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November 23, 2020
On the web
Wish files to go public with 100M monthly actives, $1.75B in 2020 revenue thus far
TechCrunch
“Wish’s S-1 (which is filed under its corporate name ContextLogic) is of particular interest given that COVID-19 and the global pandemic have changed consumer behavior around the world in 2020. As going to stores became more risky over time, many shoppers turned to buying more goods from the internet, bolstering e-commerce players like Shopify and BigCommerce, as well as companies that facilitate online payments, like Square and PayPal .”
November 18, 2020
On the web
Chinese shoppers are willing to spend more money, says CEO of Alibaba’s InTime department store chain
CNBC
“In the aftermath of the coronavirus pandemic, China’s consumers are spending less time on the shopping process — but they’re spending more money than before, according to a CEO of an Alibaba -owned company. Chinese shoppers are particularly willing to pay a lot of money on luxury goods and cosmetics, Chen Xiaodong, CEO of InTime, said Tuesday.”
November 17, 2020
On the wires
A World of Opportunity: Shopify Launches Partnership with Alipay to Help Merchants Access New Global Consumers
“Today, we’re announcing a partnership with Alipay, Asia’s leading digital wallet platform, unlocking the power of cross-border commerce for Shopify’s merchants. The new payment gateway will allow Shopify merchants to seamlessly accept payments through Alipay from more than one billion annual active users in China alone — and, in the future, hundreds of millions more across Asia.”
November 16, 2020
On the web
A Little-Known Payments Provider Grows Into One of Europe’s Most Valuable Finance Firms
Wall Street Journal (paywall)
“Few companies have benefited more from the e-commerce shopping boom sparked by the pandemic than Dutch payments firm Adyen NV. The best-performing large stock in Europe this year, Adyen is up almost 120%, vaulting its market value to nearly $60 billion, bigger than some of the region’s top banks, including Swiss giant UBS Group AG. Adyen’s stock performance has even outpaced PayPal Holdings Inc., another beneficiary of the move toward digital payments, which is up about 70%.”
November 12, 2020
On the web
Amazon Lures Food-Stamp Shoppers as Online Buying Surges 50-Fold
Bloomberg (paywall)
“Babcock is among one million-plus U.S. households now using government benefits each month to buy groceries online. Their numbers spiked 50-fold this year after the spread of Covid-19 prompted the U.S. Department of Agriculture to make it easier for food-stamp recipients to shop on the web. While the USDA declined to provide an industry breakdown of such purchases, the main beneficiaries are Amazon.com Inc. and Walmart Inc. — the only retailers in most states to take part in the agency’s online shopping pilot.”
November 10, 2020
On the wires
PAAY and Bluefin Join Forces to Dramatically Advance Remote Commerce Security
“Bluefin, the leader in encryption and tokenization payment and data security, and PAAY, innovator in consumer authentication, announced today a new security solution set that eliminates the threat of hackers and online fraud, while providing regulatory compliance. The solution set combines 3DS, hardware-based encryption, and vaultless tokenization to provide merchants a liability shift, strong customer authentication, data confidentiality, and compliance with the General Data Protection Regulation (GDPR) and the Payment Services Directive 2 (PSD2).”
November 9, 2020
On the web
Foley SPAC Said to Be in Merger Talks With Paysafe
Bloomberg (paywall)
“A blank-check firm led by billionaire Bill Foley is in talks to merge with Paysafe Group Ltd. , an online payments firm backed by Blackstone Group Inc. and CVC Capital Partners, according to people with knowledge of the matter.”
Its SPAC Merger Behind It, Paya Reports Growth ‘Momentum’ From ACH
Digital Transactions
“Paya Holdings Inc. is known for its base in integrated payments and for its processing concentration in card-not-present transactions. But what also became clear early Monday is its growing strength in bringing capability for automated clearing house payments to its roster of clients.”
November 5, 2020
On the wires
Shift4 Payments Acquires 3dcart Ecommerce Platform
“Shift4 Payments (NYSE: FOUR), a leading provider of payment processing and technology solutions, has announced the acquisition of 3dcart, a powerful ecommerce platform serving over 14,000 businesses, to deliver a unified commerce solution to the company’s customers. 3dcart is a feature-rich, multinational ecommerce platform serving businesses of all sizes in a wide range of industries.”
November 2, 2020
On the wires
Discover Launches Click to Pay Making the Digital Checkout Experience Simple and More Secure
“Discover cardmembers and merchants can now experience a more seamless and consistent checkout experience when shopping online or through a mobile app with the launch of Click to Pay. The digital payment solution, based on the EMV® Secure Remote Commerce (SRC) industry standard, replaces the need for cardmembers to manually enter personal and account information at checkout with participating merchants. An easier and frictionless checkout process enhances the customer experience and also helps merchants reduce cart abandonment.”
Mindbody teams up with Stripe to fuel expansion in North America and Europe
“Stripe, a global technology company building economic infrastructure for the internet, today announced an expanded partnership with Mindbody to power advanced online and in-studio customer experiences for wellness customers in North America and across Europe. With more than 1.3 million monthly active users, 3.7 million classes booked monthly, and more than 145,000 new users monthly, Mindbody connects the world to wellness and is now teaming up with Stripe to help the wellness industry adapt across the globe.”
October 23, 2020
On the web
Influencers’ next frontier: their own live shopping channels
The Verge
“2020 has been the year of live shopping for US tech companies. Amazon launched Amazon Live for influencers in July, and Instagram and Facebook launched live shopping features in August. Google’s R&D division, Area 21, also launched Shoploop , which isn’t live but offers shoppable stories, and smaller startups continued their efforts to make live shopping not just a thing, but the future of retail. On every platform, it ends up looking like a modern twist on QVC — but with influencers instead of celebrities, and those influencers getting a cut of the sales.”
India’s Flipkart buys $204 million stake in Aditya Birla Fashion and Retail
TechCrunch
“Flipkart is acquiring a 7.8% stake in Aditya Birla Fashion as the Walmart-owned Indian e-commerce firm makes further push into the apparel category in one of the world’s largest retail markets. The e-commerce group will pay $203.8 million for its stake in Aditya Birla Fashion and Retail, a conglomerate that operates over 3,000 stores including the Pantaloons clothing chain.”
October 22, 2020
On the web
Future of Tech: Gaming Predicted to Become Next Dominant Technology Platform
Wall Street Journal (paywall)
“Gaming is set to emerge as the next dominant technology platform much the way search engines, mobile phones and social networks redefined industries in previous decades, says Michael Wolf, co-founder and chief executive of consulting firm Activate Inc. Some games are transforming into digital hubs that offer people an array of services once only possible in real life, according to Mr. Wolf.”
October 21, 2020
On the web
Amazon launches a program to pay consumers for their data on non-Amazon purchases
TechCrunch
“Amazon has launched a new program that directly pays consumers for information about what they’re purchasing outside of Amazon.com and for responding to short surveys. The program, Amazon Shopper Panel , asks users to send in 10 receipts per month for any purchases made at non-Amazon retailers, including grocery stores, department stores, drug stores and entertainment outlets (if open), like movie theaters, theme parks and restaurants.”
October 20, 2020
On the web
ShopUp raises $22.5 million to digitize millions of mom-and-pop shops in Bangladesh
TechCrunch
“A startup that is aiming to digitize millions of neighborhood stores in Bangladesh just raised the country’s largest Series A financing round. Dhaka-headquartered ShopUp said on Tuesday it has raised $22.5 million in a round co-led by Sequoia Capital India and Flourish Ventures.”
On the wires
Snaps Integrates with Messenger API to Help Brands Deliver End-to-end eCommerce On Instagram
“Snaps, the leading conversational automation platform for eCommerce brands, today announced it has integrated Messenger API support for Instagram. Messenger API support for Instagram enables brands to forge deeper relationships with customers through 1:1 conversations and deliver more seamless online shopping experiences.”
October 19, 2020
On the web
Alibaba Group will spend $3.6 billion to take control of Chinese supermarket giant Sun Art
TechCrunch
“Alibaba Group said today it will spend about $3.6 billion to take a controlling stake in Sun Art, one of China’s largest big-box and supermarket chains. After the transaction is complete, Alibaba Group will own 72% of Sun Art. As in other countries, COVID-19 lockdowns increased demand for online food orders in China, drawing in shoppers who had still preferred to buy groceries in person. Even though lockdowns have lifted, many have continued to purchase online .”
October 15, 2020
On the web
E-Commerce Powerhouse MercadoLibre Eyes Record Brazil Investment
Bloomberg (paywall)
“E-commerce retailer MercadoLibre Inc. is boosting its bet on Latin America’s largest economy, with plans to invest record amounts in 2021. The region’s most valuable company, which is investing a record 4 billion reais ($716 million) this year in Brazil, plans to beat that number in 2021, said Fernando Yunes, the firm’s country manager for Brazil. The move is part of a wider logistics push as the coronavirus pandemic drives sales and stirs competition.”
US Ecommerce Growth Jumps to More than 30%, Accelerating Online Shopping Shift by Nearly 2 Years
eMarketer
“The pandemic has accelerated ecommerce growth in the US this year, with online sales reaching a level not previously expected until 2022. In our Q3 US retail forecast, the top 10 retailers by ecommerce sales will tighten their grip on the retail market. US ecommerce sales will reach $794.50 billion this year, up 32.4% year-over-year.”
On the wires
2Checkout Releases 2020 Global Digital Commerce Benchmark Study
“2Checkout (now Verifone), the leading all-in-one monetization platform for global businesses, today released their H1 2020 Benchmark Report on Digital Commerce Trends in global online sales of software, SaaS, digital goods, and online services. The Digital Commerce Benchmark is based on millions of worldwide transactions moving through 2Checkout’s platform between January 2020 and June 2020. 2Checkout continuously tracks trends and statistics, empowering merchants to make better business decisions.”
October 13, 2020
On the web
Hong Kong and New York-based Easyship Joins Shopify Plus’ Tech Partner Program
TechCrunch
“Easyship , a logistics startup that allows e-commerce sellers to add multiple carriers to their stores, announced it has joined the Shopify Plus Technology Partner Program. Easyship is headquartered in Hong Kong and New York. Co-founder Tommaso Tamburnotti told TechCrunch it is the only shipping app in Asia for Shopify Plus, the e-commerce platform’s solution for large companies and high-volume shippers.”
October 12, 2020
On the web
Primer Launches With Unified Payments API for Merchants
The Fintech Times
“Primer, the UK-founded fintech company that helps merchants consolidate their payments stack and support future payment methods, has launched with its unified payments API and checkout. Providing an open payment infrastructure to merchants through a single integration, Primer manages the front-end checkout process and backend consolidation of payments services — supercharging payments with data-driven insights and a clean, flexible experience for consumers.”
Levi’s, Hilfiger Push a New Kind of Online Shopping. It Looks a Lot Like QVC.
Wall Street Journal (paywall)
“Retailers are trying to appeal to consumers who long turned up their noses at QVC and the Home Shopping Network. Brands like Tommy Hilfiger and Levi Strauss hope shoppers who are still reluctant to visit stores can be persuaded to tune in to the live-streamed online sales events and spend on ruffled blouses, handbags and other nonessential items ahead of the holiday shopping season.”
October 9, 2020
On the web
Google Tries to Turn YouTube Into a Major Shopping Destination
Bloomberg (paywall)
“Every toy, gadget and good you see on YouTube could soon be for sale online — not on Amazon, but right on YouTube itself. The world’s largest video site recently started asking creators to use YouTube software to tag and track products featured in their clips. The data will then be linked to analytics and shopping tools from parent Google.”
October 8, 2020
On the web
Pandemic Turbocharges Global Payment Trends
Financial Times
“The Covid-19 outbreak has turbocharged several trends in global payments that had already been gathering pace, with more transactions than ever taking place online and a higher proportion of the remaining face-to-face purchases relying on card or contactless payments.”
October 7, 2020
On the wires
Alchemy Pay Powers Shopify With Digital Currency Payments
“Alchemy Pay (“Alchemy”), a pioneer in hybrid digital and fiat payment solutions, announced it will be providing its hybrid payment system to enable cryptocurrency payments for ecommerce players using Shopify, a $120 billion proprietary eCommerce platform for online stores across 175 countries. Shopify users from countries including UK, US, Singapore, Thailand, Indonesia, Hong Kong and more can now begin to accept nine top digital currencies, namely BTC, ETH, BCH, BNB, BUSD, USDT, GUSD, LTC and ACH – the multifunctional utility token issued by Alchemy.”
October 6, 2020
On the web
Instagram Expands Shopping on IGTV, Plans Test of Shopping on Reels
TechCrunch
“Instagram this morning announced the global expansion of its Instagram Shopping service across IGTV. The product, which lets you watch a video then check out with a few taps, offers creators and influencers a way to more directly monetize their user base on Instagram, while also giving brands a way to sell merchandise to their followers.”
On the wires
Foot Locker, Inc. Selects Adyen to Power In-Store and Online Payments Internationally
“Adyen (AMS: ADYEN), the global payments platform of choice for many of the world’s leading companies, announced today that it has been selected by Foot Locker, Inc., the New York-based specialty athletic retailer, to power payments in various markets and sales channels globally. Foot Locker and Adyen have been working together since 2018.”
October 5, 2020
On the web
Italy’s Nexi to Merge with SIA in Pursuit of European Payments
Reuters
“Italy’s Nexi and SIA agreed a long-awaited merger on Monday to create a dominant domestic payments group with 1.8 billion euros ($2 billion) in revenue and ambitions to expand in Europe. An Italian preference for cash has held back digital transactions in the euro zone’s third-largest economy and Rome is encouraging a shift to electronic payments in its battle with the so-called black economy. The COVID-19 pandemic has accelerated the switch away from banknotes and the government hopes the Nexi-SIA combination will complement planned state incentives for digital payments.”
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