Get smarter than your boss in 5 minutes with today's business news.
📚 The ACCC is taking Booktopia to court
🚲 Peloton shares dipped after that SATC scene
🎄 Reddit launches end-of-year recaps
Hey hey Flux fam!
Here's everything you need to know today - in under 3 minutes.
📚 The ACCC is taking Booktopia to court
🚲 Peloton shares dipped after that SATC scene
🎄 Reddit launches end-of-year recaps
We love sending out the Flux daily newsletter, but we wanna know... are you still lovin' it?!
We’ve put together a 2 minute survey for you to have your say on how we can make the newsletter even better in 2022. Oh, and did we mention you’ll go into the draw to win 3 x $100 Mastercard vouchers? 😏
Background: Booktopia is an Aussie online bookstore. They were founded back in 2004 and now, they turnover around $223 million in sales each year.
What happened: Getting big ain't without its hiccups. Australia's consumer watchdog, the ACCC, are taking Booktopia to the Federal Court. They're alleging Booktopia misled customers about their rights in the event they receive faulty or damaged products.
What else: Booktopia allegedly said customers had just two days to notify the business of faulty, damaged or incorrect products...and they'd make no effort to offer returns on digital purchases.
💡The ACCC has set out specific rules to protect us consumers when buying products or services.
💡It's called the consumer guarantee. Any product under $100,000 is covered...which means customers have the right to ask for a repair, replacement or refund for a product that doesn't do what you expect it to do, isn't acceptable...or has a fault.
💡And this right applies for a 'reasonable' period of time (i.e. longer than two days). So by putting constraints on customers' rights...the ACCC say Booktopia are breaching the law.
Background: Last week, the new Sex And The City spin-off, And Just Like That, premiered. And well, there's a dark twist that sent the internet into a frenzy...and Peloton shares tumbling. Semi-spoiler alert.
What happened: One of the characters died from a heart attack after taking a 45-minute Peloton class. And while Peloton knew their product would feature in the series...they didn't realise it'd be like that.
What else: And just like that, Peloton shares fell 11%. Peloton's been trying to make light of it with a new ad...but really, they're in #damagecontrol.
💡Product placement is a form of advertising where branded goods are featured in movies or TV series.
💡It's generally an effective way for brands to generate positive publicity, because people associate the brand or product with their favourite characters.
💡But it ain't always a hit. If a product is used in a negative way, it can actually have the opposite effect...like when Cristiano Ronaldo snubbed Coke at a press conference this year, and sent the company's market value down US$4 billion. And just like what we're seeing now with Peloton.
Background: Every year, Spotify comes out with its personalised end-of-year wraps. It tells users what their most-listened songs and artists were...and then it's plastered all over Instagram for the next day or two.
What happened: Now, Reddit's joined in on the fun with their own, personalised recap feature called Reddit Recaps.
What else: The new feature tells users about the communities they engaged with the most...and the topics they spoke about...So this year, it'll be all about Gamestop.
💡End-of-year recaps aren't just a bitta fun. They're a planned and calculated manoeuvre to use customers as a marketing tool.
💡 In 2020, Spotify Wrapped saw Spotify's mobile app downloads increase by a whopping 21% in the first week of December.
💡Basically, by encouraging Spotify listeners to share their music taste, they're amplifying the brand's reach...which sees them achieve hundreds of millions of eyeballs organically. And, it's why we're seeing platforms like Reddit and even Tinder join in on the recap ruckus.
Sign up for Flux and join 100,000 members of the Flux family
