Juphy’s Weekly E-Commerce News Express – 29 Jan-02 Feb 2024
Ceyda Duz
Let’s check out last week’s e-commerce revelations from Shopify’s +100 updates with ‘24 Winter Edition to Valentine’s Day predictions that anticipate a surge in online shopping, Etsy’s innovative AI tool guiding gift recommendations, and PayPal’s announcement of its latest AI tools. Discover Nuvei’s global partnership with Adobe, Bold Commerce’s AI-enabled Biometric Checkout, and Klarna’s launch of Klarna Plus subscriptions in the U.S. Join us through the latest trends, discovering cutting-edge advancements and user-centric solutions that are reshaping e-commerce.
Unveiling Shopify’s Winter ’24 Edition
As anticipated, Shopify has revealed over 100 updates in its Winter ’24 Edition. This edition focuses on conversion, channels, marketing, and operations, providing businesses with enhanced capabilities. Let’s check out the highlights of 4 major topics and see what the latest developments of Shopify have to offer:
- Seamless Conversions Enhanced merchandising now supports up to 2,000 variants per product – a significant increase. Combined listings streamline purchases for products with multiple variations. The Web Performance Dashboard ensures faster storefront experiences. Semantic search goes beyond keywords, understanding user intent for more relevant results. Shopify Checkout becomes even more efficient with One-page Checkout and Checkout Extensibility.
- Expanding Channels POS Ship from Store simplifies in-store fulfillment, allowing you to choose a retail store as a fulfillment location. Markets Pro facilitates cross-border selling by managing taxes, duties, shipping labels, and more.
- Targeted Marketing: Shopify Audiences lowers acquisition costs and improves return on ad spend through smart retargeting. Shop Campaigns (formerly Shop Cash Offers) offers estimates and analytics for effective customer acquisition.
- Streamlined Operations: Shopify Magic adds Media Editor, generating high-quality product images instantly using AI. Sidekick, the AI-powered assistant, increases productivity and streamlines workflows. Shopify Capital broadens lending solutions with Line of Credit and Term Loans, offering flexible financing options.
As Shopify store owners can now explore these advancements and might see even more advancements in another six months, the company states its dedication to contributing to shaping the future of e-commerce and the AI wave while keeping its user-centric approach.
Romance in the Cart: Online Shopping Takes Center Stage on Valentine’s Day
As Valentine’s Day approaches, love is not the only thing in the air – so is online shopping. Beyond the cherished moments spent with loved ones and expressions of devotion, this day presents a major opportunity for online businesses to flourish because what is a celebration of love without the perfect gift?
In a significant shift, this year’s Valentine’s Day is expected to witness a wave in online shopping, surpassing traditional in-store purchases and even surpassing florists and discount stores, according to insights from the National Retail Federation (NRF). A comprehensive survey involving approximately 8,300 participants revealed a projected 5% increase in Valentine’s Day online shopping compared to the previous year, with 40% of consumers opting for the convenience of online platforms. In contrast, 33% plan to shop from department stores, 31% from discount stores, and 17% from florists. It appears that the charm of flowers has somewhat waned when it comes to expressing affection.
So, what are the anticipated popular gifts this year? According to NRF, familiar favorites like candy, greeting cards, flowers, and a night out remain the go-to choices, repeating the trends of the past year. However, certain categories are poised to break spending records. Items such as jewelry, synonymous with this love-filled day, are forecasted to generate around $6.4 billion in sales. A night out is expected to contribute $4.9 billion, while clothing – is predicted to account for a substantial $3 billion in spending.
But that’s not the end of NRF’s insights into this romantic celebration. Consumer intentions align closely with the previous year, with a projected total spending of $25.8 billion on Valentine’s Day celebrations. While this figure places it as the third-highest spending level since 2014, it follows the 2020 peak of $27.4 billion and 2023’s leading figure of $25.9 billion. It seems that everyone, including NRF, is captivated by the spirit of love.
As we get ready for the first major online shopping event of the year, let’s embrace the sentiment that love is not only in the hearts of individuals but also in everything that brings joy and connection.
Etsy’s Ambitious Leap: Introducing AI-Driven Gift Recommendations
In a strategic move towards its mission of becoming the ultimate gift-shopping destination, Etsy revealed its latest innovation – the AI-powered Gift Mode tool. This new feature simplifies the gift-finding process by posing a series of questions to users, covering crucial aspects such as the recipient, occasion, and interests.
Using machine learning, the tool categorizes the user’s responses into one of the 200 personas stored in the system. Afterward, it offers tailored gift recommendations based on the identified persona. However, the excitement doesn’t end there. Gift Mode presents an intriguing feature, allowing gift givers to send recipients a teaser – including a note, tracking information, or a sneak peek at the upcoming gift.
While these features mark the current extent of Gift Mode, Etsy has plans for its evolution, with additional features in the pipeline. As Etsy continues to stride towards its ultimate goal, we eagerly expect the unveiling of its next innovative steps. Stay tuned for what Etsy has in store for the future!
Nuvei and Adobe’s Global Partnership
Nuvei and Adobe have teamed up to enhance e-commerce payments for Adobe Commerce businesses. With access to Nuvei’s extensive payment solutions, including 680 regional methods, merchants can offer localized experiences, expand globally, and streamline U.S. ACH transactions. This partnership marks a significant advancement in e-commerce payments, providing businesses with unprecedented flexibility and access to diverse payment methods.
Bold Commerce’s Biometric Checkout
Bold Commerce, a headless checkout solution, introduces an innovative AI-enabled biometric checkout in collaboration with Wink. This technology allows shoppers to transition from cart to purchase using just their face and voice. Gone are the days of entering log-in credentials, delivery details, loyalty accounts, and payment preferences, as this biometric checkout simplifies the process, enabling users to effortlessly pre-fill information for online or in-store purchases.
Klarna’s Plus Subscriptions in the U.S.: A New Chapter in Buy-Now-Pay-Late
Leading the buy-now-pay-later trend, Klarna introduces Klarna Plus, a subscription service for eligible U.S. consumers accessible through the Klarna app at a monthly fee of $7.99. This subscription opens a range of benefits, including waived service fees on Klarna’s One Time Card, double rewards points, and exclusive deals with popular brands.
Introducing Juphy’s Sales Assistant for Shopify
Tired of struggling with an endless workload while managing your online store? Meet your new all-star employee for Shopify – Juphy’s AI Shopping Assistant. This ChatGPT-powered chatbot offers a one-click setup, creating personalized shopping journeys, providing 24/7 customer support, and seamlessly integrating with social media all to increase your sales by up to 10x. With customizable styles and advanced features like a Unified Inbox, Juphy even enhances customer interactions and streamlines communication. Heighten your Shopify store with Juphy AI and start your free trial now: apps.shopify.com/juphy
Key Takeaways
- Shopify’s Winter ’24 Edition Highlights: Shopify unveils 100+ updates in its Winter ’24 Edition, enhancing conversion, channels, marketing, and operations.
- Valentine’s Day Online Shopping Expectations: Valentine’s Day sees a 5% surge in online shopping, surpassing in-store purchases. Popular gifts like jewelry and clothing are forecasted to generate billions in sales.
- Etsy’s Leap – AI-Driven Gift Recommendations: Etsy introduces Gift Mode, an AI-powered tool simplifying gift-finding with tailored recommendations.
- Nuvei and Adobe’s Global Partnership: Nuvei and Adobe partner to enhance e-commerce payments, offering merchants access to Nuvei’s solutions for localized experiences and streamlined transactions.
- Bold Commerce’s Biometric Checkout: Bold Commerce presents AI-powered biometric checkout, allowing users to transition from cart to purchase effortlessly using face and voice recognition.
- Klarna’s Plus Subscriptions: Klarna reveals Klarna Plus, a $7.99/month subscription for U.S. consumers, offering benefits like waived fees, double rewards, and exclusive deals.