Yesterday was Shopify’s Reunite event, a live stream featuring members of the Shopify organization talking about the new and upcoming tools and features for the Shopify platform.
You can watch the recap video below to enjoy the whole event or scroll down and catch my summary notes.
The company is jumping into the banking arena with Shopify Balance, a banking product designed to give small business owners and independent operators an easy way to track and manage their business finances.
Shopify Balance will come with three major components:
- Shopify Balance Account, a portal to track expenses, money inflows, and outflows, and pay bills.
- Shopify Balance Card, a physical and virtual card to purchase goods and supplies both in-person and online.
- Rewards, which would give account holders access to cashback and discounts on services like shipping and marketing.
Shopify says there will be no monthly fees or minimum balances. The waitlist for early access is open.
Buy Now, Pay Later
Using the new Shop Pay Installments, customers of Shopify-powered sites that have it enabled can now opt to purchase wares with fixed installment payments that feature no interest and no fees to the customer.
This appears to be in direct competition to Affirm and Klarna, though Shopify says they’re working with a partner to launch this. It could very well be one of them.
Shop Pay Installments will be available later this year.
Growing the Shopify Fulfillment Network
Shopify has been quietly working on its own fulfillment network since its initial launch in 2019, and they’re now taking applications for new merchants.
Shopify Fulfillment Network “continues to take away the complexities of fulfillment by investing in technology and a collaborative robotics workforce, allowing merchants to join, scale and evolve their fulfillment strategies through its growing partner network.”
You can apply here.
Merchants have the option to collect a tip and checkout and define what it can go do. For example, one can mark it as going to charity, their employees directly, etc.
Gift Cards for Everyone
As of March 20th, Shopify made gift cards available for all Shopify plans, whereas it used to require the $79 plan in order to make happen.
The Express Theme
Shopify launched Express, the one-page store theme designed to get businesses up and running that may not have had an online presence at all. All the relevant, critical information is presented upfront–think menus, etc.–and creates a lower barrier for entry for new-to-the-Internet businesses.
More Shopping Channels
If you haven’t heard about it already, Shopify is integrating with Facebook Shop. They’re also launching Shop (running out of names, here!), a direct-to-consumer app and shopping assistant to “make purchasing and order tracking frictionless”.Last Updated: June, 27th, 2021 at 05:21 am UTC