Currently on a product launching spree, Shopify has now introduced a myriad of retail, finance, shipping updates for direct-to-consumer commerce platform. Reportedly, Shopify revealed a debit card and business account “Shopify Balance”; Shop Pay Installments, a “Buy Now, Pay Later” option; and an AI-powered fulfillment network. The AI network is said to be accepting merchant applications.
The news surfaced in the company’s first virtual event Shopify Reunite. The company is alleged to host the fifth installment of its developer conference and annual partner Shopify Unite in Toronto in May.
According to reports, Shopify quashed the in-person element in light of COVID-19 fallout in late February and went on to contemplate the cancellation of the whole event.
Shopify Balance is believed to roll out in the U.S. in early access later this year as a large chunk of its customers is said to be based in the U.S. The company plans to expand its penetration in the ensuing period, sources claim.
Shopify is said to have acquired 6 River Systems, a company focusing on the fulfillment of automation for retail and e-commerce operations in September. Shopify is reaping the benefits from the robots to bolster Shopify Fulfillment Network portfolio. Apparently, the collaborative robots streamline the supply chain management process.
Canada-based company is contemplating roll out of Shop Pay Installments available to U.S. merchants. The company claims consumers will have the luxury of flexible payments. The company has stressed that there would be no interest and no additional fees meant for Shop Pay Installments.
When it comes to shipping, Shopify claims the COVID-19 pandemic has propelled local shopping. Allegedly, around 26% of brick-and-mortar sellers in English-speaking regions of Shopify used a local pickup and delivery solution, in stark contrast to merely 2% at the end of February.