Top 2022 resources on companies
Best companies resource in 2022.
Learn more about companies to improve your e-commerce strategy.
10 Digital Style Guide Examples from Famous Companies such as Apple, Google & Starbucks
If you've ever wondered how designers at Apple defined every little element in iOS as they were building it, then you're in the right place.
As technology is constantly evolving, web design continues to become more formalized. Web designers and developers need to create code that can translate seamlessly from PC to mobile devices, make easy to understand site navigation, and innovate other site capabilities — these are all elements that companies standardize in digital style guides.
Topics: apple, design, web, guides, typography, google, color, elements, examples, guide, digital, companies, style, famous, starbucks.
11 Companies on Pinterest That Are Crushing It
If you think Pinterest is just a place to find recipes and fine-tune wedding planning details, think again. With over 431 million users coming to Pinterest every month to look for inspiration, Pinterest is an effective platform for building your audience and getting your product in front of potential customers who are ready to buy.
Topics: products, product, search, account, companies, crushing, pinterest, users, brand, brands, content, pins.
14k Gold for All: How Direct-to-Consumer Jewelry Companies are Changing Everything
Entrepreneurs are disrupting the old industry and rethinking what it means to sell, own, and buy fine jewelry. We’ll explore the affordable fine jewelry movement to better understand what it is, why it’s happening, and if those low prices are all they’re cracked up to be.More
Topics: affordable, stone, changing, gold, directtoconsumer, jewelry, pieces, fine, prices, means, price, stones, companies, 14k.
17 Podcasts for Online Merchants in 2022
Since 2011 we've published a periodic rundown of helpful podcasts for ecommerce merchants. Our 2022 update includes shows for new entrepreneurs, seasoned owners, executives, and more.
Topics: podcasts, companies, episodes, hosted, online, merchants, business, podcast, weekly, interviews, explores, marketing.
2021 Update on GDPR and Its Impact on Brands and Consumers
Editor's Note: This post was originally published April 4th, 2018 and has been updated to reflect the current state of GDPR and other data privacy regulations impacting eCommerce in 2021.
Almost every online activity generates data that can be collected, stored, and shared. Shopping online, interacting with social media, installing mobile apps – all these actions leave a trail of data used to identify people.
That information has value on the dark web, making cybercrime a big business. Storing and securing data was largely unregulated until 2018 when GDPR took effect. Since then, 12 countries and a growing number of US states have jumped on board with their own version of GDPR as either new law or addendum to previous laws.
These “rules” provide a legal line that companies transacting with customers online can use to operate, but is just meeting those government mandated requirements enough? Just because companies are doing more to protect data, STATISTS recently did a study that exponential increase in data breaches since 2005. Below highlights the rapidly growing risk of businesses being hacked and exposing your customer’s personal and this risk is not going away just because of government regulation.
Annual number of data breaches and exposed records in the United States from 2005 to 2020. Source: STATISTS
Companies with an eCommerce site not only need to make sure they are staying compliant to avoid major fines, which is getting more complex in a borderless online market, they also need to be more transparent and responsive with customers when it comes to gathering, using, and protecting their personal data to create trust and loyalty. Without trust it will be hard to grow your business online.
Impact of GDPR since 2018?
Under GDPR, companies have been facing potential fines of up to €20 million or 4% of global revenues, depending on what’s greater. While all companies are vulnerable, those with poor data-protection practices or those that incur data breaches due to their own negligence are particularly exposed. GDPR Enforcement Tracker has been tracking these fines and so far through September 2021, there have been 778 fines levied totaling €1,277,329,802. Below are the top 5 as reported by the site, recognize any of the brands?
July 16, 2021, Amazon Europe was fined €746,000,000 for non-compliance with general data processing principles
September 2, 2021, WhatsApp Ireland was fined €225,000,000 for insufficient fulfilment of information obligations
January 21, 2019, Google LLC was fined €50,000,000 for insufficient legal basis for data processing
October 1, 2020, H&M was fined €35,258,708 for insufficient legal basis for data processing
September 15, 2020, Telecom Italia was fined €27,800,000 for insufficient legal basis for data processing
GDPR is having sweeping implications around the world, and Europe isn’t the only geography bolstering data protection laws. While we could not find exact figures on how much has been invested to date, IIAP and EY reported that GDPR is costing companies an estimated $9 Billion to stay compliant.
Image Credit: Forbes
With draconian fines a real possibility, this investment looks almost economical. However fines are only part of the potential damage done by failure to comply. Loss of consumer trust and loyalty can be even more devastating even for companies that do not need to be GDPR compliant. According to a survey by OnePoll, “86% of 2,000 respondents stated that they were “not at all likely” or “not very likely” to do business with an organization that had suffered a data breach involving credit or debit card details.”
Are data and privacy investments worth it?
So why does this cost so much? Think of the GDPR as a kind of consumer bill of rights governing data use. Under it, consumers have a variety of rights:
They must be able to access their personal data, know what is being collected and used by companies, and why.
Consumers “own” their information. Data accumulated on a consumer cannot be sold to third parties.
Companies must protect an individual’s IP address or cookie data with the same rigor as a name, address, and Social Security number.
Consumers have the right to request that their data be transferred to another business.
They may demand that any personal data be erased at any time from companies and third parties.
Companies must create new systems that put privacy first – not as an afterthought. Companies will be allowed to collect, store, and process information only if it is verifiable necessary.
Mandatory data breach notifications must be sent to individuals within 72 hours, including any event that risks the rights and freedoms of individuals.
To fulfill on the above obligations, companies needed to invest in centralizing and securing data from likely hundreds of systems and data sources, not to mention needing to hire highly skilled professionals to deploy, manage and be accountable for the data, systems, protocols, and communications needed to prove compliance and create buyer trust.
For context, when consulting for a Fortune 500 client back on 2010, pre-GDPR, and focusing on just marketing and sales technologies to drive a Customer360 data project, we found over 250 independent databases with over 10 million records we wanted to use for just direct communication strategies using email at the time.
Due to budgets, we focused on less than 10 data sources to get an MVP POC off the ground and that alone scope alone cost over $1 Million in budget.
It's not all about compliance, it is more about trust and loyalty
Investing in better customer data and security practice is not just to avoid government fines. As the post-pandemic global economy continues to expand digitally, gaining trust online is going to be one of the most important competitive differentiators companies can invest in. Companies that prove they are trustworthy and responsive to customer concerns about their data will rise above the fray and make it easier for customers to transact online.
This trust will also have a knock-on effect as it will limit the inquiries by anxious customers, leading to the investigations and fines being levied by governments around the world.
According to Deloitte’s 2019 US retail privacy study, when consumers trust a retailer and are satisfied with their privacy policies, consumers are more likely to be open or neutral about sharing personal data (73 percent) compared to those who are dissatisfied or unaware (57 percent). That difference in trust can have a huge impact on generating online revenue from eCommerce.
The study went on to highlight a gap in customer perception of what their data is used for and what sellers are doing with data and why they gather it. The study reported that most consumers still believe the main purpose of data gathering by retailers is to share data with third parties or sell it to outside buyers.
However, retail executives in the survey “indicated the top three uses of consumer data is for increasing efficiencies in operations, improving product selection, and enhancing in-store services or experiences.” While the sellers are focused on better buying experiences, it won’t matter if the customer thinks it is all just a trick to resell and profit from their personal information.
This means the onus is on the seller to earn buyer trust through better communications, information, and experiences that show they can be trusted.
Ask yourself, is your current eCommerce solution helping you do that?
How to stay up to date
More information about the requirements and the impact of GDPR can be found by visiting www.gdpr.eu. To learn more about Elastic Path’s trust program focused on Security, Stability and Scalability, visit our trust page at https://www.elasticpath.com/product/trust.
In the case of the GDPR, ignorance is anything but bliss.
Topics: trust, gdpr, online, brands, fined, data, companies, update, information, personal, impact, consumers, privacy, fines.
26 Companies With Really Catchy Slogans & Brand Taglines
Keep it simple, stupid.
We don't mean to offend you — this is just an example of a great slogan that also bears the truth of the power of succinctness in advertising.
Topics: slogan, business, catchy, product, taglines, state, campaign, slogans, really, company, companies, tagline, brand.
3 ways fintech companies can help retailers launch financial services
As retailers expand banking opportunities, they will need help positioning their products, keeping them safe and selling to end users. Now is your chance to make connections in that world.
Topics: ways, services, launch, financial, companies, start, accounts, retailer, gain, need, retailers, techcrunch, help, fintech.
5 New Year’s Resolutions for SaaS Companies
Losing fewer customers and depending on advertising less should be the top New Year's resolutions for SaaS companies in 2022. Software-as-a-service (SaaS) companies are a segment of the ecommerce industry. Their subscription-based digital offerings can be profitable. But the SaaS model also has challenges.
Topics: customers, conversion, saas, free, resolutions, programmatic, blackberry, subscribers, paid, companies, mobile.
5 Ways to Provide a Positive Customer Experience in Ecommerce
Today, consumers have many online shopping options to choose from, making the customer experience a key competitive differentiator for ecommerce companies.
Topics: provide, customer, shopping, service, ways, mobile, experience, shoppers, online, ecommerce, positive, companies, consumers.
5 benefits of stocking your business online
It is essential that micro businesses have reliable and efficient solutions that allow them to reactivate as soon as possible.
Topics: micro, needs, business, economic, stocking, small, reactivation, businesses, products, online, benefits, companies.
50 Video Marketing Statistics to Inform Your 2022 Strategy [New Data]
As marketers find more innovative ways to attract audiences, video has become a meaningful part of the strategic conversation.
Video marketing is no longer an "up-and-coming" content strategy. It's here, and it's an increasingly powerful way to communicate your brand story, explain your value proposition, and build relationships with your customers and prospects.
Topics: marketers, statistics, companies, inform, content, data, videos, marketing, creating, video, media, say, effective, strategy.
7 New Year’s Resolutions for Ecommerce Companies
Clearly defined goals can help ecommerce companies make 2022 the best year yet. The goals or resolutions should be aspiring and engaging enough to encourage action. What follows are seven resolution ideas for 2022. Adapt these to your company and implement them throughout the year.
Topics: packaging, shipping, companies, customers, habit, resolutions, ecommerce, customer, goals, company.
7bridges raises $17M to automate logistics supply chains using AI
Supply chain logistics — getting components and eventually finished products from A to B to C — is one of the most critical parts of running a business, not least because it is one of the most complex, involving dozens of companies, hundreds of combinations and permutations, accounting for world events outside of your business, […]
Topics: logistics, 17m, business, techcrunch, data, maersk, ai, world, raises, 7bridges, company, using, companies, automate, chain, supply, chains.
99minutos clocks in fresh capital for logistics infrastructure in Latin America
99minutos, a logistics service company for e-commerce vendors across Latin America, is making fast work out of attracting funding. It announced today $82 million in Series C funding, led by Oak HC/FT, with participation from existing investors Kaszek and Prosus Ventures. The last round follows a $40 million Series B investment last May from Prosus […]
Topics: america, techcrunch, fresh, clocks, latin, infrastructure, funding, ecommerce, companies, patjane, capital, 99minutos, company, million, logistics, mexico.
Anakin’s pricing tool gives e-commerce companies jump on competitors
The company launched its tool in March that help e-commerce stores and brands increase their revenue using pricing, products and trends data from other companies.
Topics: prateek, gives, working, anakins, jump, pricing, started, revenue, ecommerce, companies, data, tool, company, competitors, anakin, techcrunch.
Another huge funding round gives Veho room to deliver
This latest round gives the company $300 million in total funding raised in the past two years and a $1.5 billion valuation.
Topics: veho, logistics, million, funding, deliver, capital, gives, series, room, techcrunch, delivery, round, company, market, huge, companies.
Aplazo takes in $27M to increase adoption of BNPL in Mexico
Since its seed round, Aplazo grew its total processing volume more than eight times and in less than a year has partnered with over 1,000 merchants.
Topics: offline, adoption, pay, later, buy, round, mexico, company, companies, aplazo, bnpl, peña, credit, techcrunch, increase, 27m, takes.
As Allbirds goes public, sustainability is the mantra of the future
Allbirds started with a humble, natural wool shoe, but it is not merely an apparel company today. It has become a materials innovation company disrupting how clothes are made.
Topics: allbirds, company, goes, public, job, mantra, sustainable, today, future, techcrunch, sustainability, industry, companies, likely, simply.
BNPL in 2022: 4 fintech investors discuss regulation, trends and how to stand out
To get a better picture of where the BNPL market is at right now, we spoke with four active investors about their expectations for the space, upcoming regulation, scalability, default risk and more.
Topics: credit, regulation, stand, fintech, discuss, products, financial, believe, investors, opportunities, bnpl, companies, techcrunch, financing, consumer, trends, market.
Bain Capital Ventures taps ex-Affirm exec as its newest partner to focus on early-stage fintech and commerce
Bain Capital Ventures has named Christina Melas-Kyriazi, a former Affirm executive and angel investor, as its newest partner. Melas-Kyriazi will be based in the firm’s San Francisco office and focus on seed and Series A investments in emerging fintech and commerce companies — two core areas of focus for the firm. “Christina’s expertise at the […]
Topics: newest, focus, fintech, exec, earlystage, taps, capital, firm, melaskyriazi, companies, bain, areas, investing, partner, product, billion, techcrunch, ventures, exaffirm.
Brand Values: A Competitive Advantage for Your Business
Build life-long customers and differentiate from competitors by developing enduring brand values for your business.More
Topics: products, better, advantage, company, brand, business, values, companies, companys, businesses, competitive, customers.
Casper’s return to private life isn’t a canary for DTC companies going public
Why do we care about one public company's planned exit from the public markets? Because Casper's demise as an independent, growth-oriented DTC company details what can go wrong for such firms.
Topics: private, dtc, worth, share, results, isnt, companies, casper, company, return, public, price, techcrunch, life, caspers, morning, going, seeing.
Charts: CEO Pay for Top Ecommerce, Public Companies
Amazon CEO Andy Jassy collected total compensation in 2021 of roughly $212 million. Shopify's Tobias Lutke earned $20 million. Here's a rundown of CEO compensation at select U.S. public companies.
Topics: companies, salary, million, ecommerce, ceo, startups, report, charts, pay, median, public.
Charts: Ecommerce Unicorns 2021
The number of privately-held ecommerce companies valued at over $1 billion increased dramatically in 2021. Asia had the most.
Topics: number, unicorns, ecommerce, company, companies, unicorn, public, global, charts, report.
Charts: Financial Stats of 6 Ecommerce Companies
The pandemic-induced shift to online shopping has been a financial windfall for many ecommerce companies and related vendors. We look at six of them here.
Topics: term, ecommerce, charts, varies, companies, valuation, stats, unicorn, performance, unicorns, financial.
Clutter merges with MakeSpace to add scale to the business of moving and storage
Some consolidation is afoot in the world of moving and storage startups: Clutter and MakeSpace, two erstwhile rivals in the market, are merging to form a single company, which will operate under the Clutter brand, serving some 6,500 towns in the U.S. that together cover about 60% of the total population in the country, with […]
Topics: business, told, company, techcrunch, million, companies, add, scale, clutter, merges, deal, moving, makespace, storage, mir.
Cococart sweetens the process for e-commerce companies to take orders immediately
Cococart's tools enable merchants to set up an online store in minutes with no code, no design and no app downloads.
Topics: business, cococart, process, merchants, low, immediately, businesses, techcrunch, orders, selling, ecommerce, companies, started, running, sweetens, online.
CommerceIQ gets its horn as capital continues to flow into e-commerce infrastructure startups
CEO Guru Hariharan sees the $4.5 trillion retail industry at a massive inflection point.
Topics: continues, startups, infrastructure, commerceiq, billion, retail, company, brands, capital, horn, gets, million, hariharan, techcrunch, funding, companies, flow, ecommerce.
Composable Commerce: Commerce’s Great Unbundling
The “great unbundling” is coming for commerce. If you’ve cut the cord on cable and subscribed to a handful of streaming services (as Ben Thompson predicted in 2017), you know how pervasive unbundling has become. Entire value chains controlled by a single vendor in the name of distribution are no longer the norm.
Now, the capabilities of an entire, best-in-class company can be made available through an application programming interface, or an API, turning software into customizable building blocks. Technology is breaking apart these monoliths one industry at a time, and commerce is next in line.
In many ways, commerce’s great unbundling has already begun. According to Benedict Evans in his The Great Unbundling presentation, brands like Nike are breaking up with Amazon and going direct-to-consumer (D2C) with great success.
As of 2021, 40% of Nike’s revenue is D2C, and 22% is generated via Nike.com. Beyond the website alone, larger brands and branded manufacturers are waking up to the fact that merchandisable moments are everywhere: from influencers, to live shopping, to emerging channels like the metaverse. Capitalizing on these moments lies in unbundling the commerce software stack itself – making it composable and adaptable to rapid-cycle change.
Let’s take a look at why this is the case.
Unbundling the commerce software stack
The majority of brands still run on old-world, monolithic commerce platforms. The entire value chain (in this case, the software stack) is controlled by a single vendor. Working with these monoliths requires a team of developers that understands the proprietary codebase, an ever- increasingly scarce resource. Often these legacy technologies impose complexity and add frustration for development teams – to the point where they can even deter talent who wants to move fast and innovate. When changes or integrations can take weeks or months, forget about quickly standing up a brand store in a new geography or selling into a new channel.
To contrast, an unbundled, Composable Commerce model embraces LEGO-like building blocks of software connected by APIs. Instead of choosing a single vendor, brands can choose “best-for-me” components based on the requirements of the business. Developers have the ultimate flexibility to meet their business objectives, with the control to work in their preferred programming language. That means they can add to or change the components in their self-designed platform as they wish.
This unbundled software model can change quickly with consumer preferences by yielding faster development and capability-driven application designs.
The composable pattern: not just commerce
The unbundling of the software stack isn’t happening in commerce alone. We’ve seen this movie before in the financial services industry. Fintechs like CashApp and SoFi started small, earned consumer trust, and have since stitched together composable finance ecosystems that make them function similarly to traditional banks.
The key difference is that they use APIs to connect to various services (often from other vendors) and build platforms instead. APIs unlock new combinatorial opportunities that enable these companies to build trust with consumers and create a better overall experience in one domain first. These fintech companies can build upon that trust and offer additional platform capabilities to become stickier and generate greater value for their users.
The companies that build components, such as Wise (formerly Transferwise) and Stripe, solve the composability problem and then present those components as rentable APIs. That way, others can connect easily to money transferring or payments services without taking on all the friction themselves. Many of these companies started at the consumer or SMB end of the market, and have since moved upstream to the enterprise.
Rather than build these capabilities from scratch, financial institutions and other organizations can simply integrate them into their own platforms.
Unsurprisingly, traditional financial institutions are doing just that. They’re becoming software companies by building API-first architectures made up of third-party components to replace legacy monoliths. The same can be true for larger brands and branded manufacturers in commerce. Best-for-me architectures might have started small at the SMB end of the market, but are now available to the enterprise. It couldn’t come a moment too soon.
Unbundling commerce starts with the catalog
One of the ways commerce companies can start to unbundle is by rethinking the commerce catalog. One of the most common challenges we hear from branded manufacturers is the “Multi” problem – or the need to sell their products in multiple geographies, across multiple channels, across multiple brands, and/or across multiple business models.
The challenge, as my colleague Julie Mall writes in her blog, The eCommerce Catalog is Dead, is that monolithic ERP systems treat the commerce catalog as a tightly coupled, rigid and structured way to display information based on internal business processes. This prevents brands from adapting to customer demands or merchandising needs. She gives an example of visiting a furniture site to “shop the room,” and instead being forced to sift through every color/fabric option to find what was promoted on the original page. That’s a result of an ineffective product catalog under the covers.
Another example is when a brand with an established D2C channel looks to add a B2B channel. One of the primary challenges with B2B commerce applications is each customer has their own, negotiated pricing contract with the branded manufacturer.
In today’s world of commerce platform options, it’s challenging to find a solution that can serve both D2C and B2B channels and, as is the case with Salesforce, requires purchase of a second commerce platform.
Then, the commerce platform’s catalog, along with its integrated ERP, fail to support the negotiated contract pricing in the B2B use case. As a result, developers must build complex custom solutions to support their B2B needs, or implement a punch-out system that directly connects into their ERP system, where they maintain separate catalogs for each customer. All the while, they’re fearing the day they need to make pricing changes across 1,000 unique catalogs in their ERP system.
With Product Content Management in Elastic Path Commerce Cloud, we’ve addressed these issues by applying API- first principles and separating Products, Price Books, and Catalogs into distinct microservices, giving brands unparalleled flexibility to address the “Multi” problem. Using our Product Content Management microservices, brands can quickly create a Price Book for their existing products to begin selling in a new geography. Or, they can create specific Product selections for each of their B2B customers, with unique Price Books that reflect negotiated contract pricing – all out of the box with zero custom development work.
This API-first approach to the eCommerce Catalog enables multi-channel branded manufacturers to move infinitely faster. Now, their catalog supports the way they do business across brands, geographies and channels - rather than dictating how they conduct business.
Those are just a few examples of how to approach unbundling in commerce, but of course, there are hundreds or even thousands of different ways to approach breaking up a monolith. As Chris Sperandio wrote in a blog post while at Segment, an API-first approach resulted in the “Request / Response” model of the firm that is eating the traditional, monolithic value chain.
If you are a branded manufacturer struggling with your own “Multi” problem, my recommendation is to start with the product catalog. This approach can help you discover what’s holding you back from creating more merchandisable moments and accelerating your business.
Ready to dive into Composable Commerce?
In the coming months, we’ll explore more about composable application development. How do our products provide you with the right foundation to build capability-driven commerce applications to support many brands, geographies, and channels? How can you assemble your own platform faster than you ever thought possible? How can you be ready for any future their customers demand? Follow along as we cover emerging commerce trends, and get you ready to take on your own “great unbundling.”
Topics: commerces, great, software, catalog, b2b, unbundling, brands, build, branded, composable, companies, commerce.
Credit card and payments companies compete for a slice of the growing BNPL market
A year ago, the biggest players in the BNPL space were companies founded solely to offer consumers the ability to pay in installments at the point of sale. But the landscape looks very different now.
Topics: techcrunch, klarna, compete, card, visa, opportunity, companies, space, credit, growing, market, offer, bnpl, payments, slice, pay.
Crypto-Commerce: Banking on Blockchain for B2B Payments
Editor's Note: This post was originally published July 29th, 2019 and has been updated for relevancy
After significant hype with the rise of cryptocurrencies, there was a ‘Blockchain winter.’ The predictions for rapid adoption by 2020 never materialized; however, the underlying technology, Blockchain, still holds promise, especially in the B2B payments space.
B2B payments have seen consistent growth for several years (40% in the US from 2014-2020). This trend is expected to continue with a CAGR of 21% from 2021-2030. With 88% of businesses believing that API technologies will affect payments the most over the next few years and 65% of companies preferring a single or integrated payments solution, the momentum could soon turn into a ‘Blockchain Spring.’
How Blockchain for B2B Payments Works
Blockchain’s foundation is distributed ledger technology (DLT). Transactions are distributed, with records verified by a network of computers versus by one party or bank, and visible to all parties versus held in a central database. They’re also immutable as once recorded, they cannot be altered, reversed, or tampered with.
When a buyer or seller submits payment information to the chain, a digital “block” is created and distributed to the network. Multiple computers compete to unscramble the block, and the first to successfully do so shares it with the network for verification. Verification includes confirming funds are available, sender and receiver are reputable, and the request is legitimate.
Once verified, the transaction is authorized and posted to the ledger and designated parties are updated in real time.
Blockchain Benefits for B2B Payments
Blockchain cuts central banks out of the process, dramatically speeding up settlement. Unlike banks, which can take up to five business days for cross-border transactions, the 24/7 availability of the network supports real-time to next-day fund transfer.
Blockchain’s transparency and automation also save both suppliers and buyers the manual processes of phoning or emailing each other and updating their respective records in multiple systems.
The ability to place one-touch orders directly from equipment and sensors on the job site, within a manufacturing plant or even operating room is an emerging opportunity in B2B. The “smart contract” property of blockchain supports automated device-to-device transactions when certain conditions are met, cutting out traditional invoicing and payment processes entirely.
Integrated with payment networks and headless commerce applications, smart contracts and IoT may be the future of replenishment and other micro-transactions between B2B buyers and sellers. Pricing and payment terms are set into the smart contract, with buyer and seller notified of each transaction upon execution and pushed back to their respective systems of record.
Looking for a B2B eCommerce Solution?
Elastic Path is Transforming B2B Commerce Experiences Quickly & Efficiently While Driving Substantial Revenue Growth. Chat with an expert today to see how our flexible, composable solutions can speed up your time to market, reduce costs, and improve your customer experience.
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Proactive Fraud Prevention
The public, distributed ledger serves as a “single source of truth” for both buyers and suppliers. While blockchain may not eliminate the need for outside verification agencies reduces settlement risk and makes it easier to track down fraudulent activities.
Prevent “False Positives”
For AR and AP departments, tighter fraud controls can lead to more false positives, increasing card declines for good accounts, delays in invoice processing, and can hurt the buyer-supplier relationship. Blockchain’s network-based verification and immutable record recognizes more good transactions and fosters trust between parties.
How Institutions are Already Banking on Blockchain
A Stablecoin is a digital currency pegged to a ‘stable’ reserve asset, like the U.S. dollar. These remove the significant volatility seen in more well-known cryptocurrencies like Bitcoin and Ethereum, which are tied to being ‘mined’ by computers. Stablecoins assuage some of the concerns over cryptocurrencies for business, though significant questions remain.
Legislation remains one of the unanswered questions that will significantly impact the future of these coins. Momentum continues to build towards answering these questions. As recently as December 2021, the U.S. Congress considered the regulatory path forward.
Visa, MasterCard and Amex are in an arms race to patent and ship new blockchain payment technologies. Their open APIs such as Visa’s B2B Connect allow fintechs and other financial institutions to build custom solutions and payment integrations on top of their respective blockchain infrastructure, including smart contracts and expedited payment settlement to enhance their B2B services.
The B2B Blockchain Challenge...and the Future
While banks and fintech companies are wasting no time embracing Blockchain, the challenge for B2B merchants remains to be the on and off-ramps (how they can turn good old dollars into digital coins with ease and low risk). Several fintech and ACH companies are attempting to solve these issues with B2B specific offerings.
We can expect that, as the blockchain market matures, banks and fintech companies will continue to open their infrastructure and APIs to third-party developers, including B2B merchants. Technology vendors may also begin to integrate blockchain technologies into their commerce solutions. Stripe, for instance, says it is still in “Early Innings,” there is no doubt the “winter” is thawing, and we will continue to watch as this space evolves.
Topics: distributed, companies, cryptocommerce, banking, transactions, blockchain, b2b, verification, payment, payments, network, smart.
Daily Crunch: 4chan users exploit AI image generator’s ability to create realistic nude deepfakes
Hello, friends, and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
Topics: nude, image, techcrunch, companies, metrics, crunch, realistic, sarah, daily, means, amazon, peloton, generators, users, exploit, getting, deepfakes, efficiency, company.
Daily Crunch: Asian and Hispanic e-grocer Weee! bags $425 million Series E
Hello friends and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
Topics: asian, crunch, hispanic, russian, million, going, technology, market, startup, company, techcrunch, companies, weee, bags, egrocer, daily, ukraine, series.
Decision Frameworks Help (Fast-growing) Companies
Unilateral decisions by a company founder or manager carry risks. A transparent process involving staff can lead to better outcomes. We explain.
Topics: companies, small, employees, entrepreneur, group, fastgrowing, decisions, help, decisionmaking, vote, company, decision, framework, frameworks.
EcoCart Review (Apr 2022): Offsetting Carbon Emissions
In today’s EcoCart review, we’re looking at a new start-up introducing intelligent ways of offsetting carbon emissions, and helping businesses go green. Currently, we’re living in a world where customers are increasingly looking to purchase from companies who care. Around…
Continue reading EcoCart Review (Apr 2022): Offsetting Carbon Emissions
Topics: apr, shopping, offset, review, online, emissions, offsetting, impact, carbon, customers, companies, ecocart, company.
Ecommerce prepares for the holiday season
Now that summer is over, most online businesses are preparing for the holiday season. Up to 73 percent of online retailers have started preparing already. However, most online business feel that they aren’t prepared for the season yet. Yearly, the holiday season is the busiest moment for online sellers, as… Continue reading
Topics: season, uk, surveyed, prepares, strategies, businesses, holiday, packaging, online, ecommerce, companies.
Elude secures additional funding as it aims to improve travel booking experience
Elude launched on iOS, but has plans to launch a web version and Android version in the coming months.
Topics: improve, venture, additional, simon, partners, money, secures, funding, companies, booking, travel, round, experience, techcrunch, million, elude, shonk, aims.
Enterprise escalator Impact Rooms rises to prepare African startups for growth and investment
A few years ago, at the start of the fintech services boom in Africa, Oliver Blantern got an opportunity to work in the continent offering advisory services to high-growth startups. For slightly over three years his company, Riverhouse Technology, helped the emerging tech firms in talent sourcing and acquisition. The trained lawyer did all this […]
Topics: prepare, startup, enterprise, startups, capital, growth, techcrunch, investors, companies, rises, africa, support, escalator, impact, work, investment, rooms.
Founded by ex-Braintree and PayPal execs, Pagos raises $10M to offer API-driven payment intelligence
Pagos, a payment intelligence infrastructure startup founded by former Braintree and PayPal execs, has raised $10 million in seed funding. Started earlier this year, the remote-first Pagos is building a data “platform” and API-driven micro-services that it says can integrate with any payment stack. The end goal is to drive better performance and “optimization” of […]
Topics: techcrunch, pagos, raises, founded, execs, payments, payment, customers, paypal, intelligence, team, companies, offer, bäck, services, data, exbraintree.
Fraîche grabs new capital to whip up fresh-delivered meals for New York offices
The company includes a smart fridge that is stocked with meals and snacks daily, and a mobile app so that office employees can check out the contents whenever they want.
Topics: grabs, office, locations, techcrunch, whip, fraîche, lizarazu, freshdelivered, company, capital, meals, food, employees, companies, offices, ready, york.
Gorillas to acquire Frichti in latest instant grocery consolidation
German startup Gorillas has announced that it plans to acquire Frichti, a French startup that delivers both ready-to-eat meals and groceries. The acquisition hasn’t closed just yet but both companies have entered exclusive discussions. “We don’t share details about the deal itself, especially as it isn’t completely signed,” Frichti co-founder and co-CEO Julia Bijaoui told […]
Topics: techcrunch, frichti, acquire, subcontracting, instant, consolidation, latest, grocery, frichtis, companies, deliveries, startup, sure, gorillas, delivery.
Gravitiq throws its hat into crowded e-commerce aggregator ring
The company was co-founded by a group that includes doctors and a lawyer, all who know what it takes to build a healthcare brand because they did it with their own brand in 2016.
Topics: throws, sellers, gravitiq, amazon, company, ecommerce, brands, million, crowded, srivastava, hat, companies, healthcare, techcrunch, ring, aggregator.
Harlem Capital leads seed into Because, an e-commerce enablement startup
Because provides a “Canva-like” editing experience for e-commerce managers to design and publish messages aimed at driving conversion rates.
Topics: team, ecommerce, capital, shopify, seed, investment, website, sales, techcrunch, software, startup, enablement, stansbury, harlem, leads, companies, product.
How Content Marketing & PR Combined Can Generate Leads
Public relations is the practice of creating mutually-beneficial relationships by providing relevant and timely information to an audience that already exists. Content marketing, meanwhile, is all about creating content that attracts and retains new audience members.
Topics: media, teams, information, leads, companies, content, lead, marketing, combined, pr, social, generate.
How Cookie Laws Impact Commerce
Over the past three years, you've no doubt had one of the experiences: heard about changes in privacy laws, seen a GDPR compliance pop-up (the 'accept all cookies' buttons that marketers hope you click), or maybe even tapped the "ask app not to track" on your iPhone.
What's all the fuss about? Third-party cookies are due to be phased out. This is a significant change in how the internet and digital commerce operate. With 76% of online consumers now more concerned about their privacy than ever before, it's no surprise that companies have recognized it's time for a change.
Where this will end, who will win, and how customers will react is still very much up in the air. This post will talk about what cookies are, how the upcoming changes might impact your eCommerce brand, and what you can do to be best prepared for the inevitable future.
What are Cookies?
A cookie is a small piece of data (usually a text file) that websites place on your device when browsing the web. There are three kinds of cookies, each with specific functions.
First Party: It can help set preferences, store your account details, remain logged in, or keep items in your card. These are not shared with other third-party sites; this is important and the key to preparing yourself for the cookie-less future. Read on to the end of this post to learn how.
Second Party: information is exchanged between parties, much like attending a conference, and a marketer gets the list of attendees to target their advertising to relevant users better.
Third-Party Cookies: These are cookies from a domain that track usage elsewhere on the internet. They are tremendously valuable for advertising & retargeting. When you get the ads on Instagram for something you just looked up in your browser, third-party cookies are what make that possible.
There are two main buckets where these third-party cookies are relevant to commerce.
For advertising: think of an extension of what you already see when you browse for something on your tablet and get an Instagram ad on your phone. They have the link in the system to identify the same user, which makes a lot of ad-tech companies valuable in terms of their targeting. Increasingly, there are clever ways around this to build a system-wide id for a user that isn't cookie-based.
For Personalization: Cookies power things like the suggestions on amazon of 'what customers also bought' or your recently viewed items. The majority of those are cookie-based, with some obvious moves away in preparation for the end of cookies.
So, what's changed now? Simple, new cookie laws like the EU Cookie Law or California Privacy Law (CCPA) are outlawing some practices and standardizing the rest have driven companies to recognize they need to give some privacy back to their users.
The End is Near: The End of Third-Party Cookies
Third-party cookies are going away in 2023. Google announced that it would no longer use or support third-party cookies for tracking. Some companies, like Firefox, have already built-in these 'don't track' flags to their browsers.
In addition, we now have Apple's IDFA, the iPhone update that allows users to tap 'ask app not to track' pop-up you've undoubtedly seen if you use an iPhone. The rest are likely to follow suit in a bid to gain back the trust of their users and comply with privacy laws. They have also committed to not building a system that mimics the identification capabilities of a third-party cookie.
The Wisdom of the Crowd - FLoC
There are numerous companies already making solutions for the end of third-party cookies. While no customer data platform has emerged as clear dominant force yet, they effectively offer the same promise. An anonymized, centralized data store that can model what a customer's interests are and what they might do next.
Let's look at an example, Google's FLoC (Federated Learning of Cohorts), an API that Google intends to use as a Chrome extension. Chrome has an anonymized database of browsing habits but does not tie back to an individual. However, they do know you may have visited cooking blogs, for example.
When you visit cooking blogs, you might be likely to follow that up with buying new set of pans. These intent signals are gathered together to create a 'cohort.' People in a particular cohort are likely to have similar interests, leaving a relatively good bet on what type of advertisements may be most relevant.
So, your inbound marketing funnel will remain active, although somewhat stymied as this transition is in full effect. There will likely be a significant shift in what technology powers the most popular ad platforms and thereby how much targeted advertising will cost. The likely scenario is a fragmentation of advertising capabilities with a few more prominent platforms emerging as the dominant players to create products like FloC.
GDPR compliance was likely only the beginning. With new cookies laws being drafted up by the world's governments, compliance is a crucial problem to solve in the evolution of the internet. FLoC and similar solutions will not be the end; there will be more innovation and improvements in how digital advertising will work in the future. Being prepared for the change is half the battle. Learn how you can future-proof your eCommerce store here.
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What Can You Do to Prepare Your Commerce Platform?
1. Focus on building your brand identity and audience. Some key areas include social, giving exclusive discounts, communicating with your audience, building a community of users or customers. Zero-party data: ask your customers.
2. From what they are looking for to what they read or are concerned about. Your brand can leverage this data to approximate an intent signal. Numerous companies are starting to focus on this as a personalization engine for eCommerce websites.
Being able to test and leverage these capabilities will become increasingly important. Don't settle for what Salesforce or other commerce platforms deem 'good enough'; equip your eCommerce stack with the flexibility needed through a Composable Commerce solution.
3. First-party data, you will still be able to identify and personalize a website if you have anonymized first-party data. Delivering value for the exchange of users' data is critical here. It is crucial to have a strategy around what can build value for your customers while keeping trust intact to encourage them to opt-in to first-party data. This will also be a valuable source for cohort matching; the better you know your customers from first-party data, the better match you will likely get on ad platforms like Google or Facebook.
4. Opt-in data sharing: returning value to your customers by offering one-time cart discounts, first-time visitor discounts, loyalty bonuses, subscriptions, members-only stores, etc., are all going to become increasingly important to the performance of your eCommerce store.
These strategies can be tiresome to execute with rigid antiquated eCommerce solutions, for an easier, more flexible, and quicker way, check out our Catalog Composer, which allows you to create specifically tailored, unlimited catalogs with ease. Also, check out our latest release of merchandising capabilities that make it easy to set up these offers and prepare yourself for the cookie-less future.
5. Having a trusted partner for your brand to guide you through this evolution and ensure your eCommerce stack is ready for the change. The flexibility of a Composable Commerce solution is the best bet to leverage the latest and greatest in technical capabilities. Learn more here.
6. Click attribution is still viable. You may not be able to advertise directly to someone who visited your competitor or showed interest in a category of products your brand manufactures. But, you can still tell how people are using your website, their path to purchase, and generally what they did on your website.
Being able to change and optimize the experience for your customers rapidly is paramount. A Headless microservices solution like Elastic Path is more valuable now than ever before when compared to a traditional monolith that will slow your ability to optimize and innovate.
Prepare Now for Your Brands Future Success
In summary, third-party cookies are going away, and you need to be prepared. Remarkably, only 8% of markets said they were ready for the cookieless future.
With the inevitableness of the eCommerce world-shifting with the end of third-party cookies, your brand's best move is to prepare to make drastic changes if you are running an old eCommerce solution. A Composable Commerce offering is an excellent option to be in a position to innovate and experiment as new technologies become available.
Equally important is your brand's strategy for telling a compelling story, building a unique brand identity, developing an engaged customer base, and having a strategy of how you can leverage the data available to you to continue to grow revenue.
Topics: impact, thirdparty, end, brand, cookie, ecommerce, commerce, likely, companies, cookies, laws, customers, data.
How the Ukraine War Impacts Ecommerce
Human suffering from the Ukraine war is far more important than economic impacts. Nonetheless, business leaders should contemplate the potential effects on their companies.
Topics: supply, companies, ukraine, gasoline, chain, fuel, war, impact, increase, prices, impacts, ecommerce, price.
How to Find your Dream Job in 2022
Finding a new job is a job in itself. It takes time and effort to apply, interview, and eventually land a position — even when you’re completely qualified.
Topics: career, work, resume, search, specific, company, job, youre, remote, companies, dream.
How to evolve your DTC startup’s data strategy and identify critical metrics
We’re generally big fans of plug-and-play business intelligence tools, but they won’t scale with your business. Don’t rely on them after you’ve outgrown them.
Topics: evolve, techcrunch, companies, dont, big, tools, offtheshelf, critical, founders, identify, data, dtc, intelligence, startups, strategy, metrics, business.
Jarvis ML snags $16M to help companies personalize their products
Jarvis ML, a platform offering an AI-powered personalization engine to brands selling products, services and experiences, today announced that it raised $16 million in a seed round led by Dell Technologies Capital. In an interview with TechCrunch, CEO Rakesh Yadav said that the new capital will be used to grow Jarvis ML’s R&D and sales […]
Topics: personalize, companies, yadav, jarvis, machine, customers, 16m, help, ml, techcrunch, personalization, platform, products, data, snags.
Latin e-commerce startup Merama raises $ 225 million
SoftBank led an initial close of about $ 150 million and Advent led a subsequent close, bringing the total raised to $ 225 million.
Topics: raises, startup, million, merama, technology, brands, america, softbank, companies, ecommerce, capital, latin.
Lessons we learned from the last week of fintech earnings
Let’s examine a series of winning fintech results from BNPL, consumer finance, proptech and corporate finance before turning to fintech's earnings misses from Q3 2021.
Topics: startups, public, techcrunch, saw, quarter, investors, results, week, companies, strong, private, lessons, earnings, fintech, learned.
Lula’s delivery tool gives convenience stores, pharmacies second sales channel
Lula helps convenience stores, pharmacies and consumer packaged goods brands use its zero-commission tools to establish a second sales channel and third-party delivery companies.
Topics: lulas, tool, gives, gupta, delivery, online, sales, companies, convenience, ripple, second, stores, techcrunch, lula, ventures, store, pharmacies.
Make it Big Podcast: Sustainability Meets Commerce: Building a Brand with an Impact with Justin Wang
Welcome to The Make it Big Podcast, a bi-weekly audio series about all things ecommerce by BigCommerce. As the creators…
Topics: wang, think, society, big, commerce, sustainable, really, impact, sustainability, companies, building, brand, things, thats, justin, podcast, product, meets.
Meaningful Gigs raises $6M seed to link designers in Africa with remote jobs from US companies
The gig economy has been on an upward trajectory, more so since 2020, when it experienced a huge spurt accelerated by the pandemic. And it is not showing signs of a slowdown the world over, with the sector’s growth now expected to reach $455 billion in 2023, double the value in 2018 and a 17% […]
Topics: companies, designers, talent, gigs, link, seed, gig, world, jobs, remote, number, raises, platform, techcrunch, need, meaningful.
Moot channels $18M for a platform and toolkit to power e-commerce strategies for brands
E-commerce today is played out wherever a consumer sees something and wants it — be it on a company’s site or app, a social media feed, a marketplace, a search or an advert. Today a startup called Moot that’s helping businesses and brands sell through all those channels in a unified way is announcing $18 […]
Topics: platform, companies, company, ecommerce, 18m, today, brands, power, growth, strategies, techcrunch, channels, moot, solutions, toolkit.
Morocco’s Freterium grabs $4M to scale its freight trucking software across MENA
In Africa and the Middle East, most companies in the freight industry still use old-fashioned methods such as spreadsheets, phone calls and emails to manage their shipments. They are electronic yet manual processes that make their work very inefficient. While incumbents have pioneered various enterprise resource planning (ERP) systems to digitize these processes, companies would […]
Topics: techcrunch, mena, industry, shipments, companies, manage, scale, 4m, shippers, grabs, logistics, moroccos, freterium, customers, freight, trucking, software.
Nowadays puts its spin on plant-based nuggets
Its first product is a crispy, plant-based riff on chicken nuggets that is made with just seven ingredients.
Topics: puts, techcrunch, nowadays, product, spin, products, companies, elder, protein, meat, process, plantbased, company, million, nuggets.
Ocurate raises $3.5M to show customer lifetime value for B2C companies
Ocurate believes lifetime value is a better prediction of how much profit a customer will bring to the company.
Topics: value, customer, round, techcrunch, customers, ocurate, data, clients, raises, lifetime, companies, 35m, b2c, company, konitzer.
Ownit helps brands sell products, at the point of discovery, with one click
Its technology connects social, commerce and payment options at the point of discovery with little interruption to you social media scroll.
Topics: media, shiue, sell, pay, techcrunch, companies, social, discovery, payment, nejati, products, checkout, click, point, brands, ownit, helps.
Partnering with Kanarys to Support the Future of Diversity, Equity and Belonging
HubSpot’s commitment to diversity, equity, and inclusion (DEI) best practices has played an essential role in our success and we know that it can for all companies in the HubSpot community. We’re seeking to help our customers achieve their best performance through adopting these practices too.
Topics: customers, support, dei, identify, programs, kanarys, future, practices, equity, diversity, belonging, companies, partnering, best, hubspot.
Podcast 37: Intro to Private Equity
In this episode, Drew talks about his own personal experiences in buying and selling companies, and gives a brief intro to private equity, which he’ll discuss in the next few episodes. Subscribe: iTunes | Stitcher EXCLUSIVE RESOURCE: Prefer to read rather than listen? the text transcribe from this episode. Highlights Insight on selling Drew’s first company, […]
Topics: companies, going, podcast, private, equity, lot, money, business, think, intro, maybe, company.
Podcast 40: My Private Equity Rolodex
In this episode, Drew shares his favorite resources and private equity investment contacts. Subscribe: iTunes | Stitcher EXCLUSIVE RESOURCE: Prefer to read rather than listen? the text transcribe from this episode. Highlights A few names to file away and pull-out when you’re looking to sell Links / Resources Brian Colton, Brooklyn-Equity Carson Biederman, Digital Fuel Capital […]
Topics: companies, saas, deal, buying, ive, million, rolodex, kind, podcast, private, equity, hes, know, businesses.
Predicting the next wave of Southeast Asia tech giants
Despite the impressive growth and stellar companies grabbing headlines and tons of capital, Southeast Asia is only just entering the next phase of development.
Topics: techcrunch, ecommerce, asian, tech, value, success, companies, wave, giants, asia, predicting, unicorn, billion, southeast.
Productsup raises $70M to help retailers navigate sales strategies in the choppy world of e-commerce
To many people, e-commerce is synonymous with shopping on Amazon, but the reality is that a retailer has the option to use a bundle of different channels to sell and market products — and many do. Today, a startup called Productsup, which has built a platform that helps retailers navigate that landscape, is announcing $70 […]
Topics: round, market, shopping, strategies, navigate, sales, retailers, channels, productsup, help, ecommerce, solutions, raises, techcrunch, world, companies, commerce.
Qureos raises $3M to grow its learn to earn platform
Qureos, a UAE-based edtech and remote work marketplace that is changing how people upskill and get jobs across the globe, plans to grow the uptake of its platform by 10 times this year in its race to create 100 million jobs over the next few years. The startup has today announced closing a $3 million […]
Topics: earn, grow, 3m, mentors, capital, qureos, investors, trainees, work, learn, startup, raises, techcrunch, platform, companies, learning.
Re-commerce, the future of sustainable retail
Consumer demands: modern, digital, conscious, mean that business models must adapt to a new reality.
Topics: investment, especially, economy, retail, selling, recommerce, companies, necessary, industry, fashion, secondhand, sustainable, future.
Reliance calls off $3.4 billion deal with Future Group
Reliance Industries “cannot implement” its $3.4 billion deal to acquire core parts of retail chain Future Group after the latter’s secured creditors rejected the offer earlier this week, India’s most valuable firm said in a stock exchange filing on Saturday. “The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in […]
Topics: deal, calls, scheme, indian, shareholders, techcrunch, group, billion, companies, reliance, future, creditors, retail.
Salsify secures $200M as the boom in e-commerce catapults its valuation to $2B
E-commerce is booming, but it’s become increasingly apparent over the years that the businesses that are able to capitalize on that trend — and contribute to that growth — are those able to grasp the right technology to navigate the space. Today, Salsify, one of the startups building e-commerce solutions to that end, is announcing […]
Topics: 2b, companies, company, ecommerce, million, salsify, round, brands, purcell, catapults, tech, techcrunch, work, valuation, secures, boom, 200m.
Secondary Markets Offer Pre-IPO Liquidity
Many startups are refraining from going public amid market uncertainty, putting early-stage stakeholders wanting to cash out in a bind. Here are alternative ways to achieve liquidity.
Topics: offer, private, secondary, investors, shares, company, liquidity, market, companies, transactions, preipo, markets.
Sell more on Good End and Christmas with WhatsApp catalogs
ASEM and WhatsApp come together to teach MSMEs to use this platform at the end of the year.
Topics: companies, business, catalogs, end, services, catalog, collections, christmas, sell, products, asem, msmes, good, initiative, whatsapp.
Seven DTC eCommerce Trends in 2022
The world of digital commerce is constantly changing, and with the rapid shift to online retailing as a result of the COVID pandemic, 2022 promises to be no different. With this trend in online shopping, the DTC eCommerce industry will only continue to grow. In 2021, U.S. direct-to-consumer (DTC) eCommerce sales reached 129 billion, and are projected to reach 151 this year. Now isn't that crazy!
As DTC businesses continue to prioritize digital commerce experiences, brands are facing more market competition than ever. With that being said, in this blog, I will give a general overview of seven major DTC eCommerce trends you should keep an eye on for your brand to succeed in 2022.
What is DTC eCommerce?
DTC eCommerce is an eCommerce business model in which brands sell directly to their end customers, as opposed to using third-parties such as wholesalers, distributors, or other retailers. There are many benefits of selling direct to consumers, including:
Differentiation: Having full power on decisions, brands can better differentiate themselves as well as their products in the marketplace.
Boosted Customer Loyalty: As a result of the direct relationship brands can facilitate with customers, they can build a more loyal customer base.
Better Customer Experiences: By being able to have a close relationship with consumers, brands are able to collect direct feedback from them that can be used to create better customer experiences in the future.
Direct Control: Without having to rely on parties to sell their products, DTC businesses are able to have direct and full control over their pricing, products, and branding.
An example of a DTC eCommerce brand is Glossier, a company in the beauty industry, which uses the platform Contentful to facilitate their sales channels. Through Contentful and social media, Glossier has created a strong, loyal customer base and enhanced customer experiences. Their instagram page consists of 2.6 million followers with a content mix of customer reviews, product promotions, and influencer partnerships to draw in more customers. Today, Glossier is a billion dollar brand company that sells online beauty products, branching into millennial and Gen Z target audience through brick-and-mortar shops to provide the best brand experience possible.
Top 7 DTC eCommerce Trends
1. Social and Live Commerce for Expanded Shopping Experiences
Shopping on social media platforms and livestreams has become increasingly popular in recent years. According to Swirl, from 2015 to 2020, revenue from online video commerce went from $3.5 billion to $17.6 billion, and that number is expected to be $25 billion by 2023. Platforms such as Instagram offer tags on photos that direct consumers to a brand’s website, where they can quickly purchase the product they were viewing. This immersive shopping experience appeals to consumers as they are able to purchase products that are endorsed by their favorite celebrities or influencers. Livestream shopping is similar to QVC (a televised shopping service that showcases live retail programming 24/7), but consumers now have access to the products at their fingertips.
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2. Consumers Becoming Increasingly Sustainability Conscious
Sustainability is at the forefront of consumers’s minds nowadays and companies are following suit. According to a global survey, "66% of global consumers would pay more for sustainable businesses and products." With that being said, many brands are becoming environmentally conscious and shifting away from plastic in packaging and now include the origin of materials used, as well as information on how to recycle them. In addition, many companies now include data about their carbon footprint with their customers. Overall, these trends depict the shift in consumer and brand consciousness toward our natural environment, leading to a bright future for eCommerce businesses.
3. Omnichannel Shopping Leading to Better Customer Retention
According to Omnisend, “customer retention rates are 90% higher for omnichannel versus single channel.” An omnichannel approach to eCommerce is being adopted by companies to make the customer experience more convenient. For example, allowing a customer to shop online but return in-store guarantees that the customer has a seamless shopping experience. Furthermore, integrating digital channels enables a company to maintain a consistent brand appearance across all devices.
4. Personalization Means Better Brand Experiences
Personalizing the customer experience increases the likelihood that the customer makes a purchase and has a positive experience with the brand. According to Accenture, “74% of consumers would find ‘living profiles’ valuable if they could be used to curate the experiences, offers, and products they receive.” With direct access to customer data, such as browsing history, interests, and searches, brands are able to create unique experiences like hosting a live stream event or even creating a hologram. The ability to personalize also allows companies to more easily adapt to trends, by making changes such as new colorways for products.
5. Delivery and Return Policies Will Become a Key Service Differentiator
Studies have shown that delivery fees and return policies are important factors when customers are choosing where to shop. According to Forrester, “about three out of five French, UK, and US online adults prefer retailers that offer free return shipping; about two out of five prefer retailers that provide refunds via the original form of payment.” Free delivery and free returns are services that customers strongly desire, and can cause customers to choose one brand over another. Brands who care about the customer experience should invest in streamlining their delivery and return processes.
6. AI Creates Innovative Ideas
AI plays a significant role in omnichannel planning, which enables companies to capitalize on business opportunities in real time. Machine learning is especially useful in forming the demand plan for product attributes, marketing events, and style or color forecasts for the lifecycle of a product. AI automates these processes and drastically reduces the time needed for planners to create manual “SKUs”.
7. Subscriptions Build Up Customer Loyalty
As DTC eCommerce continues to grow, many companies have adopted a subscription model that has shown great success with traditional retailers. A subscription eCommerce service offers consumers a lower-cost way to buy what they need. Around half of companies surveyed in 2019 stated that they would implement subscription services to boost customer retention.
What’s Next for DTC eCommerce?
DTC eCommerce offers tremendous opportunities for brands due to the growing trend in online shopping. Large retailers such as Nike have already begun to shift their focus to appealing to the needs of online shoppers. The cost savings achieved through DTC eCommerce is directly transferred to the consumer, which leads to people preferring DTC eCommerce brands over traditional retailers.
Also, DTC eCommerce allows companies to be more adaptable and in control of their distribution. In a fast-paced world where trends are ephemeral, a digital presence is vital. Digital commerce enables DTC brands to keep up with consumer trends and gives them a significant advantage over traditional retailers.
Above are just a few of the DTC eCommerce trends that represent how companies are adjusting to the post-pandemic digital world. As companies adopt these trends of sustainability, AI, and personalization, DTC eCommerce will continue to become an approach more companies will look to expand to. For more information on DTC eCommerce, check out our DTC eCommerce page here.
Topics: companies, products, consumers, shopping, brand, seven, customer, ecommerce, direct, trends, brands, dtc.
Shopify Is Eliminating the Climate Impact of Merchant Shipments Over BFCM
For the second year in a row, Shopify is addressing the environmental impact of the global Black Friday Cyber Monday (BFCM) shopping weekend by purchasing enough frontier carbon removal to counteract the carbon emissions that come from shipping every single order on our platform.More
Topics: shipments, bfcm, removal, merchant, carbon, companies, impact, world, eliminating, climate, shopify, emissions, technologies, shipping.
Shopware, an e-commerce platform that powers 100K brands, raises its first outside funding: $100M from PayPal and Carlyle
The e-commerce boom that started with the COVID-19 pandemic shows little sign of slowing down, and today a company called Shopware, which provides a set of open source tools to power online shopping experiences for some 100,000 mid-sized and larger brands, is announcing $100 million in funding to capture the opportunity. The money is notable […]
Topics: brands, techcrunch, shopping, online, shopware, tools, paypal, companies, powers, outside, raises, funding, ecommerce, carlyle, business, platform.
Sleek wants to be the last shopping check-out form you ever fill out
Sleek is developing a browser extension enabling one-click checkout and cash-back savings.
Topics: checkout, companies, web, wants, form, shopping, sleek, browser, oneclick, billion, maceachern, capital, techcrunch, works.
Stockly Review: Outsmarting Out-of-Stocks
In this Stockly review, we’re introducing you to one of the many exciting new French startups making their way into the changing consumer market. Stockly is a company committed to help keep the inventory of a number of ecommerce websites…
Continue reading Stockly Review: Outsmarting Out-of-Stocks
Topics: customers, sales, review, outofstocks, customer, products, stock, company, outsmarting, item, product, companies, stockly.
Stop guessing your KPIs; Varos shows e-commerce, SaaS companies how you compare to peers
Varos is shedding some light on how companies compare in terms of key performance indicators, like customer acquisition costs.
Topics: peers, shaked, stop, customers, kpis, company, shows, varos, saas, companies, techcrunch, ecommerce, performance, know, users, data, yarden, guessing, compare.
Sweetgreen’s IPO pricing guidance illuminates valuation range for tech-enabled companies
Sweetgreen's IPO pricing is fascinating because it fits neatly into our budding thesis regarding the value of tech-enabled companies when they go public.
Topics: range, techenabled, worth, share, valuation, companies, sweetgreen, rent, billion, price, techcrunch, guidance, ipo, multiple, illuminates, sweetgreens, pricing, public.
Tech firms face higher levies as Kenya plans to double digital service tax
Kenya plans to double the digital service tax (DST) to 3% beginning July this year, as the government taps the growing online economy to increase its domestic revenues and narrow fiscal deficit. It is expected that the new rates, proposed in the Finance Bill by the country’s Treasury department, will be passed by the lawmakers. […]
Topics: plans, firms, companies, services, treasury, higher, tech, service, dst, techcrunch, tax, revenues, digital, face, levies, kenya.
TechCrunch+ roundup: 3 views on Epic-Bandcamp deal, SPAC letdown, CIO sales strategy
You are more likely to close a sale if you have actionable insights into your prospective customer’s needs. But for enterprise software startups, this presents a special problem.
Topics: alex, roundup, spac, epicbandcamp, venture, tax, money, wilhelm, techcrunch, strategy, sales, writes, companies, letdown, deal, public, tech, cio, views.
TechCrunch+ roundup: 5 pitch deck slides to fix, initial viable product, MLOps acceleration
This is a fantastic time to found a startup, but unless you plan to bootstrap it, you will still need to go through the laborious exercise of crafting a pitch deck.
Topics: mlops, rates, ml, viable, roundup, founders, deck, metrics, youre, pitch, techcrunch, initial, product, slides, fix, companies.
TechCrunch+ roundup: BNPL competition heats up, Bowery Farming TC-1, Silicon Valley dreams
Is Southeast Asia about to hit an inflection point for tech startups? Four hundred million people in the region already use the internet, but by year’s end, one estimate suggests that 80% of the population over the age of 15 in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam will be digital consumers. “As per […]
Topics: silicon, valley, value, saas, heats, bowery, companies, companys, dreams, competition, roundup, deck, techcrunch, startups, farming, tc1, pitch, tech.
TechCrunch+ roundup: Holiday marketing tips, low-cost NFTs, SaaS sprawl study
Cargo ships are stacked up outside ports, and empty shipping containers are in short supply, as are the truck drivers who would take them to market. This is not the time for doing business as usual.
Topics: nfts, saas, techcrunch, marketing, growth, companies, alex, lowcost, report, business, holiday, wilhelm, startups, study, sprawl, tips, market, roundup.
TechCrunch+ roundup: Jack leaves Twitter, Black Friday data, Nubank lowers IPO pricing
Perhaps it should be pro forma for corporate boards in search of a new CEO to start by talking to the company’s longtime engineers, product managers and marketing leads.
Topics: leaves, wilhelm, company, does, compensation, lowers, nubank, writes, ceo, strategies, data, twitter, jack, ipo, companies, techcrunch, pricing, ecommerce, roundup.
TechCrunch+ roundup: Stealth recruiting, virtual sales kickoffs, Google Cloud’s Q4
“You’ve got to spend money to make money” is a cliché, but if you’re building a company that hopes to compete in the cloud, it’s just a fact.
Topics: dont, wilhelm, sales, virtual, alex, roundup, google, ways, techcrunch, recruiting, companies, stealth, crypto, cloud, kickoffs, q4, clouds, web3.
The Future of Data Localization in a Globalized World
How the balkanized landscape of data in motion - and the widely differing regional regulations protecting it - pose challenges for transnational businesses.
Topics: privacy, global, countries, data, companies, world, theres, globalized, information, flow, future, localization.
The SEC Asks Public Companies for Climate Info
A company's climate risk is increasingly a concern of investors. Proposed regulations by the U.S. Securities and Exchange Commission would require environmental disclosures of publicly-traded firms.
Topics: companies, climate, climaterelated, info, risks, proposed, require, emissions, sec, information, public, financial, asks.
The SEC Reins in SPACs, Cryptocurrencies, More
Massive investments in SPACs, cryptocurrencies, and private companies have caught the attention of the U.S. Securities and Exchange Commission.
Topics: investors, securities, companies, cryptocurrencies, spac, spacs, private, funds, potential, proposed, according, sec, reins.
There’s nothing Automattic about balancing commercial growth with an open source developer community
The tech industry has made a full 180-degree turn with regard to open source in the 16 years since Matt Mullenweg founded Automattic, the commercial backer of open source CMS, WordPress.
Topics: contributors, projects, community, automattic, balancing, techcrunch, source, theres, growth, project, wordpress, developer, companies, open, commercial.
Tofino Capital reaches first close of $10M fund to back startups in frontier markets
Tofino Capital, a venture capital firm targeting early-stage startups in emerging markets, has launched its $10 million fund. It is announcing the first close of this fund at $5 million and hopes to achieve a final close nine months from now. The firm, founded by Eliot Pence and Aubrey Hruby, wants to back startups in Africa, […]
Topics: reaches, companies, venture, capital, pence, markets, close, million, fund, techcrunch, frontier, startups, 10m, firm, tofino.
Travel booking app Hopper upgrades its valuation to $5B on secondary sale
Hopper, the mobile travel booking startup and app that lets users book flights, hotels, cars, and — most recently — short-term home rentals a la Airbnb and VRBO, has been on a fast pace of growth in the wake of Covid-19 travel restrictions loosening up in the last year, with 70 million downloads to date […]
Topics: upgrades, booking, company, capital, revenues, secondary, companies, sale, share, valuation, 5b, techcrunch, hopper, services, travel, million, app.
Triple Whale Review: Everything You Need to Know
During this Triple Whale review, we’re going to be looking at a leading analytics solution, designed to change the way companies interact with metrics and data. One of the most complex parts of running a successful business is getting insights…
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Topics: whale, companies, triple, app, data, need, multiple, review, business, view, track, know.
VCs are racing to pay more to get smaller pieces of less profitable companies
While perusing SVB's State of the Market" report, we found an interesting pattern: Venture capital investors are racing to pay more to buy smaller pieces of startups that are less profitable than before.
Topics: charts, pieces, companies, techcrunch, exchange, data, smaller, vcs, startups, profitable, pay, venture, svb, capital, racing.
What Does It Mean to be API-first?
If you’re building a commerce platform, why reinvent the wheel when the right APIs will do? In his essay, APIs All the Way Down, Packy McCormick suggests that instead of building from scratch, companies can gain a competitive advantage from leveraging APIs. According to McCormick’s argument, by building a commerce platform out of APIs, there are two main ways to differentiate: By creating custom solutions paired with API-based components, or by organizing API-based components in a novel or interesting way. (I’ll talk more about how that can work later.)
The issue for many companies is the abundance of commerce APIs, which create an unnecessary perception of difficulty. The old way of thinking is based on the illusion of simplicity, wherein one vendor controls the entire commerce stack. Unfortunately, a monolithic software stack creates inertia and an inability to move fast enough to keep up with changing technologies and shopper preferences. As a result, commerce teams are forced to look beyond the monolith to achieve their business objectives – shattering the illusion of simplicity that drove their purchase of a monolithic solution in the first place.
That’s where a solution like Elastic Path can help, as it provides the logic and building blocks for getting started with an API-first commerce ecosystem. We make it simple to select and integrate the best tools for your business requirements and follow best practices to unleash the combinatorial power of APIs, as opposed to drowning your business and technical teams in complexity.
But how do you know if the technology you select is truly API-first? Many companies attempt to disassemble legacy monoliths and repackage or refactor them as microservices-based, API-first platforms. This approach adds unnecessary complexity, and flies in the face of API-first, cloud native principles meant to accelerate innovation.
In part one of this two-part series, I’ll cover what it means to be API-first. In part two, we’ll dive into what differentiates an API-first company from dressed up middleware.
See How Elastic Path Delivers Unique Customer Experiences
The Elastic Path Demo Library features multiple demos that showcase the power and scale of our products.
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The Rise of the Request/Response Model
An API-first approach means thinking of an API as the most important user for an application. In an API-first company, the APIs are often the first thing to be developed, and all new functionality should be exposed as an API. This approach is much different than “code-first,” where developers create an application first, and insert the API at the end. Legacy commerce vendors that are retrofitting their software to work with APIs fall in the code-first category. This approach can be an issue if the original application isn’t structured in a way that makes it simple for the API to access data.
API-first isn’t as simple as adding an API to the end of an overly complex system. As Chris Sperandio wrote while at Segment, “APIs are eating the value chain.” In the old enterprise software business model, companies bought packaged applications to streamline certain functions of their business, and these vendors charged extra for external API connectivity. Companies were forced to adapt to the way software vendors did business. Today, software is too interconnected to play that way.
Instead, a request/response model is taking over. API-first companies exist entirely between the HTTP request and response. As Sperandio writes: “Companies like Stripe and Twilio set themselves apart not only by the sheer amount of operative complexity they’re able to put behind an API, but because of how elegant, simple, and downright pleasant their APIs are to use for developers. In doing so, they give developers literal superpowers.”
The packaged enterprise software suites of the past few decades don’t function well in this Request/Response model because they aren’t built with APIs in mind. They’re built as self-contained ecosystems. That means their users are missing out on everything great about an API-first ecosystem: an improved developer experience, higher performance storefronts, reduced costs, faster time to market, and the ability to easily integrate with countless other “best-for-me” services.
Stay tuned for part two of this series, where I’ll explore what this means within ecommerce, and what differentiates an API-first company from dressed up middleware.
Topics: commerce, way, api, software, does, means, business, companies, mean, simple, apis, apifirst.
What Glossier got wrong
The fundamental disconnect: Software-enabled businesses don’t necessarily monetize the same way that software businesses do.
Topics: tech, beauty, business, techcrunch, public, glossier, way, youre, wrong, companies, work, company.
What Would Zuckerberg’s Metaverse Mean for Ecommerce?
The Zuckerberg beast is at it again; it wants to consume your eyeballs by way of Oculus, absorb your innermost thoughts through Facebook data collection, and now, it craves more. With plans to hire 10,000 workers for the job, the…
Continue reading What Would Zuckerberg’s Metaverse Mean for Ecommerce?
Topics: big, tech, youre, mean, thats, zuckerberg, companies, metaverse, facebook, hype, ecommerce, zuckerbergs.
Why Millions of U.S. Employees are Quitting Their Jobs and How Companies Can Navigate
The past two years have been anything but consistent.
Topics: work, youll, navigate, employee, employees, companies, jobs, remote, quitting, rates, number, millions, turnover, rate, company.
With founders hailing from Colombian unicorn Rappi, payments startup Yuno raises $10M from a16z and LatAm VCs
As the Latin American startup scene has matured, founders and executives of multibillion-dollar companies in the region have started to move on to new ventures. On Wednesday, TechCrunch reported on Mara, a São Paulo-based startup that aims to “reinvent” the grocery shopping experience for the underserved in Latin America, and its $6 million raise. One […]
Topics: startup, raises, vcs, rappi, companies, pain, payments, solution, unicorn, experience, latam, yuno, hailing, payment, latin, techcrunch.
YC-backed Curacel unveils new API platform that enables tech-led businesses to offer insurance
Curacel, the YC-backed startup that is developing insurance infrastructure for the African market, has launched a new interface that allows digital businesses like those in retail, fintech, e-commerce and logistics to add insurance to their core products. The API-based tool, dubbed Grow, has so far been integrated with 22 tech entities across Africa including Topship, […]
Topics: curacel, products, insurance, companies, ycbacked, market, offer, techled, businesses, unveils, infrastructure, africa, system, including, enables, technologies, platform, techcrunch.
ZMO.ai secures $8M led by Hillhouse to create AI generated fashion models
With breakthroughs in machine learning, it’s no longer uncommon to see algorithmically generated bodies that can move and talk authentically like real humans. The question is now down to whether startups offering such products can achieve a sustainable business model. Some of them have demonstrated that potential and attracted investors. ZMO.ai, founded by a team […]
Topics: zmo, ecommerce, humans, working, sales, secures, techcrunch, led, virtual, hillhouse, fashion, create, generated, startup, companies, models, zmoai, customers, ai.
clicOH’s shipping technology provides Amazon-like logistics to e-commerce companies in LatAm
The company delivers a package every 20 seconds and services customers of all sizes, from AB inBev and Red Bull to small Shopify merchants.
Topics: technology, shipping, provides, funding, latin, saravia, round, companies, amazonlike, latam, company, america, techcrunch, clicohs, logistics, ecommerce, novillo.