Reunite, an online event was hosted today by Shopify where the leadership team announced the launch of new products and updates.
Though COVID-19 is stunting a great deal of business and commerce, it is simultaneously driving further demand for e-commerce and omnichannel commerce.
It remains a difficult time to be a business owner in these stable and changing climates, specifically so if you are an independent or small run business. But Shopify is working towards paving the way for success with the launch of new products.
Shopify is operating to build the best possible business accounts, designed specifically for independent businesses and entrepreneurs, and this product is called Shopify balance.
Introducing Shopify balance
Shopify balance will be free of charge product launched later this year in the US. It will be both physical and digital, comprising of aspects that will allow merchants to access their money both online and at ATM’s at no cost.
As Shopify pointed out in the Reunite stream, most of all banking products have been built to the advantage of large and successfully established businesses. Shopify identifies that a lot of smaller merchants were, for example, using personal accounts and cards for business, making it difficult to accurately track financial reports. It is in instances like these that entrepreneurs can utilize the properties of Shopify balance.
Shopify’s chief operating officer Harley Finkelstein stated in the live stream that “Shopify balance will give independent businesses the tools that are typically reserved for only the largest businesses in the world”.
This means with Shopify balance you can pay your company bills, track expenses, request funding, and make important decisions all on the app.
The headline product is Shopify Balance, a business account, debit card, and rewards combination that will include a new area found within the Shopify merchant admin workspace. It will allow merchants to get a clear overview of their cash flow as well as let them pay bills, track expenses, and make changes to the direction of their business.
Rewards
Shopify further announced the addition of rewards to its products, which means the company can offer cash back, discounts, and business spending to customers of Shopify balance.
Shopify launched new products further in the development of other areas of commerce:
A buy now pay later scheme – aiming to provide merchants with greater flexibility this launch will be interest-free, have no added fee’s and will allow customers to split payments into 4 installments over time. Flexible payments will help merchants in instances such as increasing their company order size, especially in the current climate.
A new local delivery product – Merchants will be able to use the new Shopify delivery app to create better delivery routes, fulfill local orders, and set local delivery fee’s. The new product will make use of Shopify POS to help small business owners manage and improve local delivery.
Extra features added to the Shopify fulfillment network – The network that launched in 2019 is increasing its functionality and taking more merchant applications due to increased demand.
Personal shopping assistant – These announcements have gone hand in hand with bonus features and updates added to the Shopify online store. For a lot of merchants unable to provide products during COVID-19, the option of selling gift cards has been incredibly successful. As a direct to the consumer app, it acts as a personal shopping assistant to help business owners purchase and order with ease.
The Announcements from Shopify come at the best time, as Facebook just recently announced the Facebook shops scheme, with Shopify as a partner.
