The COVID-19 pandemic will forever change how we do business.
A particular issue for brands during this crisis is cash flow management. With widespread layoffs and shutdowns, merchants everywhere are wondering how they can stay afloat.
In times like these, the eCommerce community needs to stay strong, which is why Shopify announced new products at their Reunite event to help your business survive.
What is Shopify Reunite?
Shopify Reunite is the platform’s first-ever broadcast event. It’s where businesses could learn about the future of eCommerce and get a sneak peek of new features.
At the event, Shopify announced three new financial products to support small businesses. In this blog post, we’ll dive into each one and how they can improve your company’s performance.
Let’s get started.
All-New Shopify Balance
Managing your money should be fast and straightforward. The issue with many banking products is that they don’t fit the current needs of entrepreneurs.
That’s where Shopify Balance comes in. The feature includes various financial products to help merchants better manage their money. Here are what the different products consist of:
Shopify Balance Account: From a single dashboard, merchants get to view their cash flow, track their expenses, and pay bills.
Shopify Balance Card: Merchants will receive virtual cards to access their store’s money faster.
Rewards and Perks: Shopify stores will get access to cashback and discounts their business can use for daily activities.
The best part? Shopify Balance comes with no hidden fees or catch. You won’t have to cover any monthly costs, sign-up fees, or minimum balance. Shopify Balance will first be accessible to US businesses later this year and will expand to other countries.
To take your company to new heights, you’re going to need some adequate funding. Few businesses are self-funded, and you’re going to have a hard time doing it on your own.
Over these past couples of years, Shopify has already granted more than $1 billion in funding. To help businesses during these difficult times, they’ve extended their funding to the UK and Canada.
Unlike traditional financial options, you won’t have to go through months of discussion or give up large shares of your company. You’ll automatically get an offer from the Shopify admin.
To run a successful eCommerce store, you must adapt to changing consumer behavior. 86% of consumers are now looking for payment options that are flexible and help them save money. It’s the reason why Buy Now, Pay Later has become a popular option among many buyers, particularly millennials.
With Shop Pay installments, buyers will be able to make their purchase in four installments without any hidden fees. There’s no risk for merchants — you’ll receive the full payment upfront, while Shopify collects the remaining four payments.
The biggest benefit that comes with adding a BNPL payment option is that it decreases cart abandonment. With installments, customers are more likely to pull the trigger and purchase your item.
Just like with Shopify Balance, Shop Pay will come to US companies later in 2020 and progressively come to other countries as well. To get first access, you can sign up on the waitlist here.
Wrapping Things Up
It’s a scary time right now, but you don’t need to lose any sleep over your finances. These new financial products from Shopify will help you navigate the pandemic and get back on your feet once things calm down.
To get the best results for your business, you need access to the best technology and strategy. That’s where we can help — we’ve helped countless clients in the eCommerce industry skyrocket their sales and conversions. Schedule a free consultation to learn how we can do the same for you!