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| Here’s your daily business briefing. - 👗 50%+ shoppers prefer AI for clothes: Adobe
- 🔍 Deep Dive: Web cartoons platform eyes $4B U.S. IPO
- 💼 SLB acquiring ChampionX for $7.8B
Thanks for reading! Shriram
p/Shriram | |
| 1 | | An Adobe survey reveals that 58% of respondents believe generative AI has enhanced their online shopping experience, with 52% interested in using AI tools for clothing purchases. Retailers like Etsy, Walmart, and Sam's Club have embraced AI for tasks such as managing receipts, providing gift recommendations, and improving search capabilities. More: - Top use cases for generative AI Automated product filters (40%), personalized items (37%), product review summaries (37%), and chatbots for customer care (36%) are among the features that consumers are most excited about.
- Two-thirds of surveyed U.S. marketers have integrated generative AI into their marketing strategies, with 46% still in the experimental phase.
- Marketers anticipate using generative AI to streamline internal workflows (50%) and optimize marketing budgets (43%), deliver personalized customer experiences (59%), and speedier customer assistance (51%).
- According to the Carl Marks Advisors survey, CEOs anticipate using AI in retail for a variety of purposes, including marketing (56%), financial forecasting (52%), customer service (34.4%), and other tasks.
- The NRF has released guidelines for the ethical integration of AI into retail, covering customer engagement, governance, risk management, business partner accountability, and workforce applications.
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What the numbers say: Naver Corp. is considering an IPO for its online comics subsidiary, Webtoon Entertainment Inc., targeting a valuation between $3B and $4B and aiming to raise up to $500M, potentially launching in June, subject to market conditions. The firm has 12 million monthly active users in the U.S. The webtoon business, encompassing platforms like Naver Webtoon and Wattpad, has seen substantial expansion following Naver's acquisition in 2021. Relevance: Naver's decision underscores its desire to grow internationally, notably in the U.S., to bolster its narrative-driven ventures. Webtoons, now a global phenomenon akin to K-pop and Korean dramas, continue to thrive, offering opportunities for companies like Naver and Kakao, despite increasing competition from tech giants. More data: Naver, while still reliant on domestic revenue, is intensifying its international efforts, focusing on major markets like North America. The surge in webtoon popularity, driven by mobile device usage and broad audience appeal, has slowed slightly, with Bloomberg Intelligence forecasting a 12.9% growth rate for Naver's content division in 2024, down from its previous rate. | | | |
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| 3 | | Schlumberger's $7.8B all-stock acquisition of ChampionX Corp. aims to enhance its portfolio amid increasing demand for advanced technology in aging shale fields, particularly in the U.S. The deal is expected to bolster Schlumberger's global presence and strengthen its position in North America. More: - Following the transaction's closing, ChampionX stockholders will possess around 9% of SLB's outstanding common stock.
- At $40.59 per share, each ChampionX share is valued at a premium of almost 15% over the closing price on April 1.
- SLB's purchase of ChampionX will broaden its footprint in oil and gas production and recovery, driven by rising demand for technologies like AI in the oilfield.
- Over the following two years, SLB intends to return $7B to shareholders, of which $3B is expected this year and $4B in 2025.
- With the help of ChampionX's experience, SLB hopes to advance its artificial lift technology by closing the deal before the end of 2024.
Zoom Out: - For the first time since October, U.S. oil futures broke above $85—the most recent high in a market surging due to OPEC+ supply restrictions, robust demand, and elevated geopolitical risk.
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| 4 | | AWS has extended its free credit initiative for startups to include the expenses associated with utilizing prominent AI models to enhance the adoption of its AI platform, Bedrock. Additionally, AWS now permits its cloud credits to encompass the utilization of models from various other providers, such as Anthropic, Meta, Mistral AI, and Cohere. More: - Following Amazon's $4B investment in Anthropic, Anthropic has committed to utilizing AWS as its primary cloud provider and Trainium and Inferentia chips for model building and training.
- According to AWS Vice President and Global Head of businesses Howard Wright, this program aims to entice businesses to make AWS their first destination.
- Moreover, Wright said that Anthropic, one of the most well-liked models on Bedrock, will make money thanks to Amazon's free credits.
- Over the past ten years, AWS has provided startups with credits totaling more than $6B, and it has teamed up with Y Combinator to offer $500,000 in credits for the latest cohort launched in January.
- Microsoft Azure and Google Cloud offer free credits to AI startups, with Microsoft supporting OpenAI and both Google and Amazon investing in Anthropic, prompting regulatory scrutiny, including from the U.S. Federal Trade Commission.
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| A message from our sponsor, SocketLabs. |  | | Ask Google and Yahoo Your Most Pressing Email Marketing Questions! This year, Google and Yahoo rolled out new rules for email marketers to reduce spam and create a better experience for their users. Are your emails still making it to the inbox? On April 10 at 12 p.m. EST, SocketLabs will host a live and interactive discussion with Dan Givol, group product manager at Google, and Clea Moore, principal product manager at Yahoo, to discuss bulk sender requirements, how to know if you’re running into compliance issues, and why these changes are designed to make your email campaigns more successful. Moderated by SocketLabs’ CMO Lauren Meyer, attendees will: - Hear more about Google and Yahoo sender requirements and why they’re in place
- Get email marketing recommendations for better, more reliable inbox placement
- Ask their most important email questions
Join us for this exclusive opportunity to talk email with THE email experts! Register Here | |
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| 5 | | Lonza is set to purchase a U.S. manufacturing facility from Roche for $1.2B in cash to enhance its biologics division's expansion. This acquisition is projected to accelerate Lonza's annual sales growth to 12%-15% through 2028, surpassing its previous estimate of 11%-13%. More: - Lonza intends to allocate approximately $551M to enhance the Genentech facility in Vacaville, California, recognized as one of the world's largest biologics manufacturing sites based on volume.
- Lonza will gradually take over the production of Roche's products at the site, ensuring a smooth transition with committed volumes over the medium term.
- As per the agreement, over 750 Genentech employees would receive job offers from Lonza.
- Today, Lonza Group has named Wolfgang Wienand, the current CEO of Siegfried Holding, as its next CEO.
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| 6 | | China's manufacturing sector saw robust growth in March, as indicated by the Caixin/S&P Global Manufacturing PMI reaching 51.1, surpassing both analysts' expectations and marking five consecutive months of expansion. Official data further confirmed this trend, with the official PMI climbing to 50.8 in March from 49.1 in February, signifying positive growth for the sector. More: - Citi revised its 2024 growth estimate for China from 4.6% to 5.0% in light of recent policy delivery and statistics improvements.
- The pace of growth in output and new orders from manufacturers quickened in March, and external demand also increased, causing the new export order gauge to reach its highest point since February 2023.
- A decrease in input costs caused business confidence to soar to its highest level since April 2023, despite companies being cautious about hiring more staff.
- Despite manufacturing's positive momentum, analysts stress ongoing economic challenges like subdued employment and low demand, calling for more stimulus to boost domestic and external demand.
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| 7 | | Quick Hits: *This is a sponsored listing. | | | |
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10 | | Ask email experts from Google and Yahoo your most important questions at SocketLabs' interactive webinar on April 10. | | | | | | * This is a sponsored event | | | |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Shriram Jeevakumar | |
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 | For $250, you can invest in this food technology company that built an ice cream robot. | |
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 | Ask email experts from Google and Yahoo your most important questions at SocketLabs’ interactive webinar. | |
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