Juphy’s Weekly E-Commerce News Express – 22-26 January 2024
As we analyze the e-commerce trends of last week, get ready for the new features introduced in Shopify’s Winter ’24 Edition. Explore the AI hype at NRF’s “The Big Show” and discover how retailers are also embracing a human-centric approach in 2024. Additionally, keep yourself up to date with new product updates like Dopple’s 3D app on Shopify, Meta’s Creator Management Tools, and a collaboration of TreviPay and Mastercard. Keep on reading to catch up with last week’s e-commerce news!
The Wave of Innovation: Shopify’s 24’ Winter Edition
As the curtains rose in 2024, e-commerce witnessed a storm of announcements, launches, and big collaborations. Riding high on the winds of innovation, Shopify didn’t just stand by – it welcomed the wave, announcing that over 100 updates are set to debut on January 31, named the Winter ’24 Edition.
These updates are not just regular feature updates; they embody Shopify’s commitment to innovation and platform growth, two key reasons why the e-commerce platform stands tall among e-commerce platforms.
According to Shopify, the Winter ’24 Edition is Shopify’s testament to its mission to increase the number of successful entrepreneurs. As we eagerly await the specifics of these updates, let’s check out the driving force that guided Shopify’s design process – the focus on five foundational principles:
- Easiest Way to Start a Digital Native Business
Shopify simplifies complexities, making it a go-to platform for budding entrepreneurs. It also provides AI tools like Shopify Magic to streamline operations, saving valuable time for e-commerce merchants.
- Ideal Way to Sell Globally in All Channels
Shopify presents a seamless fusion of online and in-store selling while delivering a unified B2C and B2B system that eliminates the need for separate websites, simplifying the global selling experience.
- Best Developer and Platform Ecosystem
The Shopify App Store offers over 10,000 apps, underlining Shopify’s commitment to a strong developer ecosystem. The platform also has a badging system called “Built for Shopify, ” ensuring quality and integration.
- Upholding Technical and Design Excellence
Shopify’s user-friendly design and a checkout system that converts 15% better on average contribute to enhanced revenue. A relentless quest for technical greatness ensures the platform stays at the forefront of industry standards.
- Creating Leverage from Scale
Leveraging its scale, Shopify introduces features like Shop Pay, a high-performance checkout method. Utilizing data for improved ad targeting and efficient underwriting of loans through Shopify Capital.
With these five pillars, Shopify positions itself as a market leader and declares its commitment to shaping the future of e-commerce platforms. Winter ’24 Edition, here we come!
AI Takes Center Stage at NRF’s “The Big Show”
The recent National Retail Federation (NRF) annual conference, also called “The Big Show,” showcased the strong adoption of AI in the U.S. retail industry. This year’s event drew over 40,000 attendees, and the excitement about AI took center stage. It even overshadowed the talk about Metaverse!
Walmart, a prominent player in AI innovations, showcased its 14-year investment in cutting-edge technologies. The COO emphasized Walmart’s role as an “adaptive retailer,” using AI to offer personalized assistance precisely when customers need it. The chatbot, “Ask Sam,” demonstrates how Walmart improves the shopping experience with accurate inventory details and an understanding of customer preferences.
Beyond Walmart, industry leaders like Macy’s and Saks recognized AI’s transformative potential. Post-NRF 2024, AI should no longer be underestimated!
While AI brings multiple benefits such as simplification, improved performance, informed decision-making, and even personalization, retailers must also keep in mind to be cautious to prevent overwhelming their customers with all this tech.
NRF’s “The Big Show” marked a key moment, signaling AI’s shift from a futuristic concept to an essential part of the U.S. retail industry’s present and future. As retailers explore AI applications, the potential for enhancing customer experiences, and simplifying operations, the options appear limitless. It seems like exciting developments are going to take place this year, as last year was just the beginning.
Retail’s Evolution in 2024: Embracing Human-By-Design
We all know by now that AI played a key role in this year’s NRF’s “Big Show”. Despite challenges from 2023, with issues like economic uncertainties and global instabilities, consumers increased sales by approximately 6%, as reported by the Commerce Department’s Census Bureau.
Beyond AI, conversational commerce and human-centric retail workplaces also appeared as essential themes. The importance of face-to-face interactions and the role of store associates in creating memorable customer experiences still remain irreplaceable, even with AI personalization. Recognizing the challenges faced by retail workers – especially women – emphasizes the need for a comprehensive strategy focusing on their professional growth and overall well-being.
As 2024 can be called the year of AI for retail, a focus on human-centric values shouldn’t be forgotten – combining and balancing them seems to be a key to success. We remain optimistic and expect this year to bring significant changes and developments in the retail sector that benefit both parties.
Dopple’s 3D Shopping App on Shopify
Dopple, a 3D AR platform, has launched its latest app for Shopify. This new application directly brings 3D configuration and augmented reality (AR) to shoppers, allowing real-time product customization. Users can enjoy features like snapshot functionality for capturing personalized configurations, auto-rotation to showcase product interactivity, and custom loading screens, all aimed at enhancing the overall shopping experience.
Meta’s Creator Management Tools in Business Suite
TreviPay and Mastercard’s Universal Acceptance Collaboration
TreviPay, a B2B payment and invoice network provider, has joined forces with Mastercard to introduce Universal Acceptance. This new service aims to broaden supplier access to TreviPay’s payments and invoicing technology. Through this collaboration, suppliers accepting Mastercard gain the ability to extend net terms, trade-credit financing, and SKU-level invoicing to business buyers.
- Shopify’s Winter ’24 Edition: Shopify is set to launch its Winter ’24 Edition with over 100 updates on January 31.
- AI Takes Center Stage at NRF’s “The Big Show”: At NRF, AI stole the spotlight as Walmart and other industry leaders recognized AI’s transformative potential.
- Retail’s Evolution in 2024: Despite AI advancements, human-centric values remain crucial in retail, with important face-to-face interactions in-store to create memorable customer experiences.
- Dopple’s 3D Shopping App on Shopify: Dopple launches a 3D AR app on Shopify, enabling real-time product customization.
- Meta’s Creator Management Tools: Meta introduces Creator Management Tools in its Business Suite, simplifying account connections, optimizing payout processes, and linking payment accounts directly to specific monetization products.
- TreviPay and Mastercard’s Collaboration: TreviPay and Mastercard collaborate to introduce Universal Acceptance, broadening supplier access to TreviPay’s B2B payments and invoicing technology.