Shipping Delays

Toilet paper may be bountiful on your local drug store shelf; but, if you've tried to buy a sofa, new fridge, your favorite cereal, or cans of Zero Sugar Dr. Pepper (an obsession in our household that's harder and harder to find these days) you’ve probably run into worldwide supply chain issues that are affecting every corner of the globe.

According to the New York Times -- which has a comprehensive rundown on why shortages are happening and what caused them (spoiler alert: Covid didn’t help and living in a society obsessed with “Just-In-Time” manufacturing is the root of most problems) -- we can expect these shortages to be with us well into 2022 if not longer.

The most pressing supply chain concern right now? December 25th. The holiday season is HERE (even though Halloween is still a week away) and retailers and manufacturers are scrambling to cover their a$$ before Black Friday shopping begins. Pair that with the slowdown of mail service across the United States (which has only gotten worse since the pandemic began) and you have a perfect storm called “you may not get this thing in your hands in time for Christmas morning.”

Why this matters for online business

If you’re a maker, artists, or product-based business then you’ll want to start thinking NOW about shipping deadlines for your customers to ensure holiday delivery. It’s also a good idea to check in with your own suppliers for items you’ll need to make it through the season from raw materials to make your products to boxes and packing materials (those are running low too). And, brush up on your customer service skills and email etiquette to handle any frustrating customer exchanges when the order you ship is inevitably delayed. Otherwise, this is a great time to support local businesses in your community, make gifts at home, and prioritize giving experiences or events as a gift instead of material goods!

Social Media News + Updates

📸 You can FINALLY upload (feed) posts and videos (that are 60 seconds or less) to Instagram via desktop.

📸 Collabs is Instagram’s newest feature which allows two users to share credit and engagement on feed posts and Reels.

📸 Instagram now lets you schedule Live videos in advance and promote them in your feed (and they’ve launched a Live video Practice Mode).

👥 Facebook is rolling out ad measurement and targeting updates to combat Apple’s tracking restrictions.

📌 Pinterest is launching a new “Watch” feed giving users a TikTok-esque experience on the popular pinning platform.

📌 Pinterest kills “Story Pins” in favor of a new e-commerce forward feature called “Idea Pins.” The update also includes a new duet style feature called “Takes” and new stickers and AR Try-On tools.

📌 Creator monetization is coming to Pinterest in the form of a new “Creator Rewards” program.

👻 Snapchat admits that Apple’s latest privacy updates have ‘disrupted’ their ad business.

In Other News

China’s top two live streamers sold around $3 Billion (that’s Billion with a B) worth of products during a recent half-day livestream promo.

In case you needed further proof that we’re living in a simulation...Facebook announces they’re hiring 10k new employees to help build “the metaverse”.

Sara Blakely isn’t just making Spanx...she’s making BANK. Her shapewear business (founded in 2000 using $5,000 she made from selling fax machines) just secured a deal with Blackstone Inc. valuing her bootstrapped company at $1.2 billion. Blakely and her team will stay in their current leadership roles.

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