Shopify unveils 100 new features including NFTs, collaborates with Twitter to grow online
The firm announced the debut of over 100 new features to allow merchants all over the world authority over the tools and technology needed to engage and interact with customers. The launch was part of Editions, Shopify's new semi-annual product showcase.
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FollowShopify Inc has released new tools to assist its merchants sell to other companies and on Twitter, as the Canadian tech giant strives to boost sales in the aftermath of the pandemic outbreak.
The firm announced the debut of over 100 new features to allow merchants all over the world authority over the tools and technology needed to engage and interact with customers. The launch was part of Editions, Shopify's new semi-annual product showcase. "At Shopify, we believe in the game of infinity. That means we're always pushing the boundaries of what's possible for businesses," stated Tobi Lütke, Shopify's Founder and CEO.
On Wednesday, Apple introduced more than a hundred new tools, including ones to assist its efforts to expand into business-to-business, allowing customers to connect their crypto wallets to a store, and for Apple's "Tap to Pay" function on iPhones.
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During lockdowns, Shopify, which helps businesses set up their online storefronts, hit the jackpot as major brands and mom-and-pop shops alike moved to selling online straight to consumers while their stores were closed. With the economy reopening, investors are beginning to question Shopify's future, bringing the company's shares down 76 per cent this year and wiping out a significant portion of its previous profits.
According to President Harley Finkelstein, Shopify's response to the slowdown is to grow into the wholesale industry, a significantly larger channel than direct-to-consumer and with "billions in untapped income."
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Businesses are shifting from direct-to-consumer to "connect-to-consumer," making it simpler for individuals to purchase on social media platforms and pay with their phones, according to Finkelstein in an interview.
The post-pandemic environment has also presented issues for Amazon, Shopify's main competitor, since it has suffered significant losses as a result of overbuilding facilities during the boom. Shopify also announced a collaboration with Google. With Google's local inventory sync now accessible to retail merchants worldwide, Shopify merchants will be able to notify nearby consumers when a product is in stock. Shopify India, which was launched in 2013, has over 2,500 partners that help businesses go online, and over 8,000 apps on the marketplace.
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